In this KE Report Daily Editorial, we speak with Mike Larson, Editor-in-Chief at MoneyShow, about what generalist investors are focused on heading into 2026, the themes shaping the upcoming Sarasota Masters Symposium (Dec 1–3), and the setup for the MoneyShow Las Vegas event in February. Key Discussion Highlights: Year-End Positioning: Investors reassessing portfolios after a strong but volatile 2025. AI: Boom vs. Bubble: Massive real-world investment (data centers, power, capex); still early - not a 1999 moment. Fed & Missing Data: The prolonged shutdown and lack of October jobs report add uncertainty; may delay rate cuts. Gold & Silver Consolidation: After a major run, metals are digesting gains; long-term drivers remain intact. Crypto & Bitcoin Weakness: BTC tied closely to tech sentiment; leveraged washouts still impacting the sector. Alternative Assets Trend: The 60/20/20 allocation shift continues - alts like gold and crypto retain structural demand. Bond Market Watchpoints: AI capex spilling into corporate credit; some widening spreads, but not crisis-level. Click here to find out about the upcoming MoneyShow conferences   ------------ For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ 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.

In this KE Report daily editorial, I am joined by Jeff Christian, Managing Partner at CPM Group, to break down what’s driving gold and silver as both metals consolidate near their highs. Jeff shares data-backed insights on ETF inflows, global equity trends, and new investor behavior shaping the precious metals market. Key Discussion Highlights: Record gold ETF inflows - Strong Q3 momentum with billions added globally; driven largely by short-term and momentum-oriented investors seeking liquidity. Shift to larger US-listed ETFs - Investors rotating out of smaller regional funds and into GLD/IAU for liquidity and regulatory confidence. Macro outlook supports higher investment demand - CPM Group expects rising geopolitical and economic stress into 2026, sustaining demand for gold and silver. New entrants emerging - Tether taking stakes in royalty companies and Elliott Management targeting Barrick highlight changing investor profiles. Silver near $50 faces real-world limits - Industrial users adjust at higher prices, capping runaway upside despite strong investment demand. Investors hedging, not selling - With gold near $4,000 and silver at $50, large investors prefer downside protection while holding core positions. Click here to visit the CPM Group website to learn more about the firm   ---------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ 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.

John Cash, Chairman and CEO of Ur-Energy Inc. (NYSE American:URG) (TSX:URE), joins me for a comprehensive overview of the Company’s 3 key producing and development-stage uranium assets in south-central Wyoming.   We discuss he key work programs on each project, advancing each one to key milestones the balance of this year and into 2026.    We start off reviewing operations and growth plans at the flagship asset for the Company, the operating the Lost Creek in situ recovery uranium facility.  They have produced and packaged approximately 3 million pounds of U3O8 from Lost Creek since the commencement of operations. Rough guidance for 2025 is 440,000 pounds, with 1.3 million pounds contracted for 2026.   Third Quarter 2025 Financial and Operating Results   The ramp up at Lost Creek continued with 93,523 pounds of U3O8 dried and packaged. Ur-Energy sold 110,000 pounds of U3O8 during the quarter, at an average price of $57.48 per pound, generating revenue of $6.3 million. Uranium sold in Q3 2025 was sourced from previously purchased inventories. Ur-Energy currently has sufficient produced inventory on hand to meet its remaining 2025 sales obligation of 165,000 pounds. Four header houses have been brought online this year in Lost Creek's second mine unit ("MU2"). Q3 2025 cash costs per pound of produced inventory remained consistent with Q2, decreasing slightly to $43.00. As of September 30, 2025, the Company had cash and cash equivalents of $52.0 million.   Ur-Energy has begun development and construction activities at their fully-permitted Shirley Basin Project, the Company's second in situ recovery uranium facility in Wyoming. Construction of the foundation for the processing building began in early August and they have poured nearly 900 of the required 1,100 total cubic yards of concrete. The internal foundation of the processing building is substantially complete. 11 ion exchange columns were delivered in September, and two have been placed on the internal foundation. Shirley Basin's professional and operational teams are fully staffed, and wellfield and plant development remain on track for uranium production startup in Q1 2026.   John and I also briefly discussed their 3rd advanced exploration Lost Solider Project, located less than 10 miles northeast of the Lost Creek ISR Mine. Recent work at Lost Soldier included the installation of 18 aquifer test wells designed to enhance the understanding of the local hydrogeology. John explained that the geology of the project area is well understood and supported by data from more than 4,000 historical drill-holes, but that this additional hydrogeologic characterization will assist their technical teams in optimizing potential future mine planning, permitting, and development activities.   Due to the proximity of our operating Lost Creek ISR facility, Lost Soldier has the potential to be developed as a satellite operation. If exploration work is successful, they will evaluate the potential to advance Lost Soldier through the FAST-41 permitting process, a federal framework designed to streamline and improve coordination among agencies for large-scale infrastructure and energy projects.   We wrapped up discussing the experience of the management team and board of directors, the strong financial strength of the Company, and the number of key institutional stakeholders. Ur-Energy is positioned to capitalize on the resurgence of both the U.S. and global nuclear power industry, illustrated by the recently announced U.S. government's $80 billion investment to build new nuclear reactors in the United States.   If you have questions for John regarding UR-Energy, then please email those into me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of UR-Energy at the time of this recording.   Click here to follow the latest news from Ur-Energy   For more market commentary & interview summaries, subscribe to our Substacks:   The KE Report: https://kereport.substac

