The KE Report

Ali Haji, CEO of American Tungsten Corp. (CSE:TUNG) (OTCQB:DEMRF) (FSE:RK9), joins me to for a financial and operations update on all the exploration, development, and rehabilitation initiatives underway; focused on bringing onshore tungsten mining and production capabilities to the United States through its derisked past-producing IMA Mine in Idaho.

Today on October 22,  American Tungsten announced that, further to its press releases dated October 14, 2025, October 15, 2025, and October 20, 2025, it completed the first tranche of its non-brokered private placement for gross proceeds of C$16,770,510 from the sale of 6,500,198 common shares of the Company at a price of C$2.58 per Share (the "LIFE Offering") under the Listed Issuer Financing Exemption.

We start off discussing this financing, the rationale for both the timing of it, and the subsequent repricing of it lower to gain better traction and confidence with incoming institutional investors. Most importantly, we get into what these funds will enable in terms of future value creation through the ongoing rehabilitation and development work at the IMA Mine.

Next, we discussed the Letter of Intent (“LOI”) signed back on September 20th with a prominent U.S-based offtake partner, Global Tungsten & Powders (“GTP”). Ali highlights that their agreement with GTP marks a pivotal milestone in their emergence as a leading domestic supplier of high-grade tungsten, now vetted by one of the largest tungsten processors in the world. This LOI not only affirms the robust market demand for more domestic supplies of tungsten, but also reflects the deep confidence their partners have in their technical capabilities and long-term vision to move from development into near-term production.

Then Ali expanded the ongoing IMA Mine Rehabilitation Progress:

Zooming back to the project level, we shifted over to the tungsten, molybdenum, and silver resources in place and the infrastructure advantages of the IMA Mine as an advanced, past producing brownfields site, located on patented mining claims in Idaho. There has been a substantial amount of capital spent over many years to advance and build the project by various mining companies, including the Bradley Mining Company, Inspiration Development Co. (subsidiary of Anglo American PLC), and American Metal Climax. There is solid infrastructure including roads, tier-1 low-cost power supply, water rights, and a mining-oriented labor force nearby, which can help fast-track this project back into production, with a low capex anticipated to be ~$20 Million.

Ali reiterated that they are continuing to work closely with government agencies to build partnerships seeking to secure funding.  He believes there is the opportunity to secure key strategic partnerships and non-dilutive financing with the U.S. Department of Defense,  Department of Energy, and Defense Advanced Research Projects Agency, and mentioned that those discussions are underway and applications were previously filed.

This brought up the critical and strategic nature of tungsten as a defense metal, where the majority of tungsten supply is controlled by China, and why the US government is keen to develop supply chains outside of China which has placed export controls on this metal, and many other critical minerals.  Tungsten is a necessary component in a wide array of defense applications, including but not limited to the production of ammunition, armored equipment, artillery, and space exploration.

There is planned drill program to expand the known tungsten, molybdenum, and silver mineral resources, and this will be utilized for an updated Resource Estimate, and the upcoming Preliminary Economic Assessment (PEA). The company will also be conducting a trial mining and bulk sample exercise, more metallurgical tests, and the company is now working towards the construction decision on a processing plant on-site, which is a change and upgrade to the previously envisioned direct ship ore (DSO) business model.

If you have any questions for Ali regarding American Tungsten, then please email those into me at [email protected].

Click here to follow the latest news from American Tungsten

In this KE Report daily editorial, we welcome back Dan Steffens, President of the Energy Prospectus Group, to break down the latest developments across the oil and natural gas markets. With crude prices recently dipping below $57/bbl and natural gas showing relative strength, Dan shares his insights on market fundamentals, storage levels, and the outlook for key producers and income plays.

Key Discussion Points:

Click here to visit the Energy Prospectus Group website for more energy market and stock analysis.

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I’m joined by David Stein, President & CEO of Kuya Silver (CSE: KUYA – OTCQB: KUYAF – FRA: 6MR1), for an operational update on the Bethania Silver Mine in Peru, following the October 17th news of record Q3 concentrate sales, infrastructure upgrades, and new management appointments.

Discussion Highlights:

If you have any follow-up questions for David, please email me at [email protected]

Click here to visit the Kuya Silver website – https://kuyasilver.com/

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Investment disclaimer:

In this KE Report company update, Ross McElroy, President & CEO of Apollo Silver (TSX.V:APGO – OTCQB:APGOF – FRA:6ZF0), joins us for his first interview since taking over in May. Ross brings nearly 40 years of experience, including leading Fission Uranium’s $1.14B sale to Paladin Energy.

Key Highlights:

Click here to visit the Apollo Silver website.

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Sean Brodrick, Editor of Wealth Megatrends, Supercycle Investor, Resource Trader, and contributing analyst to Weiss Ratings Daily, joins us to outline strategies for portfolio management during the pullbacks in gold, silver, antimony, rare earths, and energy stocks.  

Gold and silver are now retesting lower levels, in a corrective move that has been anticipated by many for some time. 

He is quite interested to see how Q3 earnings season may trend starting with Newmont Corp’s (NYSE: NEM, ASX: NEM) report afterhours this coming Thursday, and then filtering out into the rest of the senior and mid-tier PM producers.

Next we got into the blistering rally higher that we’ve seen in some of the critical minerals stocks like antimony and rare earth stocks on the back of Chinese export bans sending prices skyrocketing.  

