In this KE Report company update, I’m joined by David Stein, President & CEO of Kuya Silver (CSE: KUYA - OTCQB: KUYAF - FRA: 6MR1), for a year-end wrap-up and a look ahead to 2026. The discussion focuses on production progress at the Bethania Silver Project in Peru, near-term drilling plans, and a new high-grade silver discovery in Saudi Arabia. Key discussion points include: Bethania Production UpdateConsistent runs above 100 tpd in Q4, improving logistics, and progress toward operational break-even. Drilling & Resource GrowthFirst underground drilling in five years, targeting ~5,000 meters in early 2026 to grow the resource. Saudi Arabia Silver ProjectHigh-grade silver results from initial drilling and a back-in right to increase ownership to 45%. Financial Strength Into 2026Warrant exercises strengthen the balance sheet and support ongoing operations and drilling.   If you have any follow-up questions for David, please email me at Fleck@kereport.com.  Click here to visit the Kuya Silver website – https://kuyasilver.com/   ------------------------ 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.

This Weekend’s Show we are replaying two big-picture conversations from earlier in the week. Craig Hemke explains why this metals run looks structural (not just momentum), while Dan Steffens lays out how a “glut” narrative in oil could flip, at the same time LNG-driven natural gas demand tightens and energy stocks offer dividends, buybacks, and M&A-driven upside.   Segment 1 & 2 - Craig Hemke, founder and editor of TF Metals Report, joins the KE Report to recap an extraordinary year for gold and silver, explaining the structural forces behind record-high prices, why mining shares remain undervalued, and what macro signals - like central bank policy and yield-curve control - could drive the next phase of the precious-metals bull market into 2026. Click here to visit Craig’s website - TF Metals Report - https://www.tfmetalsreport.com/   Segment 3 & 4 - Dan Steffens, President of Energy Prospectus Group, joins the KE Report to share his outlook for oil and natural gas heading into 2026, including why modestly higher prices could still drive strong cash flow for producers. He also highlights standout large-cap, mid-cap, dividend, and royalty stocks, discusses M&A opportunities, and explains how he balances income, growth, and risk across his energy portfolios. Click here to visit the Energy Prospectus Group website for more energy market and stock analysis - http://www.energyprospectus.com/ 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.

John Rubino, [Substack https://rubino.substack.com/ ], joins me for another nuanced discussion around the fundamental drivers, macro catalysts, and technical momentum factors that are driving silver and the precious metals stocks to new all-time highs here at the end of 2025.   We also review trading strategies and the potential for valuation reratings to even higher levels in PM equities, that have lagged where valuations should be, despite their big moves higher on the price charts already seen this year.    We start off reviewing silver’s continued breakout up above $77 to new all-time weekly highs on both the spot and futures charts, as we spoke on Friday morning. John outlines that there may be a few different types of super whale investors underpinning the silver price, from sovereign governments and select central banks, to large institutions that have been underweight the sector, and even manufacturers trying to secure larger supply inventories to front-run potentially higher longer-term prices.   We review the slightly different demand drivers silver with both the industrial component, and the growing investment demand. Next we consider how much technical pricing momentum may be fueling more generalist speculation into the metal and mining stocks,  where buying simply begets more buying.   While most market participants recognize that there will be strong record Q4 earnings for gold and silver producers, the spread between Q3 and Q4 average metals prices is so vast that it raises the question of whether the market is truly looking forward enough and properly factoring that into current company valuations.   We highlight the disparity between where gold and silver prices have run to and the comparatively low value that ounces in the ground are receiving inside of the PM developers.   We discuss how merger & acquisitions may shift to larger takeover premiums and higher prices for ounces in the ground, if the available assets and companies keep getting picked off the board.  John points out that it could be manufacturing end users that lead the charge in acquiring silver producers, just to guarantee future supply.  That would be a new dynamic for M&A from buyers that are less price sensitive, and just need to have metal for fabrication demand for their end products.   Wrapping up, we broaden out the discussion into the strength being seen across the whole metals complex, from gold and copper, to platinum, and palladium, throughout 2025. John believes that we are entering an environment where the world is waking up to the importance of supply chains and raw materials, which is going to lead to a continued commodities supercycle.    Click here to follow John’s analysis and articles over at Substack   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 company update, Craig Nichol, Founder and CEO of Graphene Manufacturing Group (TSX-V: GMG | OTCQX: GMGMF), highlights two major catalysts as the company transitions from innovation to commercial execution. GMG has secured EPA approval in the US for its THERMAL-XR® coating, clearing the path for material sales through its master distributor, Nu-Calgon. Simultaneously, the company released new data for its Graphene Aluminium-Ion Battery, confirming a 6-minute full charge time, We discuss the development roadmap toward 100 Wh/kg energy density and path to market.    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.