In this KER Market Quick Take, Cory Fleck and Shad Marquitz break down the broad correction across precious and base metals and outline where they see opportunity as year-end approaches. Metals correction: Gold and silver are only ~10–15% off highs, but many miners - especially juniors - are down 20–40% as momentum traders and generalists step aside. Majors vs. juniors: Large-cap producers (e.g., Newmont, Fresnillo) are holding up relatively well. Junior producers and developers have sold off sharply, creating what Shad sees as the best value. Q4 margins & Q1 setup: With gold near $4,000 and silver around $50, producers are enjoying record margins. Shad sees a strong setup for a Q1 seasonal bounce as earnings land. M&A & valuations: Recent takeovers (like Probe) came at low valuations. Many juniors still don’t reflect $3,500–$4,000 gold or $40–$50 silver in their NPVs. Financing overhang: Cory highlights heavy financing activity and incoming 4-month holds as key near-term headwinds, reinforcing the need for selectivity. Other metals: Uranium: Spot drift to mid-$70s dampens sentiment. Copper: Stable near $5/lb; producers outperforming the metal. Lithium: ETF rebound—nearly doubled since April lows. Positioning outlook: Shad is accumulating select juniors into weakness; Cory prefers patience until clearer uptrends form, though he sees potential catalysts from policy shifts or a major new discovery. Stocks & ETFs Mentioned: GDX, GLD, SLV, PSLV, COPX, LIT, Newmont ($NEM), Fresnillo ($FRES), Silver X, Impact Silver, Guanajuato Silver, Avino Silver & Gold.   Let us know your thoughts on the KER Market QuickTakes - Fleck@kereport.com and Shad@kereport.com    ---------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ 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.

In this KE Report Company Introduction, we speak with Kerem Usenmez, President & CEO of Volta Metals (CSE:VLTA - Frankfurt:D0W). The team is rapidly advancing the Springer Rare Earth Project in Ontario - an asset with a historic resource, recent drill results, and gallium potential. Key Discussion Highlights Project Background Springer hosts a 2012 historic resource with mineralization open in multiple directions. Rare Earth Profile Predominantly light REEs with meaningful heavies - recent drilling shows 8–10% heavies by value. Drill Program Results First two holes returned near-continuous mineralization, including 439m at ~1% TREO with higher-grade zones. Resource Update Path Four-hole program supports a new current resource estimate expected in January. Next Steps Winter drill program planned to expand the deposit toward PEA-level studies. Cost & Infrastructure Advantages All-in drilling ~$200/m, aided by paved road access, nearby hydropower, and proximity to Sudbury/North Bay. Valuation Snapshot ~100M shares out; ~C$23M market cap. Upcoming News Remaining assays (including gallium), metallurgical updates, new resource, and next drill campaign. Please email me with any follow up questions for Kerem - Fleck@kereport.com Click here to visit the Volta Metals website.    ------------ For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ https://excelsiorprosperity.substack.com/ 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.

