The KE Report

In this KE Report Daily Editorial, we’re joined by Brien Lundin, Editor of the Gold Newsletter and host of the New Orleans Investment Conference (Nov. 2–5), to discuss the gold correction, investor sentiment, and the massive flow of capital reshaping the mining sector.

Key Discussion Highlights:

Click here to learn more about the Gold Newsletter.

Please email Shad and I if you will be at the New Orleans Investment conference - [email protected] and [email protected]. 

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John Miniotis, President and CEO of AbraSilver Resource Corp (TSX: ABRA) (OTCQX: ABBRF), joins us to review the next batch of gold and silver drill assays announced October 28th, from the ongoing Phase V exploration program; which has been mostly focused on the Oculto East and JAC zones at their wholly-owned Diablillos property in Salta Province, Argentina.   

We review how these results continue to expand oxide-hosted gold mineralization to the east of the Oculto deposit, extending the high-grade gold zone and highlighting the continued strong exploration upside potential across the Diablillos system.

At Oculto East, numerous broad zones of gold and silver mineralization were intercepted, including:

The exploration team now believes these higher-grade gold intercepts are just the top of a porphyry deposit at depth, and John highlights that some deeper holes will be testing this in the future, as well as the deeper hole targeting a different porphyry target at Cerro Viejo.   Additionally, we circle back to the Sombra target identified in the Phase IV drill program last year, and how it is possible that there is a parallel trend that could extend from Sombra up to Oculto East, and that more drilling will focus on that thesis in the future.

John takes us through the busy year the company has in front of them due to a series of upcoming catalysts all the way though the end of 2026. There are still thousands of meters of ongoing drilling, testing new areas and stepping out from known mineralization. The Company is doing all the derisking work all building towards their ongoing Definitive Feasibility Study due out in early 2026, which in tandem with permits expected to be received, will be the triggers for a construction decision next year.

Wrapping up John reiterates why the limited RIGI laws are so economically advantageous to the Company, relaxing currency controls, reducing export duties to 0% over a couple years, and reducing taxation over a 30 year period.    We also review the positive business and permitting tailwinds in place in Argentina as a jurisdiction for mining, which were just strengthened in recent elections last week.

If you have any follow up questions for John regarding at AbraSilver, then please email them into us at [email protected]  at  [email protected] .

In full disclosure, Shad is a shareholder of AbraSilver Resource Corp at the time of this recording and may choose to buy or sell more shares at any time.

Click here to visit the AbraSilver website and read over the most recent news releases.

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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.

Andrew Pollard, President and CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins me to discuss the first set of diamond core drill assays stepping out in the Eastern Expansion drill program, 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:

There are still 13 more drill assays pending from this area to be released by year end.   We discuss how all this new step-out drilling at the Eastern Expansion area, off DPB South towards the Ohio mine area, will then be combined with the expansion drilling completed earlier in the year at the Northwest (NW) Step Out resource area, and feed into the upcoming expanded resource estimate and updated PEA in Q1 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.

As it stands today, before all the expansion drilling gets included, the updated MRE released in September, based on 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.   Andrew explains how they decided to report their resources much more conservatively than most other companies, using these block-diluted grade resource models.  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 activities from hydrology and geotechnical drilling, to permitting, engineering, metallurgical studies, and this will all be factored into the updated Preliminary Economic Assessment in early 2026. 

If you have any follow up questions for Andrew regarding Blackrock Silver, then please email them into me at [email protected].

Click here to visit the Blackrock Silver website to read over the recent news we discussed.

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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.

Mark Brennan,  Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review their Q3 2025 operational metrics, along with the expansionary exploration program at the producing Minera Don Nicolas gold mine in Argentina.  We also unpack the value proposition and key upcoming development catalysts at the Lagoa Salgada VMS Project in Portugal and the Mont Sorcier Iron-Vanadium project in Quebec.

Q3 Operating 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 into 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.

The production profile will also keep growing with the underground mining having now commenced.  With higher gold prices, the CIL plant continued to process lower-grade stockpiles in Q3/25, but new high-grade material from the underground mining operations has started to be blended with that moving forward, and this will increase the average grade throughput at the mill.

Another area of future growth will be the ongoing drill program of about 15,000 meters this year and another 50,000 meters slated for next year (once all 4 drill rigs are in place). It will be a combination of  underground exploration work targeting new areas of mineralization and growing the mine life, in addition to surface drilling that is exploring around the open pit resources, as well as identifying additional satellite open-pits at surface. 

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 Q1 2026.  Construction is targeted for H2 of 2026, 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 in Q1 of 2026 at the Mont Sorcier Iron-Vanadium 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].

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

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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.

Click here to see the latest news from Cerrado Gold.

Tara Christie, President & CEO, Banyan Gold (TSX.V:BYN - OTCQB:BYAGF), joins us to discuss Banyan Gold’s new Hyland Gold Project resource update and strong drill results from the Powerline Deposit at the flagship AurMac Project in the Yukon.

Key Discussion Points

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

Click here to visit the Banyan Gold website

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Recorded Monday October 27th:  Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us for a nuanced discussion on how company valuations can shift more due to investor sentiment than on actual fundamentals and newsflow during precious metals pullbacks. These are opportunities for resource investors to exploit these market disconnects. 

