The KE Report

Craig Hemke, Editor of TF Metals Report joins us to discuss the move higher in gold, silver and copper to start the week. On the gold front, Craig updates us on the CoT reports over the past 2 weeks that have strangely not moved while price was correcting. For silver, there are some very defined key levels to watch for silver, with $30 be the ultimate possible breakout. As much as people follow the gold to silver ratio, Craig also points to copper as being a metal that if it continues higher could also take silver along for the ride. Click here to visit Craig's site - TF Metals Report.

Shane Williams, President and CEO of West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins me to review some its ongoing Madsen mill cleanup and gold recovery at its 100% owned Madsen Mine located in the Red Lake Gold District of Northwestern Ontario, Canada. We also get into an exploration update at the Madsen and Rowan properties, and basic roadmap to development and an eventual mine restart. We start off discussing the news released to the marketplace May 2nd where the Company is continuing with the Madsen mill cleanup. Last year they carried out a preliminary phase of the Gold Recovery Program in late 2023 that recovered 415 troy ounces of gold with proceeds of approximately $750,000. However, based on the significant amount of gold recovered during the initial investigation, a second and more comprehensive phase of the Gold Recovery Program was initiated in early 2024 with a focus on the ball mills and the semi-autogenous grinding (“SAG”) mills. The SAG mills are the primary or first stage grinder for material entering the mill, which is then followed by the secondary ball mills. It is anticipated that the Company may recover at least 2,500 oz Au from the clean up. We reviewed that the previous operator had ongoing reconciliation issues between the mined ore and the milled ore at the Madsen Mine made, but further review has shown they had made significant mistakes building the mine and mill, which are fixable. This process has helped their team understand the technical flow better and this also addresses that they’ll be able to solve many of the reconciliation issues between mined and milled ore upon a development and mine restart scenario. The next big step in this understanding and economics around the project will be in the Pre-Feasibility Study, due out by the end of this year. We also took time to review the potential to keep growing resources at depth at Madsen both at depth with areas like the South Austin Zone and 8-Zone, but also at surface with new targets emerging at the Confederation Assemblage of rocks. This is similar to the geology that Great Bear Resources had explored in Red Lake, and changed the understanding of what rock packages could contain gold in the area. Additionally, up to 15,000m of surface drilling is to be completed at the Rowan Property with a focus on growth and expansion on the existing high-grade mineral resource If you have any follow up questions for the team over at West Red Lake Gold please email me at Shad@kereport.com. Click here to visit the West Red Lake Gold website and read over the recent news we discussed.

Darrell Fletcher, Managing Director Commodities at Bannockburn Capital Markets joins me to share outlook for copper, natural gas and oil. I ask about demand factors and how those play into near term pricing. With Copper, there have been some new larger companies trying to enter the space all with the outlook that supply will not meet demand in the foreseeable future. On the energy front, natural gas has broken above $2 but Darrell is not seeing this as sustainable. He points to the cash market which is trading much lower. Oil is back below $80/barrel but largely in a 2 year trading range. I ask about downside price protection an breakout potential to over $100. Click here to learn more about Bannockburn Capital Markets.

On April 25th, Newcore Gold (TSX.V:NCAU - OTCQX:NCAUF) released a maiden Preliminary Economic Assessment ("PEA") from the Enchi Gold project, in Ghana. Some of the key headline numbers include; Luke Alexander, President and CEO of Newcore joins me to recap the PEA numbers and discuss what comes next in terms of catalysts for the Company. We also discuss valuation metrics. If you have any follow up questions for Luke please email me at Fleck@kereport.com. Click here to read over the full news release announcing the PEA.