In this KE Report Daily Editorial, we chat with Craig Hemke, Founder and Editor of TF Metals Report Markets as markets are quiet and metals are range-bound. Craig explains why this “dog-days” lull could set up a strong year-end. We discuss seasonal trends, Q4 price strength, and what catalysts may kick-start the next move higher. Interview Highlights:  Quiet Markets: Trading feels like a late-summer pause as most sectors drift sideways. Q4 Price Advantage: Gold and silver prices remain well above Q3 levels, locking in stronger margins for producers. Investor Hesitation: Many traders expect a pullback, leaving room for surprise when sentiment shifts. Selective Stock Picking: If metals hold steady, focus turns to free cash flow, dividends, and takeover potential. Year-End Watch: Few tax-loss pressures this year; attention now shifts to the December Fed meeting and late-quarter data. Click here to visit Craig’s website - TF Metals Report   -------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ https://excelsiorprosperity.substack.com/   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.

In this KE Report Company Update, we’re joined by Bob Archer, President and CEO of Pinnacle Silver and Gold (TSX.V:PINN - OTC:PSGCF - FSE:P9J), for an update on the El Potrero Project in Mexico. Bob discusses the latest sampling results, upcoming drill plans, and the company’s growth strategy as Mexico’s mining sector shows renewed momentum. Key Discussion Highlights: New Mineralized Zone: Over 700 underground samples confirm both extensions of known veins and a newly identified zone within the Dos de Mayo system. Drill Plans: Underground drilling expected to begin in Q1 2026, starting at Pinos Ques, then Dos de Mayo and La Dura. Positive Permitting Environment: Recent approvals, like Silver Tiger’s, signal that Mexico is open for mining again. Exploration Expansion: A LiDAR survey is underway to map structures and identify new targets such as La Australia, 500m south of the main trend. Growth Outlook: Pinnacle is actively reviewing additional past-producing projects to fast-track future production. Please email me with any follow up questions you have for Bob - Fleck@kereport.com.   Click here to visit the Pinnacle Silver and Gold website to learn more about the company and read over the recent news    ------------ For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/   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 companie

In this KE Report Company Update, we’re joined by Brett Heath, CEO of Metalla Royalty & Streaming (TSX.V:MTA - NYSE:MTA), to review the company’s record-breaking Q3 financials and updates on key royalty assets advancing toward higher production. Key Discussion Highlights: Record Q3 Results: First-ever positive net income alongside record revenue, cash flow, and adjusted EBITDA. Rising Gold Equivalent Ounces: Deliveries climbed to 1,155 GEOs, driven by Tocantinzinho, La Guitarra, and new Endeavor royalties. Côté-Gosselin Royalty Expansion: Increased to 1.5% NSR on IAMGOLD’s growing project, expected to exceed 10Moz by 2026. Top Performing Assets: Tocantinzinho and Wharf mines showing strong output; Endeavor began paying royalties in Q3. Growth Pipeline: Copper World (Hudbay–Mitsubishi), Taca Taca, and Castle Mountain moving toward construction. Financial Strength: Near net-cash position with a US$75M credit facility to fund future acquisitions. Please email me with any other questions you have for Brett - Fleck@kereport.com.    Click here to visit the Metalla Royalty & Streaming website to learn more about the Company and portfolio of royalty and stream assets.    ----------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/   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.

