The KE Report

Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins me for a longer-format discussion on and the macroeconomic themes and fundamental drivers that that are continuing to push the purchasing power of the US dollar down and most other asset classes higher.  Nick shares how he has been successfully “buying the dip” in gold, silver, copper, rare earths, uranium, and lithium stocks.

We start off reviewing how the US fiscal policy and the Fed’s upcoming monetary policy is leading to a weaker US dollar, which has been a key tailwind to US equities, cryptos, and the commodities sectors. Nick points out that the “Fed is not your friend,” and that the coming rate cuts will be further debasing the dollar’s purchasing power, which is going to send real assets higher in response.

We review the impacts of the back-to-back Biden and Trump administration large fiscal policy bills, that increased the national debt burden, which has been a boon to the precious metals sector, as a hedge against fiscal malfeasance and as a way to protect purchasing power. 

Many of the government fiscal bills passed the last few years have had provisions in them for accelerating the development of nuclear power infrastructure and uranium mining, and they have provisions included to fund boosting domestic supplies and refinement of critical minerals like rare earths, antimony, tungsten, copper,  lithium, and many other strategic critical minerals. We discuss how all this attention at the federal level in the US and in many nations abroad is bringing in new investors to resource investing.

With regards to the precious metals, Nick has continued building up positions in quality explorers through private placements, as well as buying larger companies with exposure to rising gold and silver prices on pullbacks.  He noted the example of picking up a position in Royal Gold, Inc. (NASDAQ: RGLD), during the corrective move that played out after their announcement of the acquisition of Sandstorm Gold.

Next we got into the longer-term structural supply demand fundamentals underlying the copper market, and that it has been in an upward trajectory for the last handful of years.  When the recent volatility from the initial reaction to the copper tariffs to the reversal back down once there was more clarity around what precisely would get tariffs, Nick took the opportunity to exit his domestic copper producer position in Freeport-McMoRan Inc. (NYSE: FCX). He chose instead to then position back outside of the US via buying the dip in Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF), after it pulled down on some short-duration challenges.  He also flagged his recent private placement into the earlier-stage prospect generator, Kincora Copper Limited (TSXV: KCC) (ASX: KCC), with exploration properties looking for copper and gold porphyries in Australia. 

The conversation then turns to growing generalist interest in the rare earths sector in particular, especially after the recent Department of Defense investment into MP Materials Corp. (NYSE: MP) as a key stakeholder, but also providing them a floor on their Neodymium products, and agreeing to be a buyer future magnet production.   Then, shortly thereafter, Apple Inc. (NASDAQ: AAPL) made a $500M investment into MP Materials to accelerate and help fund the future development of a permanent magnet recycling plant in Texas.   Nick points to CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF), as another company poised to start recycling permanent magnets, also in Texas. Additionally, he highlights the heavy rare earth production capacity increasing from Energy Fuels Inc. (TSX: EFR) (NYSE American: UUUU). We reviewed the news out this week of the MOU between Energy Fuels and Vulcan Elements, focused on ex-China high-purity "light" and "heavy" rare earth oxides for production of rare earth permanent magnets in the United States, using high-purity NdPr and Dy oxides refined in Utah.

This transitioned the discussion to the volatile year, to the upside and downside, in the nuclear and uranium stocks, and Nick pointed out the good opportunities to buy the dip in the sector throughout this year on pullbacks. In addition to the positive response from the multiple executive orders and fiscal bills passed surrounding nuclear power and the nuclear fuel cycle, Nick highlights that companies like Uranium Energy Corp (NYSE American: UEC) and Anfield Energy Inc. (TSX.V: AEC) (OTCQB: ANLDF) were both approved for federal fast-track permitting.   Nick also highlights his recent participation in the private placement financing for North Shore Uranium Ltd. (TSXV:NSU), and how he’s done well with this management team in the past on other companies, why he finds the current project fundamentals compelling.

Wrapping up we got into how even the lithium space has presented a “buy the dip” moment recently, and that both the underlying metals price and the related equities have bounced and started a trajectory higher. Nick revisits the case for a company he’s done quite well in during the prior cycle, Patriot Battery Metals Inc. (TSX: PMET) (ASX: PMT) (OTCQX: PMETF), as well as the value proposition for a new private placement he just participated in with Lion Rock Resources Inc. (TSXV: ROAR) (OTCQB: LRRIF).

