The KE Report

Rick Bensignor, President of Bensignor Investment Strategies and editor of Supposedly Irrelevant Factors, joins the KE Report for a deep dive into today’s market environment. Rick’s institutional insights are followed by some of the most successful hedge funds worldwide, and he also shares strategies through his Tactical Trader and Daily Tip Sheet reports at the In the Know Trader website.

Discussion Highlights:

Rick shares decades of experience as a trader, strategist, and fund manager—offering tools to navigate a bull market that looks unstoppable on the surface but carries hidden risks below.

Click here to visit the In The Know Trader website.

Market rotation broadens beyond big tech, gold equities attract generalist capital, and energy stocks set up for future revaluations.

This weekend’s KE Report brings two perspectives - Mike Larson of MoneyShow breaks down equity rotation, Fed uncertainty, and precious metals momentum, while Dan Steffens of Energy Prospectus Group highlights natural gas fundamentals, oil market geopolitics, and M&A-driven opportunities in energy equities.

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Marc Chandler, Managing Partner at Bannockburn Global Forex and editor of the Marc to Market, joins us to discuss the market reactions to Jerome Powell’s dovish comments from his speech today in Jackson Hole Wyoming.   The market signal was that there is now a high-probability of a rate cut at the upcoming September FOMC meeting; and this was like throwing gasoline on the bull market fire.

Key topics discussed:

This speech seemed to nail down an anticipated rate cut in September, even though there may be some dissenting members of the Fed that would prefer to stand pat.

Powell seems more concerned with the deterioration of the labor market statistics than he is with the mild uptick in inflation data.   Despite that some Fed governors and presidents have voiced concerns that we do not yet know the full extent of how the tariffs may affect inflation on a move forward basis.

Marc expects that we’ll have 3 key takeaways from the upcoming September Federal Open Market Committee meeting:

Despite the 6-day pullback in US equities over the last 2 weeks, with market expectations of a more hawkish tone, the market launched up to new all-time highs to end the week.

Marc outlines that he believes the US dollar has more downside ahead of it, with the potential of a pullback below 90 in the high 80s.

When asked if that kind of a move lower in the dollar would hurt consumers Marc highlights why it may be more impactful to foreign dollar holders than domestic, since most goods are priced in dollars once entering the country.  He feels it is more germane to watch the trends in interest rates for a signal as to how the dollar and other currencies may behave.

Click here to visit Marc’s site – Marc To Market.

On today’s KE Report Daily Editorial (Friday, August 22), we’re joined by Dave Erfle, Founder and Editor of Junior Miner Junky. After a month away, Dave shares his outlook on precious metals and mining equities as the sector continues its bullish momentum.

Key Themes:

Dave explains why this bull market still has room to run, what levels to watch for potential corrections, and where he’s seeing the most compelling opportunities across majors, mid-tiers, and juniors.

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

David Gower, CEO and Chairman of Emerita Resources (TSX.V: EMO) (OTCQB: EMOTF), joins me for a comprehensive exploration update at their wholly owned polymetallic Iberian West Project (IBW), located in southern Spain.  The IBW Project includes three Volcanogenic Massive Sulfide (VMS) deposits: La Romanera, El Cura and La Infanta. We also get another update on the legal proceedings at the Aznalcóllar Project later in the conversation.

We start off reviewing the assay results from the latest batch of drill results at the El Cura deposit, announced on August 20th.

Recent results from the ongoing drilling campaign at El Cura include:

David outlines that the El Cura deposit has potential to significantly increase IBW resource tonnes with additional high-grade gold and copper mineralization. The Company has approved an additional 10,000 meters of diamond drilling at El Cura due to the results of the program to date which demonstrate the deposit remains open for possible expansion at modest depth. This drilling will focus on converting the previously delineated Inferred Mineral Resource Estimate to an Indicated Mineral Resource Estimate in support of economic studies, as well as extending the lower and western regions of the known resource.

