The KE Report

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 me for an in-depth technical and fundamental look at both the medium-term risks and long-term opportunities in the precious metals space, and why he favors being positioned in growth-oriented junior PM producers and quality developers over the senior producers as this precious metals bull market continues to evolve.

  Key topics discussed:

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

Jeff Phillips, President of Global Market Development, and an activist investor in the junior resource space, joins me for a behind-the-scenes look at how he evaluates opportunities in mining stocks and the types of management teams and share structure that he likes to see to participate in their financings.

In this conversation we cover a lot of ground from gold, silver, and copper explorers and prospect generators, to reviewing past wins and current cycles with rare earths, lithium, and PGM companies. Jeff states that we have left the “lazy river” stages of the resource sector and have been entering into the more exciting ride of a larger commodities bull market.

Jeff has been involved in the natural resource space for the last three decades, and is a large strategic shareholder of over a dozen junior companies, and still a significant shareholder in a number of other mining stocks. Jeff also serves as a technical consultant and advisor to several companies in the junior resource space, working on improving their messaging to the marketplace, roster of investors, and liquidity. Even though he doesn’t do many public-facing interviews or write in widely followed publications, Jeff is one of the most influential and well-respected people in the business. You’ll often see him hard at work at mining conferences, doing his due diligence and connecting people to one another.

In this KE Report company update, we speak with Mike Burke, Director and VP of Corporate Development at Sitka Gold (TSX.V: SIG - OTCQB: SITKF - Frankfurt: 1RF), to recap the latest drill results from the Rhosgobel zone, part of the company’s large-scale RC Gold Project in Yukon.

Sitka is advancing four key zones across the RC Gold Project in 2025, targeting both resource growth and new discoveries.

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.

Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins us to review the record Q2 2025 financials and operations results from the San Albino Mine in Nicaragua, along with some ongoing residual leaching during the period from the recently acquired Moss Mine in Arizona.  We also unpack the anticipated mining to begin this quarter at the Moss Mine, and what to anticipate for the several months of ramp up of increased production.  Additionally, we delve into the next key steps for permitting and development work at the Eagle Mountain Gold Project in Guyana; set to be in construction in 2026 and production by H2 of 2027.   This is a longer-format interview where we get into many nuances of operations in all 3 jurisdictions.

Q2 2025 San Albino Operational Highlights

Q2 2025 Mako Financial Highlights

There is also a substantial exploration program underway all around the San Albino Project in Nicaragua, around the San Albino Mine, as the Las Conchitas concessions, and of particular interest at the El Golfo concessions.  

Akiba points out that the Moss mine has been producing gold the last few month through residual leaching at its beneficiation facilities, but their team is going to start mining again this quarter, and then it will take several months for new materials moved onto the leach pads to charge up increased production again. A technical report and Pre-Feasibility Study is slated to be put out later in the year around October, after a few months of ramping up mining and assessing the resources in place. When the Moss Mine has been debottlenecked over time from a mining and permitting perspective and is producing at the grade and rate they believe is possible,  it could almost double their current production profile with approximately another 40,000 ounces of gold production per year out of Arizona.

Mako is also currently derisking their Eagle Mountain project in Guyana, and working on the next key deliverable of an agreement between the government and local stakeholders, and doing all the background environmental and engineering work to being the process for their EIA permit.  Once it is received back and a construction decision is made, there will be roughly a 1 year build, and then production is slated for Q2 of 2027 at an estimated 60,000 -65,000 ounces per year.  When this added to the production out of Nicaragua and Arizona there is clear line of sight to growing into a mid-tier gold producer.

If you have any further questions for Akiba regarding Mako Mining, then please email them into us at either [email protected] or  [email protected].

Click here for a summary of the recent news out of Mako Mining.

In this KE Report company update, Scorpio Gold CEO Zayn Kalyan outlines the company’s strategic transformation: divesting the Mineral Ridge Project for US$7.5 million and ramping up exploration at the Manhattan District in Nevada.

Sale of Mineral Ridge Project:

Drilling Focus at Manhattan:

Catalysts on Deck:

Team Strengthening:

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

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me for a longer-format more candid ‘fire-side chat’ type of discussion, where we review the different trends in price performance, sentiment, and momentum across various stages of gold, silver, and copper stocks.

We start off contrasting the pricing reactions in the gold producers and higher quality developers to the moves higher in gold to record all-time highs.  Erik points out economic studies have had difficulty even keeping up with the rising metals prices over the last year, and how while of the quality gold stocks tracked the moves higher in gold, very few of the gold juniors had the type of outperformance and leverage that one would have anticipated in such a bullish backdrop in the underlying metals price environment.

Next we discussed how those same dynamics in compared to how the silver producers reacted to the rising silver price over the last year, and how the upside torque, and also the outsized moves down during silver corrections also filtered down more into the related silver junior stocks.  Erik points out that the narratives and trading psychology and sentiment around silver equities tends to be more extreme, but that the extremes in volatility is not really suited for most investors.

Then the discussion switched over the strange behavior so far this year in the copper equities -- where they seemed to be shrugging off both explosive moves up to new all-time highs as well as the extreme corrective moves with regards to the underlying copper pricing.    Over the last few years we have seen the copper producers get the bid first, and move more in synch with underlying metals pricing trends and sentiment. Erik outlines that copper juniors have acted more similar to gold juniors between 2020 and 2024 where gold kept making a run up towards $2,000 over and over and getting rejected back lower.  We’ve seen that play out the last few years with copper approaching and briefly eclipsing the $5 per lb level a few times, where the stocks quit believing that level would stick and build a higher pricing base. In a similar pattern the copper juniors have not participated as much until much higher copper prices finally got them moving.