Kyle Floyd, CEO and Chairman of Vox Royalty (TSX: VOXR) (NASDAQ: VOXR), joins us to review their growth strategy for 2024, after a record 2023 in operational results, revenues, and cash flows on a per share basis from their portfolio of royalties. We also outline a few partner project updates that represent deep longer-term value in their royalty portfolio. We lead off with some of the points that Kyle made in their investor letter, released on April 25 titled “On the Path of Totality.” In this annual letter to shareholders Kyle summed things up well with this passage: “…much of North America has been caught up in the Total Solar Eclipse,with many people flocking to the narrow band of geography that lies on the Path of Totality. What caught my mind was a news article that expounded on the high costs of hotels at certain hot spots to watch the eclipse and the late-comers paying very high prices. The thing with solar events is that the right scientists and mathematicians can forecast these events with amazing accuracy decades and sometimes millennia in advance. In the last few months, more and more people have gotten caught up in the mania and paid a higher price for late planning and forecasting. In my personal life, career, and especially at Vox, I have always attempted to forecast and plan ahead. It’s something that our executive team also innately embraces and focuses on. Much more time is spent talking about tomorrow versus today because the returns generated today were paved by yesterday’s hard work. As a result, sometimes we have been early on our corporate strategy without immediate reward for what, similar to a total eclipse, can be readily calculated and expected well in advance. This is the phenomenon that I believe we are experiencing with our portfolio of royalties in Australia. The value that is readily apparent to us and can be forecasted with high confidence is not being valued appropriately at present, resulting in an opportunity for those willing to do the math in advance and make appropriate preparations.” Expanding upon this premise, we have Kyle outline one of the assets in the Vox Royalty portfolio that was acquired last year that they see on this pathway to clear value - the royalty on Norther Star’s Red Hill mine. Recent news released by Northern Start highlights a significant exploration and development update for the Red Hill gold project in Western Australia, with a 58% resource upgrade, a maiden reserve declaration, and further disclosure around development assumptions. Vox management estimates that this Red Hill gold royalty has the potential to generate approximately US$10 million in initial annual revenues, over a potential mine life that is still to be determined by Northern Star. Kyle makes the point that this is a prime example of the kind of royalties the companies has focused on acquiring that provide solid returns on invested capital. We wrap up discussing the health of the Company balance sheet, the optionality they have to make accretive acquisitions in the year ahead, and some ways of thinking about how to value their current portfolio of royalty assets. If you have any follow up questions for Kyle and the team at Vox, then please email us at Fleck@kereport.com or Shad@kereport.com. Click here to visit the Vox Royalty website and read over the recent news releases.

This is the replay of the May 2nd webinar featuring Snowline Gold (TSX.V:SGD - OTCQB:SNWGF). Scott Berdahl, CEO of Snowline, joins me to discuss the regional exploration opportunities at the Company's projects in the Yukon, in the Tombstone Gold Belt. We discuss target on the Rogue Property, outside of the Valley Discovery, and targets on other projects the Company holds. The first webinar, on April 18th, Scott and I focused on the Valley Discovery. Click here to view the recording of that webinar. Please keep sending me your questions as I will have Scott back on to continue this series of webinars and mix in some Company Updates on the back of news. My email address is Fleck@kereport.com. Click here to visit the Snowline Gold website to learn more about the Company.

Welcome to The KE Report Weekend Show! After a week where we had a Fed meeting, jobs data and big tech earnings the markets didn't do much. So we take the approach in the first two segments on looking globally and at economic data to understand the key trends. Then we switch to resource stocks recapping M&A, financings and specific company opportunities. Click here to visit the Marc to Market website.Click here to learn more about Resource Insights

Doug Ramshaw, President of Minera Alamos (TSX.V:MAI – OTCQX:MAIFF), joins us for a comprehensive review of the Santa Mine operations and production expansion in 2024 in Sonora, Mexico; as well as the further derisking work going on, while awaiting the permits, at the Cerro De Oro gold development project in Zacatecas, Mexico. At Santana, the Company has completed plans to optimize the use of existing installed leach pad capacity to boost production on a go forward basis. As outlined in a February 22nd release, these plans involve mining and stacking of approximately 25,000 oz of gold over a 12-month period that will commence in May 2024 and should see a significant improvement in gold production relative to 2023 levels, beginning in Q3 and extending through to into 2025 before an expected normalizing of operations at Santana thereafter. Following the conclusion of planning with the Company's existing mine contractor, their operating fleet and infrastructure has been updated (mining and crushing) to suit the current mine plans for the Nicho Main pit. Blasthole drilling is underway with mining operations to follow. The company is still advancing permitting, engineering, metallurgical work, geological, and other geotechnical work to continue to de-risk the Cerro de Oro Gold Project as it moves down the pathway into production as the Company’s second operating gold mine. Initial projections were for this mine to produce 60,000 ounces annually for 8+ years, but Doug also highlights the upside potential through exploration and resource expansion, as well as the leach pad capacity, where the goal is to see if the potential is there to eventually push production to upwards of 80,000 – 90,000 ounces per annum over more like 11-12 years. Engineering work continues to progress for Cerro de Oro in order to advance pre-development activities to coincide with the ultimate receipt of permits and a construction decision for the project. Wrapping up, we also discussed the news about the recent acquisition of the Suaqui Verde copper project will allow the Company to start a series of internal engineering studies aimed at the best path(s) for the development of a regional copper developer/producer focused on low capital intensity copper projects. The combination of Los Verdes, Poteritos and Suaqui Verde allows for further consolidation of similar type assets that could form a regional copper production "hub" in the area where the Company already maintains a significant presence. Please email us with any follow up questions for Doug regarding Minera Alamos. Our email addresses are Fleck@kereport.com and Shad@kereport.com. Click here to follow along with the latest news from Minera Alamos