Precious metals rebound, copper positioning, and insights from the New Orleans Investment Conference This week’s Weekend Show dives deep into the current phase of the metals bull market - exploring how investors should navigate the sharp rebounds in gold and silver and where to look next as copper and base metals build momentum. Segment 1 & 2 - We’re joined by Matt Geiger, Managing Partner at MJG Capital, to unpack the precious-metals pullback and rebound - his base case is a multi-month consolidation within an intact bull market, with producers showing leverage and M&A accelerating. He discusses how MJG has trimmed precious-metals exposure, built cash, stayed overweight copper on looming supply deficits, and is favoring high-quality juniors and prospect generators. Click here to visit the MJG Capital website to learn more about Matt’s fund   Segment 3 & 4 - Wrapping up the show with Brien Lundin, editor of The Gold Newsletter and host of the New Orleans Investment Conference, discussing the strong turnout and investor optimism at this year’s event, the continued undervaluation and upside potential in precious metals and energy stocks, the importance of identifying credible newsletter writers, and his insights on portfolio strategy and standout exploration plays in the current metals bull market. Click here to learn more about the New Orleans Investment Conference and access the conference recordings.    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!   For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/   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 may own shares in companies mentioned.  

In this KE Report Company Update, we’re joined by Craig Nicol, Founder and CEO of Graphene Manufacturing Group (TSX.V:GMG - OTCQX:GMGMF), for a detailed discussion on the company’s latest milestones across its Thermal-XR®, G® Lubricant, and battery divisions - including key distribution deals, EPA approval timelines, and next-generation production plans.   Interview Highlights: Thermal-XR® Expansion: New Beijer Ref and Kirby Network agreement in Australia adds coating as a standard option on HVAC coils, backed by a 5-year warranty and energy savings. U.S. Market Entry: EPA approval expected by December, enabling Nu-Calgon rollout and first shipments to U.S. customers. G® Lubricant Rollout: European sales launching with palletized product; strong trial feedback and early fleet testing showing up to 30% fuel savings. Battery Development: Advancing fast-charge graphene aluminum-ion battery; validation testing underway with Rio Tinto (NYSE:RIO) and other partners. Graphene Scale-Up: Gen-2 production system under construction in Brisbane - 20× output increase, low capex (~A$2M), and future North America expansion planned. Upcoming Catalysts: EPA approval and U.S. product launch Distribution & fleet data updates Battery testing results Gen-2 plant commissioning mid-2026 Please keep the questions coming! Email me at Fleck@kereport.com. Click here to visit the GMG website to learn more about the Company.    --------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ https://excelsiorprosperity.substack.com/   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.

In this KE Report Daily Editorial, we chat with Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of Marc to Market, about shifting global monetary policies, currency trends, and the ongoing dominance of the AI trade in shaping market sentiment. Key Discussion Highlights: Fed and BoE Divergence: Markets cut odds of a Fed rate cut in December, while expecting the Bank of England to ease after weak U.K. data. Currency Moves: Dollar Index steadies near 99; Sterling holds firm despite growth worries. BOJ and Yen: Bank of Japan unlikely to hike soon; yen nears 155 per USD, raising chances of intervention. AI Market Hype: Mark compares today’s AI boom to the dot-com era, warning of overbuild and excess capacity. Beyond Tech: Notes weakness in rare earths, but ongoing opportunity in Bombardier and regional transport. Overall, global markets remain range-bound as traders await clearer signals from central banks and tech leaders.   Click here to visit Marc’s site - Marc To Market - https://www.marctomarket.com/   --------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ 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.