El Cura is located in between La Infanta and La Romanera, but more closely resembles La Romanera metallurgically, returning higher gold values along with the base metals. David walks us through how each of these 3 deposit areas plays into the larger development strategy, where the earlier stage mining decline at La Infanta can now drift through El Cura on the way to the development of La Romanera, bringing in El Cura in as a future economic driver much earlier in the mining sequence.  We discuss all the derisking work going on in the background building toward the Pre-Feasibility Study (PFS) later this year, as well as an update on the environmental permits anticipated to come in over the next couple months.

We wrap up with David summarizing that the Third Section of the Provincial Court of Seville has completed the hearings for the criminal trial on the alleged crimes committed during the process of awarding the Aznalcóllar tender. The hearings commenced on March 3, 2025 and were completed on July 15, 2025. The Trial judges, Angel Márquez Romero (President of the Court), Luis G. de Oro-Pulido Sanz and Carmen Pilar Caracuel Raya, will now prepare their rulings on the criminal allegations. The company is still awaiting further clarity on whether Emerita Resources will be awarded the high-grade polymetallic Aznalcóllar Project later this year, as the only other qualified bidder at the time.

If you have any follow up questions for David regarding Emerita Resources, then email those in to me at  [email protected].

Click here to follow the latest news from Emerita Resources

Leif Nilsson, CEO & Director of Surge Copper (TSX.V:SURG – OTCQX:SRGXF), joins me for a comprehensive update covering ongoing field activities, 3 types of drilling, and various derisking work initiatives and development work streams all building towards their updated Resource Estimate and Pre-Feasibility Study (PFS), at their flagship copper-molybdenum-silver-gold Berg Project in British Columbia.

We start off reviewing the resource size and different metals contributions as well as the key economic metrics from the Preliminary Economic Assessment (PEA) that was released in June 2023. The updated Mineral Resource Estimate includes combined Measured & Indicated resource of 1.0 billion tonnes grading 0.23% copper, 0.03% molybdenum, 4.6 g/t silver, and 0.02 g/t gold, containing 5.1 billion pounds of copper, 633 million pounds of molybdenum, 150 million ounces of silver, and 744 thousand ounces of gold, plus an additional 0.5 billion tonnes of material in the Inferred category.  Leif reviewed some of the results from their substantial metallurgical testing program, where a bulk concentrate has been successfully separated into a copper concentrate containing the precious metals and a high-value molybdenum concentrate.

Next we shifted over to the 3 different types of drilling that have been ongoing or are still underway at the Berg Project.

Additional workstreams remain active across the site, including geophysical surveys, environmental baseline studies, and logistical field preparations such as pad construction and line cutting. The Berg camp is currently a hub of coordinated technical activity, with drill contractors, field geologists, environmental and geotechnical engineers, helicopter crew, line cutters, pad builders, geophysical crews, and camp support staff all contributing to the program. Collectively, these efforts are generating the critical datasets required to support robust design parameters and reduce risk ahead of the upcoming pre-feasibility study.

Wrapping up we discussed a number of factors from what the permitting process will look like for EA readiness, the value in the strategic partner they have in African Rainbow Minerals Limited (“ARM”) assisting the Project both financially and technically, and an overall sense of how the size and scale of the Berg stacks up to other large copper development assets in Canada.

If you have any follow-up questions for Leif regarding Surge Copper, then please email them to me at [email protected].

Click here to follow the latest news from Surge Copper

Taj Singh, CEO of First Nordic Metals (TSX.V: FNM) (OTCQB: FNMCF) (FNSE: FNMC SDB) (FRA: HEG0), joins us to review the first set of 14 drill assays returned from the Aida Target at the Paubäcken Project, and what they’ve learned as they have substantially expanded the strike length of the mineralized trend.  We also discuss the summer drilling finishing up soon at the Nippas Target at the Storjuktan Project, and then the drilling set to commence soon at the Harpsund Target at Paubäcken. All of these targets and projects are located on their 100% owned property along the Gold Line Belt of Sweden.

Key Highlights:

Beyond these first 14 drill holes released, there are an additional 25 holed drilled that are still at the lab pending future release from around this high-priority Aida Target.   We also touch upon the drill rig being moved over next to the Harpsund target, which has shown promising Base-of-Till (BOT) drilling, surface till sampling, and geophysics.  The exploration team is gearing up for the maiden drill program Harpsund next in this summer’s program, along with further ongoing targeting work at the adjacent Brokojan target.