On a week with the Fed meeting, jobs data and major tech earnings it's fascinating to see the market pretty much flat on the week. Joel Elconin, Co-Host of the Benzinga PreMakret Prep Show, is calling this market schizophrenic. The markets started off the week by selling off only to be bought back on Thursday and Friday. The weak jobs data on Friday is being viewed as a bad news is good news event. I ask Joel about the short term technical set up for the S&P. He shares a handful of stocks and sectors that are breaking out or simply in uptrends. Click here to visit Joel's PreMarket Prep website to keep up to date with the stocks that catch his eye.

Andrew Thomson. President and CEO of Palamina (TSX.V:PA) joins me to discuss the drill plans and roadmap to drilling the Usicayos Project, in Peru. The Company is cashed up, after receiving over $3.6million from Winshear Gold. Andrew explains the plans to drill 3,000-5,000 meters at the project. I ask about the type of deposit the Company is looking for and recap some of the recent action in the area out of Barrick Gold. The Company also recently appointed a new V.P. Exploration, Alvaro Fernandez-Baca and new advisors, Hall Stewart and Jerry Blackwell. Click here to visit the Palamina website for more information on the Company and the Usicayos Project.

Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily, joins me today to review how he is taking a more defensive posture investing in the general US equities, but seeing more capital rotate into commodity megatrends. He is focused adding resource stock allocations in the cannabis, uranium, copper, palladium, small-cap oil, and gold sectors. For each sector, we review the technical price action of the underlying commodities, the supply/demand fundamentals of those markets, and then drill down into the types of resource stocks that have Sean’s attention. It’s a nuanced discussion where we weave in both the macroeconomic data and geopolitical effects of global trade, to assess the economic health and market expectations around future Fed rate cuts. Click here to follow along with Sean’s work at Weiss Ratings Daily Click here to learn more about Resource Trader

Chen Lin, Editor of What Is Chen Buying? What Is Chen Selling? joins me to discuss why he is bullish copper, silver and gold. On the copper and silver front, Chen points to a range of demand factors he thinks will drive prices much higher. I also have Chen explain the types of copper and silver stocks he is liking. For copper he is starting to move down to the juniors (some for political reasons). For Silver he is looking at the small silver producers that could finally be making money at these higher silver prices. Click here to visit the Chen Picks website to learn more about Chen's newsletter.

Michael Wood, President and CEO of Sendero Resources (TSX.V:SEND) joins me to recap drill results from the La Ollita Target At The Peñas Negras Project in The Vicuña District, Argentina, released yesterday May 1st. 3 more holes were released with hole 6 being the headline results intersecting 364m of 0.51 g/t Gold Equivalent “AuEq” from a shallow depth of 34m to the bottom of the hole. The upper part of the hole intersected 114m of 0.84 g/t Gold Equivalent “AuEq” including 22m of 1.61 g/t AuEq. I ask Michael what the Company has learned about the Project and more so the La Ollita Target through the 6 holes now released. We discuss what the Company will do to vector into the higher grade feeder zone and if other targets on the Project will be tested in follow up programs. If you have any follow up questions for Michael please email me at Fleck@kereport.com. Click here to read over the full news release reporting the drill results.

Jordan Roy-Byrne, CMT, MFTA, and Editor of The Daily Gold joined me to discuss his technical outlook for gold, GDX and GDXJ. While early on in a correction, after a strong run to overbought levels, Jordan outlines price levels to watch where the correction could bottom. We discuss gold's performance against the 60/40 portfolio and the S&P. I also ask about Jordan's trading strategy for junior stocks where he explains how he would build cash and rotate money between outperforming and under-performing stocks. Click here to keep up to date with Jordan on The Daily Gold website.