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

Arturo Préstamo Elizondo, Executive Chairman and CEO of Santacruz Silver Mining Ltd. (TSXV: SCZ) (OTCQB: SCZMF), joins me to recap the key record Q2 2025 financial results along with a comprehensive review of all operations.  Santacruz Silver operates 1 mine in Mexico, and 5 mines, 3 mills, and an ore feed-sourcing and metals trading business in Bolivia, as an emerging mid-tier silver and base metals producer.

Q2  2025 Highlights

Q2 2025 Production Highlights:

Arturo discussed the very strong revenues, gross profit, net income, adjusted EBITDA, cash and cash equivalents,  and working capital all up substantially in year-over-year metrics. In addition their cash costs and All-In Sustaining Costs (AISC) numbers came down in a meaningful way due to a combination of factors from mine optimization work paying off, to favorable currency exchange rates, and the positive impact of paying down the Glencore loan early, which will save the Company US$40 million. The Company plans to successfully complete the final 2 payments to Glencore by October 31, 2025, and will likely pay off both installments in the month of September.  The company also announced a sale of 70 million Bolivian Bolivianos Promissory Note at 7.00% interest rate, a maturity date of June 15, 2026, just to give them treasury efficiencies for working capital in country.

Switching over to the operations for the quarter, there was better revenues from their San Lucas ore-feeding business, which is now absorbing the Reserva Mine ore to then blend it with ore from the small-scale miners.   This leaves the ore from both the Tres Amigos and Colquechaquita mines to report to Caballo Blanco, making all operations much more efficient with better metals recoveries.   The San Lucas production and revenues largely offset the lagging effects in the quarter from the water issues at Bolivar, which have now been mostly resolved, and those high-grade veins will be a bigger contributor to production again for H2 of 2025.

Transitioning over to Mexico, we discussed the higher-grade 960 Level at the Zimapan Mine starting to contribute, and how this will continue growing in the Q3 and 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, the coming elimination of the Glencore debt, and robust incoming revenues, that the Company is now currently ramping up more exploration and development work at their Soracaya Project, to put it on the pathway to primary silver production about a year and a half out. 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 envisions a 7 year mine life with average annual payable production of ~4.5MM oz AgEq (based on consensus prices). Development is subject to permitting.

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

Click here to follow the latest news from Santacruz Silver

In this KE Report Pre-Market Daily Editorial (Aug 27), I’m joined by Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, who runs the firm’s commodities trading desk.

Darrell shares his monthly insights on trading flows, hedging activity, and price trends across energy, base metals, and precious metals.

Discussion highlights:

Darrell also outlines the key macro risks - tariffs, Fed rate cuts, and geopolitical uncertainty - that could spark volatility into year-end.

Click here to learn more about Bannockburn Capital Markets.

Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily, joins me to outline why he still remains bullish and holding positions in gold, silver, rare earths, uranium, utilities, and defense stocks.

We start off reviewing the positive trends in gold and silver producers after the market digested Q2 earnings newsflow, and how his portfolio of PM stocks shared with his subscribers has outperformed.

Next we got into the rally we’ve seen in some of the rare earth stocks on the back of Chinese export bans, and bringing more attention to the downstream processors.  We noted the incoming US Department of Defense funds and Apple strategic investment into MP Materials Corp. (NYSE: MP), which really ignited a further boom in the sector. Next Sean highlighted  the recent Memorandum of Understanding (MOU) between Energy Fuels Inc. (NYSE American: UUUU); (TSX: EFR), a U.S. producer of rare earth element oxides from their mineral sands projects, and Vulcan Elements, a U.S. manufacturer of rare earth permanent magnets. These companies have agreed to collaborate on creating a resilient domestic supply chain for rare earth magnets independent of China.

The trends higher in nuclear, uranium, and utilities stocks have been another sector that Sean has been exposed to across those different stages of companies.  The small modular reactor stocks, utilities exposed to nuclear power, and the uranium stocks have gained more traction with a wider audience of generalist investors, and Sean believes they can run much higher from here due to the longer-term bullish macro fundamentals for electricity demand and the advantages of nuclear power. 

We discuss the potential for merger and acquisition deals between the handful of smaller US uranium producers, and that while small, the can outperform based on meaningful incremental improvements in their operations. We go on to discuss the large group of junior uranium developers and explorers in Canada, pointing out that Denison Mines Corp. (TSX: DML)(NYSE AMERICAN: DNN) is the closest company to new uranium production, but that is all the way out in 2028.  Sean mentions the strategy of waiting to position in some of the smaller Canadian juniors until after dilutive financing news has been announced, and once clear catalysts and work programs are established and already funded for better entry points.