Targa Exploration (CSE:TEX - OTCQB:TRGEF - FRA:V6Y) is expanding its portfolio with new option agreements on two gold projects in Argentina while advancing its Opinaca Gold Project in Quebec. CEO Cameron Tymstra joins me to outline this strategic move and what’s next for the company. Key Discussion Points: Argentina Expansion: Option to earn up to 80% interest in El Zanjón and Venidero projects. Low-Cost, Low-Dilution Terms: Minimal cash outlay and manageable work commitments. District Potential: El Zanjón sits on the same trend as Cerro Vanguardia, a 6Moz gold–80Moz silver producer. Next Steps: ~2,000m drill program and new IP surveys at El Zanjón; early-stage work at Venidero. Opinaca Update: Over 3,600m drilled, assays expected early December. Year-Round Exploration: Argentina projects offset Quebec’s winter, ensuring steady news flow. Click here to visit the Targa website and read over the recent news.    -------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ 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.

In this Daily Editorial, we welcome back Dave Erfle, Founder and Editor of The Junior Miner Junky, for his technical and fundamental outlook on the gold and silver prices up near record levels, and then the recent rebound in the precious metals stocks.  While the PM stocks have done quite well this year, they’ve still not come close to factoring in the huge economic implications of these higher underlying metals prices into their current valuations.    Key takeaways from Dave in this interview:   Gold and Silver Price Strength Continues – With gold up near $4,200 and silver up in the $52-$53 area, after having hit $54 again earlier this week, it is now trying to make $50 the floor instead of a 45-year ceiling.   Miners’ Rebound After A 2-Week Correction – GDX and GDXJ have clawed their way higher since the end of last week, but they’ve not performed as well as some of the quality junior mining stocks have on a percentage basis in this recent recovery.   Chart and Cycle Patterns – After gold hit $3,500 in April, it consolidated for 5 months before resuming its uptrend. When gold recently hit an all-time high near $4,400 in October, it only waited a couple weeks before resuming its uptrend.  This may bode well for this correction not being as drawn out in time.  Dave would prefer to see the PM sector correct in time versus price, in more of a sideways consolidation to build the strength for the next move higher.   Company Valuations Are Still Cheap In Relation To Current Metals Prices – We are now half way through Q4 at substantially higher metals prices than in Q3, and yet the market caps and gains in the stocks have not even come close to reflecting the higher gold and silver producer margins, nor the improved economics of development-stage projects.   Merger and Acquisition Transactions Continue – After IAMGOLD’s (IMG.TO) recent twin acquisitions, and Coeur Mining’s (CDE) takeover of New Gold (NGD), we’ve also seen news that Probe Gold (TSX: PRB) (OTCQB: PROBF) is being acquired by Fresnillo Plc. (FRES.L) (FNLPF).   Dave highlights why he feels that the takeover premium for Probe is on the low side at US$56 per ounce of gold in the ground, and that he and his subscribers are waiting to see if Probe gets a counter-offer from a larger producer like Agnico Eagle or Kinross Gold.  He goes on to highlight why a higher valued takeover offer would be good for the whole sector; with regards to what quality ounces in the ground in a top tier jurisdiction are being valued at.   Silver Tiger's Receipt Of A New Open-Pit Permit A Boon To Mexican PM Stocks - We discuss how in addition to the nice pop we saw in Silver Tiger Metals Inc. (TSXV:SLVR)(OTCQX:SLVTF) after receipt of their open-pit mining permit at El Tigre, that other Mexican companies like GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) and Discovery Silver Corp. (TSX: DSV) (OTCQX: DSVSF) also moved higher in reaction to this permitting milestone achieved.     Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.    For more market commentary & interview summaries, subscribe to our Substacks:   The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/     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.    