Since we’ve seen the producers fair better overall thus far in the multi-year rallies in gold, silver, and copper sectors, compared to overall trends in wide swath of juniors, the question is posed to Erik regarding if people should even invest in junior resource stocks. Erik goes on to highlight some nuances around cheap and undervalued subsectors within resource juniors versus seniors, and why he remains constructive on how things will unfold moving forward in these evolving bull markets in the metals.

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

Craig Hemke, Founder and Editor of TF Metals Report, joins me for a wide-ranging discussion on the macroeconomic market movers over the last few weeks and looking ahead to a potential cattle call into gold, silver, and the precious metals equities.  We also dig into the whipsaw copper pricing as a result of the Trump tariff policies and where things may settle out.

 Topics we discuss:

Craig walks us through the macroeconomics forces at work between US fiscal policy and Fed monetary policy, and how interest rates trends, and the potential for yield curve controls will likely push the US dollar lower, and the precious metals sector higher.

He points out the jobs report numbers, and downward revisions of the prior 2 months jobs metrics. Craig highlights the potential policy error that Jerome Powell and the Fed have made in delaying cutting the Fed funds rate by pointing to strong jobs figures the last few months as proof of a robust economy. Now it is clear they were not nearly as strong as reported.

Craig feels the pathway forward from the Trump administration is to either remove Powell early, or replace him as soon as possible next year with a dovish Fed chairman that will move to quickly cut interest rates and work in concert with the US Treasury Department.  The plan will be to lower rates to reduce down the burden of debt repayment, but then also to keep spending with fiscal policy to try and grow (and by default inflate) our way out of the current situation.

The US dollar’s recent rally may ending up having been a head-fake, which caught some market participants off-sides, as the greenback has already started rolling over lower once again.   This dollar weakness and worse-than-anticipated jobs data has boosted the precious metals sector at the end of last week and we are seeing follow through strength in gold and silver to kick off this week.

We also discussed how copper pricing went on a wild ride building up to the proposed 50% copper tariffs, but then reversed down sharply when it turned out the tariffs were only on finished copper products, but not copper concentrates or refined copper itself.   Craig outlined how silver, platinum, and palladium got caught up in that move higher in copper, and did reverse down initially with copper’s crash lower, but have since stabilized and started trekking back higher again with gold.

We wrap up discussing the moves we’ve seen lately in PM producers on the back of strong Q2 numbers, noting Agnico Eagle’s recent barn-burner quarter, and that we are already one third of the way through Q3 with even higher average metals prices.  If people get a sense that these macro forces and higher underlying gold and silver prices are going to stay elevated, then there could be a cattle-call and stampede into the precious metals equities.

Click here to visit Craig’s website – TF Metals Report

As equity markets continue to grind higher amid political noise, and commodity prices react violently to shifting trade headlines, investors are searching for clarity. This weekend’s KE Report dives deep into both - the big-picture market signals and the underlying resource stock trends - with technical analyst Dana Lyons and metals market veteran Brien Lundin.

Segments:

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.

As equity markets continue to grind higher amid political noise, and commodity prices react violently to shifting trade headlines, investors are searching for clarity. This weekend’s KE Report dives deep into both - the big-picture market signals and the underlying resource stock trends - with technical analyst Dana Lyons and metals market veteran Brien Lundin.

Segments:

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.

In this KE Report Daily Editorial (August 1st), we’re joined by Joel Elconin, co-host of the PreMarket Prep show and founder of the Stock Trader Network, to unpack a tough end to the week for markets.

Markets sold off sharply on Friday, driven by a combination of renewed tariff worries and weak jobs data. Joel breaks down the technical damage, discusses the break of key support levels, and explores whether this is simply a short-term pullback or something more significant.

Joel also shares why investors should zoom out and maintain perspective after a strong run from April’s lows, rather than focusing solely on the recent pullback from all-time highs.

Click here to visit Joel’s PreMarket Prep website.

Click here to visit the Stock Trader Network.

Trey Wasser, CEO and Director of Dryden Gold Corp (TSX.V: DRY) (OTCQB: DRYGF) (FSE: X7W), joins me for an exploration update outlining some of the key takeaways and proper context from the recently released assay results from this year’s exploration program at multiple Gold Rock Camp targets, within their Dryden Gold District in Northwestern Ontario. 

On July 24, 2025 the Company reported multiple high-grade gold results and additional visible gold ("VG") intercepts from its ongoing drill program on the Elora Gold System at the Gold Rock Camp. These results are part of the Company's fully funded 15,000-meter drill campaign, which is focused on expanding the Elora Gold System along strike and at depth. The drill campaign to date has focused on the Gold Rock Target Area including the Jubilee Zone, Jubilee Hanging Wall, Pearl Zone and Laurentian Mine Area. The discovery of multiple stacked gold bearing structures now appear to run for a kilometer of strike from Jubilee to Laurentian. Drilling at the Elora gold System is also showing impressive widths of near surface lower grade mineralization.

Trey points out that much of the drilling is actually more constructive than the market realizes for building out continuity of near-surface mineralization that is above 1 g/t gold as a baseline for an open-pit development scenario. Then the more narrow but high-grade intercepts will raise the average overall grade profile of the deposit that is coming into picture along 1km of strike along the Elora Gold System.

Highlights:

We review that there is a current financing underway, and lots of drill core piling up at site, at the assay lab, and results will be able to be released after the financing is set to close on August 12th.   The drills have moved on to Sherridon for first pass drilling is following up on targets from the detailed mapping from 2024, and so that newsflow will be coming in a couple of months.   The drills will then be moved back to Elora Gold System to drill more at Laurentian, Pearl, Jubilee,  and importantly, will also test the areas in between those 3 initial targets.

If you have any questions for Trey regarding Dryden Gold, then please email me at [email protected].

Click here to follow the latest news from Dryden Gold