Wrapping up we discuss the opportunities still present in many defense stocks, from drones and counter-drones to hypersonic rockets and next generation smaller defense software, hardware, and energy stocks. This leads into the conflicting forces investors deal with not liking government intervention in the markets, but also being cognizant of the flow of funds and contracts into certain sectors, and why this presents opportunities for positioning alongside those trends.

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

Click here to learn more about Resource Trader

David Baker CFO of Elemental Altus Royalties (TSX.V:ELE) (OTCQX:ELEMF), joins me to review Q2 2025 financials, record operating cashflows, and outsized year so far of one-off payments. We also dive into a variety of royalty partner project updates, the development growth still on tap in their portfolio of royalties, and look ahead to future acquisitions.

Financial Highlights

Outlook

Dave and I then do a rapid-fire review of a number of royalty partner updates at Karlawinda, Caserones Korali-Sud (Diba), Bonikro, Wahgnion, Laverton, Cactus, and Mactung;  each with compelling advancement and growth opportunities.

Turning to the financial strength of Elemental Altus, Dave highlights the US$27 million in cash on hand at quarter’s end, the increased revenue guidance of over US$35 million this year, upwards of US$20 million in one-off payments coming in over 2025, the $50 million credit facility on hand, and the solid strategic investor and financial backing from Tether Investments.  All of these factors position the company to review making accretive future acquisition transactions this year and moving forward.

If you have any follow up questions for Dave regarding Elemental Altus Royalties, then please email them to me at [email protected].

Click here to view recent news on the Elemental Altus Royalties website

In this KE Report update, we’re joined by Brett Heath, CEO of Metalla Royalty & Streaming (TSX.V:MTA & NYSE:MTA), to review the company’s Q2 2025 financial results and discuss where the next phase of growth will come from.

Key Topics Covered:

Click here to visit the Metalla Royalty & Streaming website to learn more about the Company and portfolio of royalty and stream assets.

In this company update I welcome back Garrett Ainsworth, President & CEO of District Metals (TSX.V:DMX - OTCQB:DMXCF - Nasdaq First North: DMXSE SDB), to discuss the company’s latest news and strategy in Sweden.

🔹 Key Updates Covered in This Interview:

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

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

Fred Earnest, President and CEO of Vista Gold Corp. (NYSE American and TSX: VGZ), joins us for comprehensive update on the revised Resource Estimate, and the new optimized Feasibility Study announced July 29th at their Mt Todd Gold Project.  Mt Todd is a ready-to-build development-stage gold deposit located in the Tier-1 mining jurisdiction of Northern Territory, Australia.

Fred reviews the 10.6 million ounces of gold resources in all categories, and the infrastructure and jurisdiction advantages to the working in this area of Australia. We then shifted over to lower capex and key efficiencies outline in the updated 2025 Feasibility Study (“2025 FS”). This new 2025 FS provides a favorable development alternative to Vista’s previous feasibility study completed in 2024 at 50,000 tpd, as it now envisions a 15,000 tonnes per day (“tpd”) mining scenario.  This smaller initial project has a much lower capex, and prioritizes higher grade ore being sent to the processing plant, significantly reducing development capital required and operational risks.

 FEASIBILITY STUDY HIGHLIGHTS

ROBUST PROJECT ECONOMICS

If you have questions for Fred regarding Vista Gold, then please email those into us at [email protected] or [email protected].

Click here to follow the latest news from Vista Gold Corp

Today, Craig Hemke, founder and editor of the TF Metals Report, joins me for his regular Monday commentary on the precious metals markets. We start with a recap of last week’s market action following Jerome Powell’s remarks at Jackson Hole, which signaled that the Fed may be preparing for a September rate cut. The result: strength across equities, bonds, and precious metals, with the U.S. dollar the lone laggard.

Key Discussion Points:

Follow Craig’s work at TF Metals Report.

In this KE Report company update, I speak with Simon Ridgway, Founder & CEO of Rackla Metals (TSX.V:RAK - FSE:RLH1), for a detailed look at the ongoing drill program at the Grad Property in the Northwest Territories, an extension of the Tombstone Gold Belt.

Key topics covered:

While assay results are still pending, investor interest remains strong as Rackla continues to drill through late summer. Simon also provides insights into how bismuth content could prove to be a reliable proxy for gold mineralization in this emerging discovery.

Visit Rackla Metals Website for the latest news releases.