In this episode, Steve Barley introduces Magma Silver (TSX.V:MGMA - OTCQB:MAGMF - FSE:BC21) and its flagship Niñobamba Silver-Gold Project in Peru. Steve discusses the project’s extensive history, recent exploration, and next steps toward resource definition. Key Discussion Points: Project Background: First time the entire Niñobamba land package has been consolidated under one company; over 65 historic drill holes and US$10M in prior exploration by major miners. Strong Discovery Potential: Magma’s work has exceeded past results, including 10m @ 2 g/t gold and 5m @ 4 oz/t silver, confirming high-grade continuity. Drill Program Funded & Permitted: Drill permits secured at the Jorimina zone; a $5M financing (led by Research Capital) - including investment from Eric Sprott - supports a Q1 2026 drill campaign. Community & Surface Work: Negotiating community access agreements for the Niñobamba Main area to allow trenching, sampling, and future drilling. Experienced Team: Leadership includes Steve Barley (CEO), Jeff Reeder (Technical Advisor) with 30+ years in Peru, and a seasoned local geological team. Tight Share Structure: ~37M shares outstanding. Please email us with any follow up questions for Steve - Fleck@kereport.com and shad@kereport.com    Click here to visit the Magma Silver website to learn more about the company   ------------ For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ 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.

Vizsla Silver just released its Feasibility Study for the Panuco Project (Nov 12). Mike Konnert, President & CEO of Vizsla Silver (TSX:VZLA, NYSE:VZLA),  walks through the headline economics, funding, growth runway, and permitting path. Feasibility Results: After-tax NPV US$1.8B, IRR 111%, AISC ~US$10.61/oz, and payback in ~7 months. Driven by low upfront capital and strong margins. Capital & Funding: Capex US$238M (net ~US$173M). Fully funded with US$200M cash, US$220M Macquarie facility, and ~US$40M in equities. Mine Plan & Upside: Only 12.8Mt of the ~25Mt global resource used in reserves. Large potential for conversion and expansion near Napoleon, Copala, and La Luisa. District Growth: Ongoing drilling with four rigs targeting Animas, Santa Fe, and additional veins for long-term expansion. Sensitivity & Strength: Even at US$17 Ag and US$1,550 Au, NPV US$460M, IRR 42%. Permitting & Build: Fully engineered, test mining underway, and permits expected mid-2026. Ready to build once granted. Valuation & Outlook: Trading near 0.5× NAV with potential re-rating as it advances to production. Targeting 50Moz AgEq/yr within 10 years. If you have any follow up questions for Mike please email me at Fleck@kereport.com.   Vizsla Silver will be hosting a webcast to discuss the Panuco Project Feasibility Study at 10:00 am PT (1:00 pm ET) on November 24th.  To register, please click here   ---------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ https://excelsiorprosperity.substack.com/ 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.

Doc Jones, private activist resource investor and influencer on Ceo.ca and X/Twitter, joins us for his outlook on the precious metals, base metals, and energy sector and how he is positioned in select stocks within his portfolio.   We start off getting the key macroeconomic factors that him more muted on outsized upside in both gold and silver, after such a big run in the precious metals related stocks so far this year, and really over the last few years.  He points out that over the last 3 years that many of the quality PM producers are up 5x-10x or more, and that he had some developers up as much as 15x, so it was prudent to start harvesting gains and raising cash to deploy in other commodities and opportunities that hadn’t run as much.   With regards to the base metals companies, Doc Jones points out that a lot of the polymetallic deposits still have considerable exposure to gold, silver, platinum, and palladium as valuable co-credits.  He mentions the rationale for his long-standing interest and key portfolio positions in Emerita Resources (TSX.V: EMO) (OTCQB: EMOTF) and Magna Mining (TSX.V: NICU) (OTCQB: MGMNF); which both have exposure and leverage to a blend of critical minerals and precious metals. He also highlights a new portfolio position, Canadian Copper (CSE: CCI), which also has a solid mix of exposure to both industrial metals and PMs.   Wrapping up we shifted over to traditional energy getting his outlook on both oil and natural gas, but why he is favoring investing in Canadian heavy oil sands projects and natural gas projects.  He goes on to extol the benefits of picking up quality energy stocks that pay investors good dividends while they are waiting for fundamental company catalysts and higher future energy prices.  Doc Jones highlights Cardinal Energy Ltd. (TSX: CJ) as one example of such a company that he is positioned in.   *In full disclosure, Doc Jones holds a position in these companies discussed at the time of this recording, but is not compensated by any company to market them.  These are simply his views and opinions as to why he likes investing in them, but this is not investment advice.   Click here to follow Doc Jones on Ceo.ca   Click here to follow Doc Jones on X/Twitter   For more market commentary & interview summaries, subscribe to our Substacks:   The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/     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 decision