We start off looking at how companies releasing positive news are still being sold off indiscriminately, due to the overall shift in sector sentiment, as we’ve seen the gold and silver prices continue retreating from their highs of 2 weeks ago.

We start off noting the deeper pullbacks are occurring in the stock that conversely went up the most on the recent runs to new highs.   It makes sense to see the pullbacks in the  PM producers due to their tighter correlation with PM prices.  Erik points out that metals prices are much less relevant to junior exploration companies or even early-stage developers still many years away from metals prices affecting future production.

This type of environment where banked success is selling down in tandem with companies that may not even have any defined gold or silver ounces in the ground has Erik animated by the 2nd wave of the Lassonde Curve, where developers go on a run as the market rerates their projects and leverage to higher metals prices down the road.

Erik highlights how he disregards fluctuations in valuations based on sentiment, focusing on longer-term value investing principles and companies that have catalysts on the horizon.

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.

Click here to follow Erik’s analysis over at The Hedgeless Horseman website

Patrick Highsmith, Chairman & Co-Founder of Firefox Gold (TSX.V:FFOX - OTCQB:FFOXF - FSE:FIY), joins me to discuss strong initial results from the company’s 10,000m drill program at the Mustajärvi Project in Finland’s Lapland Greenstone Belt.

Key Points

Figure 1. Locations of first drill holes reported from 2025 drilling at the East Zone, Mustajärvi Project.

Any further questions for Patrick? Email me at [email protected].

Click here to visit the FireFox Gold website to learn more about the Company.

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Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, joins us to unpack key insights from LME Week, the ripple effects of backwardation across metals, and how he’s positioning clients amid a “healthy” precious-metals correction and a mixed energy tape.

Key Discussion Points

Click here to learn more about Bannockburn Capital Markets

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Investment disclaimer:

Michael Rowley, President & CEO, of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF), joins us to review the news out today announcing the completion of the 2025 exploration program, that the Company has engaged Mine Technical Services (“MTS”) to complete an updated NI 43-101-compliant Mineral Resource Estimate (“MRE”) for the Company’s 100%-owned Stillwater West critical minerals project in Montana, USA.  Stillwater West hosts nickel, copper, cobalt, chromium, platinum, palladium, rhodium, ruthenium, iridium, gold, and osmium – a unique mix of battery, alloy, and platinum group metals essential to clean energy, defense, and technology supply chains.

Mike explains that this new geological model and understanding of the Stillwater West Project through the lens of the South African Bushveld Complex as a parallel is so crucial to unlocking the value proposition of the Project and for future exploration targeting.  It is also quite constructive have  Dr. Danie Grobler, Vice President of Exploration, Albie Brits, Senior Geologist, provide different layers of input and collaboration with Tim Kuhl and the MTS team on the updated Stillwater resource estimate. Their extensive experience in Platreef-type geology and resource estimation is expected to provide significant value to the Project.

Highlights and upcoming catalysts:

We go on to discuss with Mike the challenges and opportunities in defining the large-scale polymetallic and critical mineral resources at Stillwater West; and why it has the attention of large major producers, like their strategic partner Glencore, along with attention from the US and Montana government. We discuss how the nickel, copper, and cobalt tie into the growing industry demands for battery metals, energy metals, and defense metals. Additionally, with platinum, palladium, rhodium, and gold all demonstrating strong recent market performance, Stillwater West offers significant leverage to these precious metals.

If you have any questions for Mike or the team at Stillwater Critical Minerals, then please email them into us at [email protected] or [email protected].

Click here to follow the latest news from Stillwater Critical Minerals

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Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQX: MGMNF), joins me for a Q3 operations review, along with an exploration update at their producing McCreedy West copper mine in Sudbury, Canada.  We also review the continued high-grade drill results across copper, nickel, platinum, palladium, gold, and silver in more recent assays returned from the ongoing exploration and development work at the Levack Mine. The team is working towards and updated resource estimate at Levack by year end, with the plan to then put out a mine restart plan in early 2026.

Q3 Operational Highlights

Next we shifted over the news released on October 23, which provided an update on drill  assay results from ongoing exploration at the past-producing Levack Mine, located in the North Range of the Sudbury Basin.

Jason shares more context on why the exploration and engineering teams are getting quite excited about this R2 Target at the Levack Mine, and after more drilling, it may change the anticipated sequence of the mine restart plan that the team is still working on.  The team is also reviewing the potential for bringing hoisting back to Levack in a development scenario. He mentioned that the upcoming resource estimate at Levack would be instructive for how they approach the mine restart plan moving into next year.

Wrapping up we discussed how the company announced on September 19th raising gross proceeds of approximately $50 million, and how that puts the company on very strong financial footing to continue exploring and developing Levack, as well as doing some additional upcoming work to advance their Crean Hill Project.

While these funds raised are going into the ground at their projects, Jason acknowledges that the company is still continuing to look at accretive acquisitions around the Sudbury Basin, that may be non-core to large companies but project that they believe their team can add value to moving forward.

If you have questions for Jason regarding Magna Mining, then please email me at [email protected].

Click here to follow along with the news at Magna Mining

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