The KE Report

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us or a discussion on the psychological part of investing as sector sentiment improves in this ongoing precious metals bull market. We also get into the nuances of how one may need to adjust company valuations in a dynamic way based on how their newsflow compliments or is at odds with the underlying macro conditions and gold and silver price action.

We start off contrasting the upward pricing of gold and silver metals prices to record prices has been allowed many of the producers and higher quality developers to revalue, but that few of the gold juniors have had the type of outperformance and leverage that one would have anticipated in such a bullish backdrop and remain quite cheap still.  Erik makes the point that many of them, even after having moved up 100%-200% may actually look even cheaper than they did 1-2 years ago, in light of their newsflow, catalysts achieved, and married with the higher metals prices.

Erik addresses how he views different valuations scenarios that can befall junior resource stocks, and that not every portfolio laggard is an indication that something is wrong or that the position needs to be abandoned.     He also reviews some of the pitfalls that investors fall into rotating out of lagging stocks to chase stocks that are consistently running higher, only to see those same trends reverse and for people to be out of position and doubting their investing thesis at precisely the wrong times in the cyclicality of this volatile sector.

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

Coal remains central to both power demand (AI data centers, baseload needs) and steelmaking (met coal). Matt Warder, Publisher of The Coal Trader, outlines where the market sits in its cycle and how equities are positioning for the next leg higher.

Key Points:

Stocks discussed: AMR, HCC, METC, NRP, BTU, ARLP, CNR

Click the following links to keep up to date on the coal market and coal stocks 

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.

Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQX: MGMNF), joins me for a comprehensive operations and exploration update at their producing McCreedy West copper mine in Sudbury, Canada.  We also review the bonanza grades in multiple metals encountered in 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 in Q3 and then putting out a mine restart plan by year-end for potential production to commence by the end of 2026.

Q2 Operational Highlights

Since acquiring the McCreedy West Mine on February 28, 2025, the team at Magna Mining has implemented multiple mine optimization initiatives and invested substantial capital in equipment and underground development to improve the operation. April production was affected by a lack of operating and capital development completed in the preceding quarters while the mine was under prior ownership.  Production in April also included tonnage from the Intermain Nickel Zone that was previously developed by the prior operators.   We talked about the optionality of having these different mineralized zones.

During the quarter they increased their staff and workforce, made management changes and realized a material increase in the amount of daily development completed at the mine. Throughout Q2, there was month over month increases in the amount of payable copper-equivalent pounds as well as improved grades produced at the operation.

Next we discussed some of the recent exploration results returning high-grade copper, nickel and precious metal intersections from an area located in the footwall, up-dip within the main 700 Cu-PGE Footwall Zone and within 150 metres of surface. The reported holes were drilled in support of production planning and potential production expansion into areas where narrow vein mining methods could be applied.

Then we transitioned over to recent bonanza-grade assay results from the ongoing exploration at the past-producing Levack Mine, located in the North Range of the Sudbury Basin, northeastern Ontario, Canada (Figure 1). Drillhole FNX6083-W1 was drilled to test an area 140 metres below drill hole MLV-25-14A. Jason points to the high-grade gold platinum and palladium values along with the bonanza grade copper grade intercepts.

Highlights from the new assay results include:

FNX6083-W1  - 12.8% Cu, 0.6% Ni, 31.8 g/t Pt+Pd+Au over 2.6 metres

There are currently two surface diamond drills operating at the Levack Mine, one completing three shallow infill and metallurgical drillholes on the Main Ni-Cu Zone in support of the Levack Restart Study, and a second drill exploring the footwall environment between the No. 3 Ni-Cu Zone and the Morrison Footwall Cu-PGE Deposit,

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

We kick off September with decisive breakouts in gold, silver, and mining equities. Joining us is Dave Erfle, founder and editor of Junior Miner Junky, to discuss the powerful setup unfolding across the precious metals sector.

Key Topics Covered:

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

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In this KE Report Daily Editorial (Tuesday, September 2nd), we welcome back TG Watkins, Director of Stocks at Simpler Trading and editor of the Profit Pilot.

