The KE Report

Gold and silver have pulled back sharply from recent highs, but Craig Hemke, founder and editor of TF Metals Report, says this is classic bull-market behavior - not the start of a bear phase. Gold remains up roughly 40–50% YTD, silver over 50%, and despite short-term pain, the structural uptrend remains intact.

Key Topics

Silver’s consolidation band: After reaching $54, silver’s drop below $47 mirrors prior shakeouts. Hemke expects a 20% range to hold before the next breakout attempt toward new highs.

Earnings strength & sentiment lag: Even at $3,800–$4,000 gold, miners like Newmont (NYSE: NEM) and Agnico Eagle (TSX/NYSE: AEM) are printing record margins. Investor sentiment, however, hasn’t caught up.

M&A and cash hoards: Majors are flush with cash, minimal debt, and strong cash flow. Hemke expects consolidation in the sector to spark fresh M&A activity as producers replace reserves.

Macro triggers to watch: A Fed rate cut cycle, potential dollar weakness, and re-emerging risk appetite could all act as catalysts for the next leg up across precious and base metals.

Visit Craig’s website – TF Metals Report: https://www.tfmetalsreport.com/

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Brendan Yurik joins the KE Report to discuss Electric Royalties (TSX.V:ELEC - OTC:ELECF) expanding portfolio and path to sustainable cash flow. The company now holds 43 royalties focused on key electrification metals across top-tier jurisdictions.

Discussion Highlights

Click here to visit the Electric Royalties website to learn more about the Company

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This Weekend Show dives deep into one of the most volatile stretches for gold and silver in decades. With massive intraday swings and investor sentiment whipsawing, Cory and Shad bring on Mike Larson and Rick Bensignor to dissect what’s really happening - from retail speculation and momentum exhaustion to technical triggers and institutional behavior. Both guests share practical frameworks for investors navigating the chaos, and insights into what comes next for metals, equities, and the broader market.

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!

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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 may own shares in companies mentioned.

Jon Gilligan, President and CEO of Liberty Gold (TSX:LGD; OTCQX:LGDTF), joins me for a comprehensive update on their exploration, development, and derisking work leading to an upcoming Feasibility Study, engineering work streams, permitting, and other future value drivers; with a move towards a construction decision in 2 years at the open-pit, heap leach Black Pine Gold Project in the Great Basin in southeastern Idaho.

We start off reviewing the key metrics from the Pre-Feasibility Study announced on October 10, 2024, but using a $2,000 gold price assumption.

The economic metrics are obviously much better at current gold prices near $4,000 per ounce, the NPV swells well over $2billion and the IRR goes to triple digits.

The Company is working towards a Feasibility Study as a next key catalyst, but has multiple development and derisking workstreams underway.

Additionally, there is still a lot of room for exploration expansion at the Black Pine Gold Project, where there have been recent news reports announcing additional strong results at the expanding Rangefront Zone, from the ongoing 40,000 meter (“m”) feasibility reverse circulation (“RC”) drill program. 

Jon also provides a detailed roadmap of the timeline of permitting milestones and derisking initiatives in front of the Company over the next 2-3 years through targeted construction and first gold pour.   Many of the engineering and permitting workstreams coalesce in late 2027, in tandem with initiatives to execute on the funding package, and these should lead to the construction decision later that year, and then breaking ground in 2028.

Jon outlined the specific factors that lead to the strong current financial health of the company. After a successful capital raise back in April of C$23 million, this was followed by a strategic 9.9% investment by Centerra Gold in September for C$28 million, another $2.2million payment received in October from the sale of the non-core TV Tower copper gold project, and then additional early exercise of warrants. This gives Liberty Gold a solid treasury, and they are now fully funded to advance forward with all the ongoing exploration, development, and derisking work programs at Black Pine moving towards a construction decision in late 2027.

We wrap up having Jon reiterate the Company’s genuine interest in building this project, and highlighting a number of key promotions and additions to their board of directors and management team, boosting both their technical and permitting teams.

If you have any questions for Jon regarding Liberty Gold, the please email me at [email protected].

Click here to follow the latest news from Liberty Gold

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In this KE Report Daily Editorial, Dana Lyons, fund manager and editor of Lyons Share Pro, joins me to discuss the recent correction and rising volatility in gold, silver, and mining stocks (GDX, GDXJ, SIL). Dana explains how traders should adapt as the metals shift from a parabolic uptrend into a more volatile consolidation phase.

Key Topics

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Recorded on Wednesday October 22nd, 2025:   John Rubino, [Substack https://rubino.substack.com/ ], joins us for a nuanced discussion on portfolio trading strategies at this interesting point where gold, silver, and PM stocks have pulled back some after big moves to new all-time highs; but also as the market anticipates strong record Q3 earnings reports from the producers and royalty companies.

We start off reviewing huge runs higher all year long in most gold and silver equities, but that sentiment has shifted slightly more negative since the end of last week, as gold, silver, and the related equities have had swift downside corrections.   While most were anticipating a consolidation of the recent gains, the big drops in PM stocks starting last Friday and accelerating on Tuesday and part of Wednesday morning when this episode was recorded, caught some investors wishing they’d taken more gains.

John outlines that holding through any market consolidations is the best policy for longer-term investors, and that for shorter-term investors that there are a few different strategies one can deploy.   We discuss trimming back outsized portfolio positions to redeploy into other names that haven’t moved as much, but John also highlights different strategies investors can utilize with options trading to hedge bets in either direction, and smooth out risk in more volatile price action.

