The KE Report

Mark Brennan,  Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review their Q3 2025 financial and operational metrics at the producing Minera Don Nicolas (MDN) gold mine in Argentina. We discuss the aggressive 70,000 meter exploration program on tap for MDN into 2026, and unpack the key upcoming development catalysts at the Lagoa Salgada VMS Project in Portugal and the Mont Sorcier Iron-Vanadium project in Quebec.

Q3 2025 Financial Highlights

Mark and I review their Minera Don Nicolas producing gold project in Argentina, and the record heap leach gold equivalent ounce production for the quarter. There is expanded and improved crushing capacity at the heap leach, from the newly installed secondary crusher, and this will continue to be impactful on a move-forward basis in Q4 and beyond, with the quantity of ore being placed on the pad having increased, and with it helping to reduce down unit costs in the latter part of H2 2025.

Next we unpacked the growing value proposition at the Lagoa Salgada VMS Project  in Portugal, with a Post-tax NPV of US$147 million and a 39% IRR in the current Feasibility Study. This Project adds both substantial precious metals resources along with critical minerals exposure (42 % Gold & Silver, 24% zinc, 14% copper, and 5% tin) to the future production profile.  We also discuss the various work streams leading to optimized Feasibility Study in Q4, a construction decision by mid-2026, and with first production slated for early 2028.

We wrap up discussing the underappreciated value and ongoing derisking work that is moving towards a Bankable Feasibility Study which has been moved back to Q2 of 2026 at the Mont Sorcier Iron Project in Quebec. Recent metallurgical test work, has reaffirmed the potential to produce high-grade and high-purity iron concentrate grading in excess of 67% iron with silica and alumina content below 2.3%.

If you have questions for Mark regarding Cerrado Gold, then please email those to me at [email protected].

Click here to see the latest news from Cerrado Gold.

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 daily editorial, Craig Hemke, Founder and Editor of TF Metals Report, breaks down the historic acceleration in precious metals, with Silver surging over 15% in November and now approaching $60/oz.

Craig argues this sustained move is fundamentally different from past spikes and serves as a "front run" to major bullish developments anticipated in 2026. We analyze the glaring valuation disconnect in mining shares - despite record metal prices - and the imminent catch-up trade, which is part of a broader "hard asset" boom that includes Copper and Gold.

Key Discussion Points:

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

---------------------

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

In this editorial, we are joined by Richard "Doc" Postma to discuss the massive move in precious metals, with Silver surging over 15% in November.

Doc breaks down the technical indicators suggesting we are in an "acceleration phase" similar to 2011. We discuss the glaring valuation disconnect between soaring metal prices and lagging mining equities, explaining why developers using conservative price assumptions offer deep value. Doc also shares his macro thesis on the "Great Reset" favoring hard assets and why he views recent pullbacks in names like Coeur Mining as buying opportunities.

Key Discussion Points:

----------------------------

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

In this company introduction, we sit down with Joaquin Marias, President and CEO of Argenta Silver (TSX.V:AGAG | OTCQB:AGAGF | FRA:T1K).

Joaquin shares the story behind acquiring the El Quevar project in Salta Province, Argentina - a high-grade, pure silver asset that sat dormant for nearly a decade. We discuss the nature of the deposit, which boasts an indicated resource of over 45 million ounces at nearly 500 g/t silver, and the infrastructure already in place. Joaquin also outlines the fully funded 15,000-meter drill program currently underway to expand the resource and test new exploration targets.

Key Discussion Points:

Please send us any follow up questions you have for Joaquin. Our email addresses are [email protected] and [email protected].

Click here to visit the Argenta website to learn more about the company

------------------------

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 and hosts may own shares in companies mentioned.

In this update, Brian Martin, SVP at OceanaGold (TSX:OGC - OTCQX:OCANF), breaks down the company's record Q3 financial results and strong free cash flow generation.

We discuss the operational setup for a robust fourth quarter, growth at the Haile Gold Mine, and the significance of the recent draft approval for the Waihi North project in New Zealand. Brian also outlines the compelling valuation case and details the confirmed plan to list on the NYSE in April.

Key Discussion Points:

Click here to visit the OceanaGold website and learn more about all the operations 

------------

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

James Anderson, CEO of Guanajuato Silver (TSX.V:GSVR – OTCQX:GSVRF), joins me to highlight their recently announced transformational acquisition of the Bolanitos Gold-Silver Mine from Endeavour Silver, and to review the key takeaways from Q3 2025 operations and financials.  We also end the discussion getting his technical outlook on the recent price action, and supply/demand fundamentals for silver.  