Pivoting over to their Storjuktan Project, the 5,000 meter drill program is just finishing up at   Nippas, which is still the most derisked target at Storjuktan.  There are 5 other high priority targets (3 large targets in the south and 2 key targets in the north), across the Storjuktan Project, so this will be an ongoing area of focus for future targeting and drilling.

If you have any questions for Taj or Adam, regarding First Nordic Metals, then please email them in to us at [email protected] or [email protected].

Click here to follow the latest news from First Nordic Metals

We’re joined by Wendell Zerb, Chairman & CEO of Red Canyon Resources (CSE: REDC | OTCQB: REDRF), for an in-depth update following the company’s August 20th news release. The update highlights results from a Mobile MT geophysical survey at the Kendal Project in British Columbia, which outlined a large-scale conductive target that the company is preparing to drill.

Discussion highlights include:

For more information, visit Red Canyon Resources Website

If you have any follow up questions you can email us at [email protected] and [email protected].

Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQX: MGMNF), joins me for a comprehensive exploration and operations update at their producing McCreedy West copper mine in Sudbury, Canada.  We also review the ongoing exploration and development work at the Levack Mine, working towards and updated resource estimate in Q3 and mine restart plan by year-end for potential production in 2026.

We start off discussing 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. Mineralization in this area contains high PGE grades hosted in copper and nickel rich veins. Intersections include 17.9% Cu, 0.6% Ni, 28.1 g/t Pt + Pd + Au over 1.8 metres in drillhole MMW-25-119 and 10.5% Cu, 8.3% Ni, 42.6 g/t Pt + Pd + Au over 0.3 metres in drillhole MMW-25-133. The underground diamond drilling program at the McCreedy West mine is supported by two drills and is currently focused on definition and expansion drilling in the 700 Zone.

Next we transitioned over to all the ongoing exploration focus at the past-producing Levack Mine, and we reviewed the initial assays from the near surface portion of the No.1 nickel-copper ("Ni-Cu") zone, supporting the Levack Mine restart study.

Highlights from the new assay results include:

Jason outlined that in addition to the Keel Copper-PGE zone, initial mining from this zone could be accessed via a new ramp from surface which is being studied. The intersections reported are shallow at approximately 135-155 metres from surface and confirm Magna's belief that there are significant areas of wide, high grade nickel mineralization at shallow depths remaining at the Levack Mine. There are currently two surface diamond drills operating at the Levack Mine, one completing near surface infill and metallurgical drillholes on the No. 1 and No. 2 and Main zones, and a second drill exploring the footwall environment between the No. 3 Ni-Cu Zone and the Morrison Cu-PGE deposit.

In addition to the surface diamond drills, an underground diamond drill will begin drilling at the Levack Mine within the current quarter, and a second underground diamond drill is expected to begin drilling in Q4. These drills will be focused on testing the area further downdip and on strike of the area below the No. 3 zone, as well as following up on the east side of the Fecunis fault, where historical hole FNX21200 intersected 33.4% Cu, 0.9% Ni & 23.9 g/t Pt + Pd + Au over 0.2 metres. This area is interpreted as potentially having a vertical vein system, subparallel to the Fecunis fault.

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

I’m joined again by Mike Burke, Director & VP of Corporate Development at Sitka Gold (TSX.V:SIG - OTCQB:SITKF - FRE:1RF), for an update on the ongoing 30,000-meter drill program at the RC Gold Project in Yukon’s Tombstone Gold Belt.

This discussion focuses on the Pukelman area, a target that has seen limited attention compared to Blackjack and Eiger. Sitka is now reporting visible gold in multiple drill holes from the Pukelman Contact Zone, marking it as a potential new deposit area. Mike provides background on the historic drilling (2010-2011) and explains how Sitka’s oriented core drilling is advancing the geological understanding of both the Pukelman intrusion and the surrounding contact zone.

Key topics include:

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

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