Matt Badiali, Editor of The New Energy Investor published under the Mangrove Investor joins me to chat battery technology and development. We start by recapping some of the recent news on sodium batteries, solid state batteries and other minerals being incorporated into new batter development. While we can try to product which battery will become the global standard maybe there is room for a range of batteries developed for different products and uses. On the investor front Matt shares a trade his in to take advantage of this growth in the battery industry. I ask about the different types of commodities and minerals he thinks will play a larger roll in the energy transition and his time frame for it all. Click here to visit the Mangrove Investor website to keep up to date with Matt's New energy Investor newsletter.

More specific stock commentary, this time with Jeff Clark, Editor of The Gold Advisor and Paydirt Prospector! On this segment we discuss 4 stocks Jeff follows in The Gold Advisor newsletter. We also look ahead to the upcoming Metals Investor Forum on May 9th and 10th in Vancouver. Jeff shares the companies he is bringing to the conference. The stocks mentioned today are: Be sure to check out The Gold Advisor website to see the other stocks Jeff follows. Please email is you would like his thoughts on any of those stocks and if you have any specific questions. My email address is Fleck@kereport.com. Click here to visit The Gold Advisor website to follow along with Jeff.

Outback Goldfields (TSX.V:OZ - OTCQB:OZBKF) recently announced a shift in focus to Finland, through an acquisition of the portfolio of projects from S2 Resources. This news was announced on March 1st and follow up news on a concurrent $5million financing announced on April 25th. Chris Donaldson, President and CEO of Outback joins me to provide more information on the deal, which includes an option for S2 to earn into the Outback projects in Australia. We discuss the portfolio of Finnish projects, all located in the Central Lapland Greenstone Belt, where Agnico, Rupert Resources and Aurion Resources are all active. See the map below from the March 1st news release to view the location of the projects. We start with the Panna Project and how the Company will follow up on an early stage discovery. We also discuss the JV agreements in place with Kinross and Rupert Resources. We then tie in the $5million financing and what the post-financing valuation will be. If you have any follow up questions for Chris please email me at Fleck@kereport.com. Click here to visit the Outback Goldfield website to read over the news release outlining this deal. Figure 1: Map showing the distribution of S2's project portfolio with respect to significant projects and companies in the district.

In my effort to bring you all more company specific commentary I reached out to Adrian Day, President of Adrian Day Asset Management and manager of the Euro Pacific Gold Fund, to comment on a couple companies he recently updated his clients on. Adrian shares his thoughts on two prospect generators, Lara Exploration (TSX.V:LRA) and Midland Exploration (TSX.V:MD), as well as one royalty company, Orogen Royalties (TSX.V:OGN). I will have Adrian back on the show to discuss a few more companies next month so stay tuned! Click here to learn more about Adrian Day’s services. Upcoming live events! May 2nd Snowline Gold webinar – 12-noon PT – Regional Exploration Potential In An Emerging Gold District - Click here to register

As pretty much every market is red today in this segment I focus on the pullback in gold, silver and the gold stock ETFs, GDX and GDXJ. Dave Erfle, Fonder and Editor of the Junior Miner Junky joins me share his outlook when it comes to prices for the precious metals and the equities. We outline key levels to watch, that are currently support, and how the upcoming Fed meeting and jobs data could be the next catalyst. I also ask if broad market weakness could impact the metals equities as well as the news Dave is looking for to drive individual stocks higher. We wrap up with a comment on smaller silver miners and if Dave is looking at investing in these stocks now that the silver price is in the high 20s. Click here to visit Dave's website - The Junior Miner Junky.

Matt Schwab, CEO of Kraken Energy (CSE:UUSA - OTCQB:UUSAF - FSE:F2C) joins me to recap the two drills holes at the Harts Point Property, in Utah, and look ahead to future exploration at the Company's projects in Nevada. The drilling at Harts Point consisted of two holes, twinning historic holes, to confirm the presence of uranium. This property in under a Joint Venture with Atomic Minerals, where Kraken is earning into a 75% interest. Matt provides a overview of the earn-in agreement, the drill program and what these results mean for follow up work. I then have Matt look ahead to future exploration that will be going back to the Company's flagship project, the Apex Uranium Mine in Nevada. We also the stock price that has continued to drift lower. If you have any follow up questions for Matt please email me at Fleck@kereport.com. Click here to visit the Kraken Energy website and read over the recent news.