Elaine Ellingham, President and CEO of Omai Gold Mines Corp. (TSXV: OMG) (OTCQB: OMGGF), joins me for a special video podcast including a comprehensive exploration update expanding upon the updated Resource Estimate of 6.5 million ounces of gold in all categories, from the combined Wenot and Gilt Creek Projects at the Company’s 100%-owned Omai Gold Project in Guyana, South America.   The Omai Property hosts two orogenic gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit, with a combined updated MRE of:   2,121,000 ounces of gold (Indicated MRE),  averaging 2.07 g/t Au in 31.9Mt & 4,382,000 ounces of gold (Inferred MRE), averaging 1.95 g/t Au in 69.6Mt   Multiple drills have been turning up until this week, with over 79 drill holes that have been completed to date this year, totaling 35,300 meters from the current exploration program at the Omai Gold property.  All these coming drill assays released and still waiting on results from the lab will then factor into updated  project Resource Estimate that will be incorporated into the upcoming Preliminary Economic Assessment (PEA) in Q2 of 2026.     This updated Preliminary Economic Assessment will be building upon the prior PEA that was released in 2024, which was only on 45% of the mineral inventory focused on the open-pit at Wenot.  That prior PEA did not yet include rest of the resources there at Wenot, nor did it include the underground project economics Gilt Creek.  The updated PEA slated for early next year will be much more advanced and will factor in the combined economics of the open-pit at Wenot, and the underground at Gilt Creek, representing the value proposition of the total project more accurately.     Highlights from the recent drill holes include:   Hole 25ODD-142  (East Wenot) – 11.07 g/t Au over 14.7m, including 34.31 g/t Au over 4.3m   Hole 25ODD-145W  (Central Wenot) – 13.54 g/t Au over 13.3m, including 27.82 g/t Au over 6.2m, and including 63.17 g/t Au over 2.2m     Next we reviewed the results from the very long hole, over 2,000 meters in length, that was drilled through the underground deposit at Gilt Creek over into the area deep under the Wenot deposit.  The geological thesis held up proving that there is also deep sheer resources well below the known mineralization at Wenot.    Highlighted higher grade zones from the upper part of hole 25ODD–122w include:   1.06 g/t Au over 708.1 meters (from 364.9) includes:   1.78 g/t Au over 46.2m (from 635.6 downhole), which includes 4.88 g/t Au over 7.0m (from 566.3m) 1.32 g/t Au over 99.2m (from 702.0m), which includes 5.7 g/t Au over 8.0m (from 766.9m) 3.10 g/t Au over 24.0m (from 395.5m) 1.99 g/t Au over 32.0m (from 462.0m) 2.98 g/t Au over 17.8m (from 643.8m) 2.04 g/t Au over 43.2m (from 952.2m)      Wrapping up we discussed the company valuation compared to peers on a P/NAV basis, metallurgical testing, permitting process, and other derisking work on the Project, gathering data to be utilized in the upcoming PEA.   If you have any questions for Elaine regarding Omai Gold Mines, then please email those to me at Shad@kereport.com.   Click here to see the latest news from Omai Gold 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 before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this KE Report Daily Editorial, we are joined by Dan Steffens, President of Energy Prospectus Group, for an in-depth year-end discussion focused on the oil and natural gas markets, portfolio positioning, and top energy stock ideas heading into 2026. Dan manages multiple model portfolios spanning large-cap, mid-cap, small-cap, dividend, growth, and royalty/mineral strategies, and this conversation brings together macro market insights with actionable stock ideas across the energy sector.   Stock symbols mentioned: EOG, NOG, REPX, KRP, VNOM, PAA, PAGP, WCP, BTE, ENB, OKE   Click here to visit the Energy Prospectus Group website for more energy market and stock analysis. - http://www.energyprospectus.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.

Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins me to discuss the acquisition of the Del Toro Silver Mine in the Chalchihuites District in Mexico from First Majestic Silver Corp. for total consideration of up to US$60 million, inclusive of delayed and contingent milestone payments.  We also get a update on operations from the ongoing ramp-up and expansion of silver and gold production from the La Guitarra, Coloso, and Nazareno mines in Mexico.    Pursuant to the Transaction, Sierra Madre will acquire a 100% interest in the 2,129-hectare Del Toro Property in Zacatecas State that includes three fully-permitted underground mines, a 3,000 tonnes per day ("tpd") flotation processing circuit and numerous historic mines.   Alex outlines that in the near-term, their plan for Del Toro is to advance exploration and prepare an updated resource report while their operating team focuses on completing the two-stage expansion at La Guitarra.  The initial plan is to commence the mine restart process at Del Toro in mid-2027, with silver and base metals production currently slated for mid-2028. However, Alex mentioned that if silver prices continue on their current upward trajectory, there is a possibility of restarting Del Toro within a 12-month time period."   We reviewed that once again this transaction was completed with their largest strategic shareholder, First Majestic Silver, who is excited to see the team at Sierra Madre unlock value from these assets as they participate from an equity perspective. Alex points out that as was the case with La Guitarra, First Majestic has done an exceptional job in keeping permits current and maintaining the mine and plant in an operations-ready state.   Key transaction specifics of the Del Toro acquisition:   Upon closing of the Transaction, US$20 million in cash and US$10 million in Sierra Madre shares at the Issue Price. Within 18 months of Closing, US$10 million in cash or, at the option of the Company, Shares at a price per share equal to the market price. If, within 48 months of Closing, the Company files a National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") technical report over any or all of Del Toro that demonstrates "mineral resources" of at least 100Moz AgEq or the Company issues a news release announcing "mineral resources" of at least 100Moz AgEq, an additional US$10 million in cash or, at the option of the Company. If, within 60 months of Closing, the Company achieves commercial production at Del Toro of at least 4,000 tpd for 30 consecutive days, an additional US$10M in cash or, at the option of the Company,     Alex then unpacks how Del Toro is an excellent match for their portfolio, not just on a production basis, but with considerable exploration upside; with an already built production plant and a strategic land position in the large, under-explored Chalchihuites District.  This ties into their team’s long-standing corporate business model is to acquire mines, such as La Guitarra, with existing production facilities, and then to build a resource base in under-explored, large historic mining districts.   Alex also just got back from a site visit to Mexico, so we unpacked all the activity on the ground the planned two-stage expansion at their La Guitarra processing plant located in Estado de Mexico, Mexico. Alex discussed how the ongoing purchase of additional milling and processing equipment along with rolling fleet equipment will allow for the implementation of increased production in incremental stages over the next 2 years.   In addition to throughput growth, there will also be grade-driven growth at the La Guitarra complex. This higher-grade ore which will continue be sourced from both the Coloso and Nazareno Mines to augment the material from the La Guitarra Mine, in addition to development work at La Guitarra reaching higher grade material. As production and operations continue rampi

In this year-end daily editorial, Craig Hemke, Founder and Editor of the TF Metals Report, joins the KE Report to recap a historic year for precious metals and look ahead to the structural shifts of 2026. Gold closes the year with a staggering 65% year-to-date gain, while silver has outperformed, nearly doubling that figure. Craig analyzes why the traditional "Trump Trade" of a soaring dollar failed to materialize, replaced instead by a fundamental global shift toward hard assets. We discuss the "structural superfecta" - the rare occurrence of metals hitting weekly, monthly, quarterly, and annual all-time highs simultaneously - and why 2026 could be defined by a new macro era of asset monetization and yield curve control.   Click here to visit Craig’s website - TF Metals Report - https://www.tfmetalsreport.com/   -------------------- 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.

Northern Shield Resources (TSX-V: NRN) is advancing the Root & Cellar Project in southeastern Newfoundland. In this company introduction, Ian Bliss, President and CEO provides a history of the asset and 2026 plans.  Project Overview: Root & Cellar Location: Burin Peninsula, Newfoundland. Highly accessible via road and near a deep-water port. Geological Context: The property hosts five gold zones over a 6 km strike length and a 2 km diameter copper-molybdenum anomaly. Conquest Zone (Gold-Silver-Tellurium): Recent drilling intersected quartz veins - e.g., 4.35m @ 3.4 g/t Au. Strong association with Tellurium (grades up to 700 g/t), a critical metal and indicator of large-scale systems. Creston Target (Copper-Molybdenum-Gold): Surface exposed porphyry target with grades up to 10.5% Cu in grab samples. Current quarrying on-site has exposed new mineralization. 2026 Exploration Strategy Drilling: 5,000+ meter program planned for 2026, split between the Creston copper and Conquest gold targets. Geophysical Focus: High-resolution surveys in early Q1 2026 to refine deep-seated porphyry targets. Strategic Funding: Fully funded for 2026 work following a C$1 million investment from Labrador Gold (TSX-V: LAB). Low-Cost Advantage: Drilling costs are approximately $200/meter due to local infrastructure and road access.   Click here to visit the Northern Shield Resources 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.  