We start with the weak opening for September as the S&P 500, Nasdaq, and Dow all pull back while the VIX spikes higher. TG shares his perspective on:

We also dive into precious metals, with gold nearing $3,600 and silver pushing above $41. TG breaks down the technical setups in GLD, GDX, and SIL, explaining how sideways consolidation and moving averages have set the stage for today’s breakout.

Finally, TG highlights opportunities he’s tracking in crypto and COIN, which appear to be stabilizing after recent weakness.

Visit TG’s Profit Pilot website here: https://www.profit-pilot.com/

For more analysis, check out our Substacks:

Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins me to review multiple drill assays, both new and relogged, within the high-grade gold Bonanza Zone and Surebet Discovery on the Golddigger Property located in the Golden Triangle of British Columbia. This leads to a larger discussion about prior press releases related to the overall 75 hole relogging program in tandem with some of the early assay results from the ongoing 60,000 meters of new drilling, which will be the largest exploration program to date.

Drill hole GD-25-337 intersected 10.60 g/t Au over 22.82 meters (a 242 grams*meters hole), including 15.19 g/t Au over 15.71 meters, including two separate intervals consisting of 37.28 g/t Au or 1.20 oz/t Au over 3.36 meters and 36.11 or 1.16 oz/t Au over 3.08 meters. From the andesite unit below the Bonanza Zone which contains multiple occurrences of widespread VG-NE between 113.00 meters and 135.82 meters, hosted within a zone of dense calc-silicate veins with moderate amounts of sphalerite, pyrrhotite and pyrite. The intercept is approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).

65 drill holes have been completed for a total of 45,000 meters in 2025, with only 50 holes remaining totaling 15,000 meters. With roughly 1 month remaining, Goliath is on target to complete its planned up to 60,000 meter drill program with 9 rigs actively turning. Assays are pending for 55 drill holes completed to date

100% of the drill holes completed to date on Surebet have intersected substantial quartz-sulphide mineralization and 95% of drill holes completed thus far in 2025 contain gold visible to the naked eye (“VG-NE”). This clearly demonstrates the continuity and predictability of this expansive gold-rich system.

Drilling at the Surebet Discovery has hit VG-NE in three distinct rock packages (quartz-sulphide breccias/stock work, RIRG Eocene-aged dykes and calc-silicate altered breccia) showing the untapped discovery potential at this remarkable high-grade gold system that remains open.

The Company also still awaits more assays from this year’s early exploration focus on relogging prior year holes is in light of the newly discovered widespread abundant visible gold seen with the naked eye in multiple reduced intrusion related gold (RIRG) dykes, as well as in the calc-silicate altered breccia, reflecting the testing of gold in those 3 distinct rock pages on the property. 

There will be a flood of assays coming in from both the relogging initiative, as well as the new holes being drilled this season for many months into the future, so click on the link down below to follow along with all the news from the Company as it hits the newswires.

If you have any questions for Roger about Goliath Resources, then please email me at [email protected] and then we’ll get those answered or covered in a future interviews.

Click here to follow the latest news from Goliath Resources

In this company introduction, we speak with David Elsley, President & CEO of Cardiol Therapeutics (NASDAQ/TSX: CRDL), a clinical-stage life sciences company focused on developing therapies to address inflammation-driven cardiovascular diseases.

Cardiol’s lead asset, CardiolRx™, is currently in:

We also cover:

Please email me any further questions you have for David. My email address is [email protected]. 

Click here to learn more about Cardiol Therapeutics.

Precious metals surge while generalists stay on the sidelines, copper sets up for a supply crunch, and oil investors await a “table-pounding” buy opportunity.

This KE Report Weekend Show dives into the dual bull markets in precious and industrial metals with Rick Rule, and the near-term downside but long-term upside in oil and gas with Joseph Schachter. From gold’s re-rating to Canadian energy yields, the insights are packed with actionable takeaways for active resource investors.

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!

Also check out our Substack where we email you summaries of Daily Editorials and the Weekend Show! Click here to check it out.