On November 24th Guanajuato Silver announced that it had entered into a definitive agreement to acquire the Bolanitos gold-silver located in Guanajuato, Mexico, from Endeavour Silver Corp. (TSX:EDR) for total consideration of up to US$50 million, consisting of (i) upfront consideration at closing of US$40, which is comprised of US$30 million in cash and US$10 million of Guanajuato Silver common at a deemed price of US$0.2709413 (Cdn$0.3815) per share. (ii) In addition to the Upfront Consideration, Guanajuato Silver will make two contingent payments to Endeavour, each being US$5 million, upon achieving production of two million ounces of silver-equivalent and four million ounces of silver-equivalent, respectively. Each Contingent Payment will be satisfied 50% in cash and 50% in Guanajuato Shares.

Bolanitos Acquisition Highlights

Selected Q3 2025 Operational and Financial Highlights:

Wrapping up James and I discuss the continued bullish technical setup in the silver price, closing this last Friday at an all-time high, and breaking well above long-term resistance at $50, and even more intermediate-term resistance around $54.   James lays out the fundamental supply/demand environment for silver, and why the framework is there to keep seeing elevated silver prices moving forward.   James also gives listeners an update on the gold:silver ratio, putting current pricing in the context of historical patterns.

If you have any follow up questions for James on Guanajuato Silver, then please email them into me at [email protected].

Click here to follow the latest news from Guanajuato 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 Thanksgiving weekend edition of The KE Report, we first sit down with Dave Erfle to dig into the current consolidation in gold and silver, the surge in quality juniors, and what could still go wrong. In the second half, Josef Schachter breaks down why natural gas looks fundamentally stronger than oil, how LNG, data centers, and storage trends are reshaping the market, and where dividend and growth investors can find value in beaten-up energy names.

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.

Shane Williams, President and CEO at West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins us to field a wide array of questions and detailed discussion with updates on the mid-Q4 underground operations, mining, and milling, capital allocation projects, and exploration updates during the ongoing ramp-up towards commercial production at their 100% owned Madsen Mine.  Madsen is located in the Red Lake Gold District of Northwestern Ontario, Canada.  

We start off having Shane break down some of the key takeaways from the news out on November 18th outlining the Mid-Q4 Madsen Mine Update.

At this point commercial production is targeted for Q1 2026. Shane reiterates that when the management team and board have the confidence to announce everything is working as it should at the mine and mill at close to targeted levels, that the move into commercial production should also mean the Company is comfortably generating revenues at that point.

Next, we discussed fully funded 3,000 meter infill drilling program at its 100% owned Fork Deposit located approximately 250 meters southwest from its Madsen Mine. This drilling will further define the core pod of mineralization at Fork, which has been re-envisioned as a high-grade near-mine resource expansion target that is a priority for immediate advancement.

Wrapping up we discussed the blue sky exploration potential in many areas around Madsen, particularly at South Austin and the lower part of Austin Main.   We also discussed further ongoing drilling over at the nearby Rowan Project, which will supplement the future mine plan in years to come.

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

Click here to follow the latest news from West Red Lake 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 Daily Editorial, we are joined by Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of the Marc to Market website.

Marc breaks down the massive moves in the precious metals market to end the month, with Silver surging over 7% to break $57/oz and significantly outperforming Gold. We discuss the macro drivers behind this rally, primarily the shift in market sentiment which is now pricing in an ~80% chance of a Federal Reserve rate cut in December. Marc provides his analysis on the weakening US Dollar, the tightening spreads between US and German debt, and the potential for a Bank of Japan rate hike next month.

Key Discussion Points:

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

--------------------

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

In this update, Tim Clark (CEO) and Bryan Atkinson (SVP Exploration) of Fury Gold Mines (NYSE/TSX:FURY) discuss the company's aggressive 10,000-meter drill program at Eau Claire and recent exploration success at the Sakami Project.

The team provides a roadmap for resource expansion and addresses the current valuation disconnect, highlighting the significant underlying value of their equity position in Dolly Varden Silver relative to the company's market cap.

Key Discussion Points:

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

Click here to visit the Fury Gold Mines website to learn more about the Company and read over the recent news.

----------

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 and hosts may own shares in companies mentioned.