In this KE Report company update, I chat with Mike Spreadborough, Executive Co‑Chairman, and Kas De Luca, General Manager of Exploration at Novo Resources (TSX: NVO - OTCQB: NSRPF - ASX:NVO ) for an in-depth exploration overview from three key Australian projects - Teichman, Sherlock Crossing, and Tibooburra - highlighting strong gold and antimony results and outlining next steps for 2026 fieldwork. Key Discussion Points: Teichman Project - High-Grade Surface Gold: First-ever systematic exploration at Teichman, located near the 13Moz Hemi Project, returned standout surface samples up to 77.5 g/t and 51.4 g/t gold. Two major mineralized trends have been defined over 1.3 to 2.5 km, with drilling planned as soon as weather conditions allow. Sherlock Crossing - Gold-Antimony System: Scout drilling confirmed strong mineralization including 3 meters grading 2.9 g/t gold with 1.8% Sb, and peak sample results of 7.7 g/t gold and 4.77% Sb. Novo plans follow-up work leveraging Western Australia’s EIS grant program to offset drilling costs. Tibooburra Project, New South Wales - Expanding Mineralized Trends: Continued success at Pioneer North and South with gold samples up to 40 g/t. Systematic fieldwork and land expansion have outlined several parallel gold-bearing trends extending up to 22 km, positioning Tibooburra for more extensive drilling next year. Strategic Outlook: Novo plans to balance high-priority drill targets with permitting timelines across projects while maintaining its strong cash position following recent divestments. Flagship John Bull remains the top near-term drill target, complemented by upcoming work at Teichman, Sherlock, and Tibooburra. Please email me with any follow up questions for Mike and the team at Novo Resources. My email address is Fleck@kereport.com.     Click here to visit the Novo Resources website to learn more about all the projects and exploration programs.    ----------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ 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.

Terry Lynch, CEO of Power Metallic Mines (TSX.V: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV), joins us for a comprehensive exploration update from their fully funded 100,000-meter drill program at the polymetallic NISK Project in Quebec.  We discuss some of the key acquisitions made earlier this year expanding the land package around the NISK Project, as well as their new Jabal Baudan claims over in Saudi Arabia.   Key Highlights from the Interview:   Exploration Strategy: A six-rig program focused on expanding the mineralized around the Lion Zone and at depth, the Tiger Zone, new polymetallic targets from surveys, and still drilling to connect the 5.5km corridor between Lion and NISK Main. High Grade Assays From Summer Drilling: 22.66 meters of 4.57% CuEq, including 6.05 meters of 9.70% CuEq in Hole 020 28.0 meters of 4.28% CuEq, including 3.4 meters of 15.45% CuEq in Hole 015 5.35 Meters of 11.97% Cu (16.35% CuEqRec) in Hole 022 Resource Growth Path: Early-stage modeling efforts are enabling analysts and investors to build their own interpretations of scale, while metallurgical studies are underway to confirm high recovery rates. Acquisition of Li-FT Power land:  Back on July 14, 2025 the Company announced that it closed a definitive agreement dated June 9, 2025 to acquire a 100% interest in 313 mineral claims totalling 167 km² from Li-FT Power Ltd. (TSXV: LIFT) (OTCQX: LIFFF). The claims adjoin the Company's 45.86km² Nisk property, where exploration is expanding the high–grade Lion Cu–PGE discovery and the Nisk Copper-Nickel-Platinum-Palladium-Gold-Cobalt deposit.   Terry explains how there are 8 very high priority drill targets that the exploration team is following up on across this newly acquired land. Phase 1 Metallurgical Testing of Lion Deposit:  On Oct. 16th, Power Metallic announced that preliminary metallurgical studies are underway being performed by SGS Canada Ltd at its laboratories based in Quebec City, QC, and Lakefield, ON. Work to date has shown that the copper mineralization is contained within coarse grained chalcopyrite and cubanite, both which should respond well to conventional sulphide concentration methods. Overall, the character of the mineralization suggests good recoveries of copper sulphides, and these initial metallurgical tests will determine the recovery potential of the PGEs, Au, Ag, and Ni., which are expected to report within a conventional sulphide concentrate. Awarded Jabal Baudan Exploration License in Saudi Arabia: Power Metallic announced on June 16th that it was awarded the exploration license for the Jabal Baudan project in Saudi Arabia's Jabal Sayid Mineralized Belt. This historic milestone positions Power Metallic as one of the few foreign companies with mining concessions in the Kingdom of Saudi Arabia, having secured a successful bid in this prestigious licensing process. Key Strategic Stakeholders:   Terry highlights that there are high profile backers of the company like Robert Friedland, Rob McEwen, The Stern Family, Palos Capital, and also Terry’s family that are keeping a large percentage of the shares in strong hands interested in seeing the longer-term expansion of the mineralization for the company.  * In full disclosure, Shad is a shareholder of Power Metallic Mines at the time of this recording and may choose to buy or sell shares at any time.    Click here to follow the latest news from Power Metallic Mines   For more market commentary & interview summaries, subscribe to our Substacks:   The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/     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 bef