Wrapping up Sean shifted over briefly to how traditional energy with the oil and gas stocks, and solar have remained in a slump, but that they may become a sector to follow, along with his ongoing interest in the next-gen defense stocks consider whether this could be a contrarian area to follow more closely in the commodities sector.

Click here to follow along with Sean’s work at Weiss Ratings Daily and Wealth Megatrends

Click here to learn more about Resource Trader

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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.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me for a candid discussion to review how different stages of the precious metals stocks are responding to the outsized corrections today and at the end of last week in gold and silver prices.

We start off noting the deeper pullbacks are occurring in the producers due to their tighter correlation with PM prices.  These stocks had attracted a lot of attention from momentum investors, that often were piling in without much thought as to the specific fundamentals or longer-term investing case for these companies.

In contrast, the alpha-driven gold or silver explorers are much more driven by newsflow, and so the metals prices are less germane.  As a result, they’ve actually been more resilient to this sector correction, and were some of the only stocks in the green on a turbulent day in a sea of red.  Erik points out though, that they also didn’t have as much upside torque as the metals prices were climbing, because again they are driven by their own micro catalysts and fundamentals.

Erik is becoming more animated by the second wave of the Lassonde Curve, where the developers have the leverage and optionality to rising metals prices, but there remains a large delta in where the ounces in the ground are being valued versus the margins that the producers are making for each ounce of gold or silver they pull out of the ground and process.

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

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https://kereport.substack.com/

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 welcome back Dave Erfle, Founder and Editor of The Junior Miner Junky, for his thoughts on the gold and silver selloff. After massive rallies that pushed gold to nearly $4,400/oz and silver up $3.50/oz, both metals are now retracing hard, leaving investors questioning whether this is an interim top or something more significant.

Dave breaks down the technical and psychological dynamics driving the pullback, including:

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter. 

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Charles Funk, President and CEO of Heliostar Metals (TSX.V:HSTR – OTCQX:HSTXF – FSE:RGG1), joins me to discuss a series of key updates across the company’s portfolio in Mexico. We focus on the new La Colorada Technical Report, high-grade drill results from Ana Paula, and the expanding development and production pipeline.

Key Discussion Highlights:

Please email me at [email protected] with any follow up questions for Charles. 

Click here to visit the Heliostar Metals website to learn more about the Company. 

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In this KE Report Company Update, we welcome back Caleb Stroup, President & CEO of Headwater Gold (CSE:HWG - OTCQB:HWAUF), for a deep dive into a flurry of recent developments across the company’s Nevada and Idaho exploration portfolio.

Key Highlights:

Please email your questions for Caleb to us at [email protected] and [email protected]. 

Click here to visit the Headwater Gold website to read over the recent news.

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Arturo Préstamo Elizondo, Executive Chairman and CEO of Santacruz Silver Mining Ltd. (TSXV: SCZ) (OTCQB: SCZMF), joins me to focus on the growth strategy at the development-stage Soracaya Project, as well as the exploration upside and expansion potential around the Bolivar, Porco, and Zimapan Mines. Santacruz Silver operates 5 mines, 3 mills, and an ore feed-sourcing and metals trading business in Bolivia, along with 1 mine in Mexico, as an emerging mid-tier silver and base metals producer.

We kick things off with a review of the news out October 7th which announced the initiation of development activities and the pursuit of full production permitting at their wholly-owned Soracaya Project; located in the Potosí Department, Bolivia. These activities mark a key step toward advancing the Project to a production decision. With the preliminary mine plan in place and the permitting process underway, Soracaya is emerging as a cornerstone growth project for Santacruz Silver in Bolivia.

Soracaya is a high-grade, silver-rich project, featuring mineralization along reactivated faults with replacement and brecciated sulphides, geological characteristics typical of some of the world's most productive silver deposits. Since 1999, more than 29.6 km of drilling across 90+ holes has provided extensive geological data, supporting robust resource modeling and preliminary mine planning.  

Additionally, Glencore already put in the decline to access the high-grade veins, so there are some distinct brownfield site infrastructure advantages already in place. An internal study was completed by Glencore with an estimated capex of ~US$40MM for construction of a processing plant and tailings facility. Mine plan today envisions a roughly 12-year mine life with the idea to process about 850-1000 tonnes per day of material through the proposed mill.  Arturo outlined that Soracaya’s high-grade resource, strategic location in Potosí, and synergies with existing operations and the teams experience as underground miners give them confidence in its ability to deliver long-term value for shareholders and stakeholders alike.

We also discuss the permitting process, along with the regional Potosí District and mining history, as well as the national election and constructive political developments inside of Bolivia.

Their team is now currently increasing exploration and development work around the Bolivar and Porco Mines in Bolivia, to expand resources and extend mine life. Arturo reiterated their philosophy of constantly exploring at each mine to reinvest in the future growth of the company.

Transitioning over to Mexico, we discussed the higher-grade 960 Level at the Zimapan Mine starting to contribute, and how this well-endowed mineralized zone will continue growing in their Q4 production profile from Zimapan for the balance of this year and for many years into the future.

Arturo also highlighted that with the strength of the balance sheet, with the final 2 payments to Glencore completed in September, and robust incoming revenues at these higher underlying metals prices.   This gives them the optionality to review potential merger or acquisition assets if they are accretive and if their team can add value to those projects.

If you have any follow up questions for Arturo regarding Santacruz Silver, then please email them to me [email protected].

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

Click here to follow the latest news from Santacruz Silver

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