Looking ahead to Q3 earnings, and the expected record revenues that will have been generated we touch upon a few aspects that may animate investors moving forward.

Even if gold and silver prices were to stay around similar levels or even head lower, John outlines that we’ll still see the mining stocks improve and strengthen their businesses by using their growing revenues and cash flows to pay down any debt, buy back shares of their stock, increase their dividends, or make accretive acquisitions.

In addition to gold and silver producers, we review that the precious metals royalty companies have been seeing consecutive quarters of record revenues and cash flows and they have also been continuing their multi-year trend to higher valuations.

Wrapping up we pivot over to the big runups we’ve seen this year in other metals and critical minerals sectors from rare earths and antimony to uranium and copper.

Click here to follow John’s analysis and articles over at Substack

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In this KE Report company update, I speak with Nick Appleyard, President & CEO of TriStar Gold (TSX.V:TSG - OTCQB:TSGZF), for a detailed overview of the company’s flagship Castelo de Sonhos Gold Project in Pará State, Brazil. The discussion revisits the May 2025 Pre-Feasibility Study (PFS) and outlines why TriStar’s 2.5 million ounces of gold (1.4 million in reserves) represent an undervalued asset.

Key Discussion Highlights:

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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Chris Gerteisen, CEO of Nova Minerals (ASX:NVA - NASDAQ:NVA - FSE:QM3), joins us to discuss the company’s recent US$43.4 million U.S. government grant to fast-track antimony trisulfide production, a key component in munitions and clean-tech manufacturing, along with ongoing exploration and development at the Estelle Gold and Critical Minerals Project in Alaska.

Key Discussion Points:

Please email me with any follow up questions for Chris - [email protected] 

Click here to visit the Nova Minerals website.

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Jordan Roy-Byrne, CMT, MFTA, Editor and Publisher of The Daily Gold, and author of the book “Gold & Silver – The Greatest Bull Market Has Begun – A Once In A Lifetime Investment Opportunity”, joins us to review his medium-term technical outlook for gold, silver, and the PM stocks, the cartoonish cashflow being generated by precious metals producers, and the search for “holy grail” and “unicorn” resource stocks with catalysts for value creation. 

 Key topics discussed:

After completing the logarithmic extension of the longer-term 13-year cup and handle pattern breakout in gold, and making it all they way up to $4,398 gold has corrected some this week pulling back down near the $4,000-$4,100 level.

Jordan believes we may have seen an interim top in the precious metals equities, as many of them and their ETFs have “rhino-horned” in steep inclines higher in share price on the charts. 

With regards to silver, it just had a very strong breakout move to new all-time highs in the $53-$54 region. While it has come off these recent highs down to around $48,  he still sees a scenario where silver could essentially double in the next 6-10 months to triple digits.

Overall, Jordan does not believe this is the top or end of the precious metals bull market. 

Jordan expands on the PM stocks that he likes most, and why he’s positioned in developers and producers in his portfolio that have catalyst driven growth and value creation.

Click here for exclusive stock picks and Jordan’s analysis at The Daily Gold.

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Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us for a longer-format discussion on and the macroeconomic themes and fundamental value drivers that that are presenting catalyst-driven opportunities in select gold, silver, antimony, rare earths, lithium, and uranium stocks.

We start off reviewing the macroeconomic landscape, delving into inflation, GDP growth, effects of tariffs, coming Fed rate cuts, the prospects of stagflation versus reflation, and why the precious metals and critical minerals have continued to receive a bid all year long in this kind of backdrop.

We discuss the large rally this year and in particular the last few months in gold, silver, and the precious metals stocks, but why Nick wrote to his subscribers mid-October recommending that they trim back some of their exposure to the PM sector.   He outlined that trimming is always a nuanced discussion, and does not mean at all that he’s putting a sell out on the sector or that he is no longer bullish.   It just came down to practice, procedure, and prudence for reducing down the asset allocations as they had swelled to become too large of positions in their portfolio and it was time to harvest some gains to be able to redeploy them, fitting in with his “pruning and planting” approach.  

Many investors and analysts will now shift their gaze to the Q3 earnings that come in over the next few weeks, and this could be a constructive catalyst for the PM stocks overall, and bring in more generalist interest.

Next we shift over to the outsized moves to both the upside and downside in the critical minerals space.  Nick highlights how the fast-tracking of permitting using the US Fast 41 initiatives, and the government funding and partnerships with many critical minerals companies is creating its own momentum and speculation in antimony, rare earths, lithium, and uranium stocks.   This goes into many fundamental policies and initiatives from both government and industry that have been lifting the names in these sectors. He is holding onto positions through any of the current volatility, and believe that more names will pop as a flood of capital pours into such a tiny investing space.

We discuss a range of different companies used as examples of how the critical minerals have really been active including:

Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA), CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF), Energy Fuels Inc. (TSX: EFR) (NYSE American: UUUU), MP Materials Corp. (NYSE: MP), United States Antimony Corporation (NYSE:UAMY), Trilogy Metals Inc. (NYSE American: TMQ) (TSX: TMQ), Lithium Americas Corp. (TSX: LAC) (NYSE: LAC), PMET Resources Inc. (TSX: PMET) (OTCQX: PMETF), and Critical Elements Lithium Corporation (TSXV:CRE)(OTCQX:CRECF).

Click here to follow Nick’s analysis and publications over at Digest Publishing

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