James Anderson, CEO of Guanajuato Silver (TSX.V:GSVR – OTCQX:GSVRF), joins me to review their Q2 2025 financials, an operations and exploration update at their 4 producing mines in Mexico, the permitting approval for future development at Pinguico, and the strategy for growth in H2 2025 and beyond.

Selected Q2 2025 Highlights:

James reviewed a number of equipment purchases and underground operational initiatives implemented in the quarter, that will improve future working efficiencies at all four of their producing assets in Mexico.  Guanajuato Silver produces silver and gold concentrates from the El Cubo Mine Complex, Valenciana Mines Complex, and the San Ignacio mine; all three mining centers are located within the state of Guanajuato. In addition, the Company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango.

Next we discussed that the past-producing Pinguico Mine, an epithermal gold-silver vein project, and a satellite project to the nearby El Cubo Mines Complex, received a key development permit on August 6th that allows the Company to advance this wholly owned project. Receipt of a General Use Explosives Permit, issued by the Ministry of Defense, allows for restart of development work at Pinguico. Drifting along the mineralized San Jose vein structure towards the Pinguico underground stockpile is expected to recommence in Q4, 2025.

We then got a comprehensive exploration update at Pinguico, the El Horcon Mine, and reviewed some of the recent drill intercepts at the new high-grade zone at the San Ignacio Mine.  Wrapping up James summarizes the various growth initiatives across the Company’s portfolio of projects, and why he anticipates improving metrics over the balance of 2025.  

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

Dr. Rebecca Hunter, CEO of Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF), joins me to discuss the news released today that the merger with Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is official, after the completion of the plan of arrangement under the Business Corporations Act, as previously disclosed on June 24, 2025. The pro-forma Company is well capitalized with over $12 million in cash and having multiple high-potential projects within its asset base, including the flagship Aberdeen Project in Nunavut and the Hook-ACKIO Project in Saskatchewan, in addition to another dozen secondary exploration projects. 

During Baselode's Annual General and Special Meeting to be held on September 16, 2025 Baselode will seek shareholder approval to change its name to Geiger Energy Corporation and is to be traded under the ticker (TSX.V:  BEEP). Geiger Energy will be led by Rebecca Hunter, PhD as CEO, Stephen Stewart as Chairman, and will be backed by the Ore Group team. James Sykes, prior CEO of Baselode Energy, will remain on as Director and Special Advisor given his experience and track record of discoveries in the Uranium space.

Rebecca outlines the big picture vision of the new combined company, and the synergies between the geological and exploration approaches between both teams and portfolios of projects.  She points to the ongoing 2025 exploration program their 100% owned Aberdeen Project in the Thelon Basin of Nunavut, Canada; where drills are currently turning at multiple unconformity-style and basement-hosted uranium targets across Aberdeen for a roughly 4,000 meter 15-20 exploration program. The key four targets for this year’s program are Loki, Bjorn, Tarzan, and Lobster; but we remind listeners of the many other targets across the project like Thor, Lightning, Squiggly River, Ned, Ayra, Nymeria, Willow, Apollo, and Starbuck.  Additionally there are 2 known basement-hosted uranium deposits that have received expansionary exploration work the last 2 seasons at both Tatiggaq and Qavvik, which will be the focus of future drill campaigns.

In additions to the Aberdeen Project, Forum brings into Baselode Energy 9 other projects in the Athabasca Basin, of Saskatchewan; with some projects having existing joint venture (JV) agreements in place, and some projects that are available to option out to other partners.  Most notably, the Northwest Athabasca JV Project with Global Uranium, will have upcoming winter exploration work.

Then shifting over the Baselode portfolio folio of projects, there will be a winter drill program slated for  the Hook – ACKIO Project that will be following up on exploration work the past couple of seasons at the various pods and clay alteration zones.  Other projects of note are the Catharsis and Bear projects along the Key Lake Trend, as well as Shadow in  Northern Saskatchewan along the Virgin River Shear Zone.

If you have any follow up questions for Rebecca or the team at Baselode Energy, then please email them into me at [email protected].

Click here to follow the latest news from Baselode Energy