In this Veteran’s Day/Remembrance Day edition of the KE Report, we’re joined by Jim Tassoni, CEO of Armor Wealth Strategies, to discuss current market momentum, tactical trading strategies, and where he’s seeing opportunity amid a broad market pause. Key Discussion Highlights: Consolidation phase: Markets remain near highs; current weakness looks more like a pause than a correction. Trading discipline: “Know your out” - define stops, trim profits, and reenter when trends resume. GDX setup: Reentered at $73.65, watching $81 as key resistance for next upside move. Volume profile tools: Uses volume and market profile data to pinpoint support, resistance, and pivots. Metals bias: Long gold, silver, platinum, palladium, and copper; short crude oil. Equity stance: Long tech and healthcare (XLV); short consumer staples (XLP). Year-end view: Staying consistent - trade process over predictions or timing. Stock & ETF Mentions: GDX, SIL, COPX, XLV, XLP, SPX, crude oil futures.   Click here to visit the Armor Wealth Strategies website to keep up to date with Jim and what he’s trading   --------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ 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.

In this KE Report Company Update, I chat with Mike Burke, Director and VP of Corporate Development at Sitka Gold Corp. (TSX.V:SIG - OTCQB:SITKF - FSE:1RF) to discuss the latest drill results from the Rhosgobel Zone and the company’s recent >$30 million financing to accelerate growth at the RC Gold Project in Yukon. Key Discussion Highlights: Strong Drill Results: 108m of 1.01 g/t gold from surface - Sixteen of the first seventeen drill holes received to date have intersected greater than 100 g/t*m gold intersections. Large Mineralized Footprint: Gold mineralization traced over 575m strike; visible gold along 1.1 km with soil anomalies covering 2 km x 1.5 km. Next Phase Funded: >$30M financing supports 50–60k m of drilling in 2026, targeting Rhosgobel resource definition and depth potential. Building a Gold Camp: Rhosgobel resource will add to the existing 2.8Moz resources (1.3Moz Indicated and 1.5Moz Inferred) at Blackjack and Eiger, adding another major deposit to RC Gold. More Results to Come: Assays pending from Rhosgobel and new areas; Contact Zone, Pukelman, May-Qu and Bear Paw Breccia Zone. If you have any follow up questions for Mike please email me at Fleck@kereport.com.    Click here visit the Sitka Gold website to learn more about the Company   ------------ For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ 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.