As 2025 closes with major indexes near highs - but investors still oddly cautious - Dana Lyons and Rick Bensignor step back to map the setup for 2026. The common thread: market participation (breadth) is improving, leadership is rotating beyond mega-cap tech, and precious metals remain one of the most durable trends, while crypto and AI require more selective timing. Segment 1 & 2 - We kick off the KE Report Weekend Show with Dana Lyons, fund manager and editor of the Lyons Share Pro, who wraps up 2025 by sharing his technical and cycle-based outlook for equities, sector rotation, and sentiment heading into 2026. Dana discusses why his models remain constructive on the broad market, highlights improving small- and mid-cap participation, outlines key sector leadership trends, and explains why precious metals remain the strongest long-term opportunity while cryptocurrencies face near-term technical headwinds. Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services - https://lyonssharepro.com/   Segment 3 & 4 - Rick Bensignor, President of Bensignor Investment Strategies and editor of two retail investment letters, under the In The Know Trader website joins us to recap 2025 and look ahead to 2026, discussing market sentiment, major turning points in equities, standout trades in stocks and metals, and his outlook for precious metals, AI, crypto, small caps, and broader market risks in the year ahead. Click here to visit the In The Know Trader website - https://intheknowtrader.com/   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.

Terry Lynch, CEO of Power Metallic Mines (TSX.V: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV), joins me for a comprehensive exploration update from their fully funded 100,000-meter drill program at the polymetallic NISK Project in Quebec.  We discuss recent drill results from a deep hole at the Lion Zone, pending results still at the assay lab, but also look ahead to 4 key exploration targets of interest for early 2026 drilling.   Key Highlights from the Interview:   Exploration Strategy: A six-rig program focused on expanding the mineralized around the Lion Zone and at depth in the “elephant zone,” and also at Lion West, at the Tiger Deep Zone, and new polymetallic targets from surveys at the Hydro Fold-Hinge Zone. Additionally the team is still drilling to connect the 5.5km corridor and “Gap Area” between Lion and NISK Main.  There are still about 15,000-20,000 meters of core being processed at the lab that should be back by late January, and then 65,000 additional meters that will be drilled throughout 2026. 40 Meters of 12.18% Cu (14.34% CuEqRec) included within 20.40 meters of 2.91% Cu (3.58% CuEqRec) in Hole 25-029b at Lion, and Completes the Extension of PN-24-064 “elephant hole” to define large BoreHole EM anomaly at depth.    Terry points out that the exploration team is more animated by the follow up hole here after collecting more electro-magnet information from this most recent hole. Resource Growth Path: Early-stage modeling efforts are enabling analysts and investors to build their own interpretations of scale, while metallurgical studies are underway with results set to release in early Q1 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.   If you have any questions for Terry regarding Power Metallic Mines, then please email them into me at Shad@kereport.com.   * 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 before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this KE Report company update, we’re joined by Stephen Soock, Vice President of Investor Relations and Development at Heliostar Metals (TSX-V:HSTR - OTCQX:HSTXF - FSE:R0G1), to discuss the restart of production at San Agustin and continued permitting progress at La Colorada as the company advances multiple gold assets in Mexico. Interview Highlights San Agustín: Restart Success: Formal mining operations resumed in December 2025. Fresh ore is now being stacked on the leach pad. 2026 Production: Technical Study outlines 45k oz over 14 months of production. Profitability: Targeted to generate $40M–$65M in free cash flow at current gold prices over the 14-month mine life. La Colorada: Expansion Permit: The SEMARNAT review period passed without requests, activating the "positiva ficta" process (effectively granting the permit). Q1 2026 Strategy: Open-pit mining at the Veta Madre pit is slated for a Q1 restart, beginning with waste stripping.   Please email me at Fleck@kereport.com with any follow up questions for the team at Heliostar Metals.    Click here to visit the Heliostar Metals website to learn more about the Company - https://www.heliostarmetals.com/   ------------------- 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 year-end daily editorial, Dave Erfle, Founder and Editor of Junior Miner Junky, recaps a historic week that saw gold hit an intraday all-time high of $4,400 and silver surge to $67 per ounce. Despite these parabolic moves in the metals, the junior mining equities have shown a lackluster response, leading to a "broken reaction" in the sector. Dave analyzes why investors are booking profits despite massive expansion in producer margins and explains why he believes the current physical silver squeeze, driven by five years of structural deficits, is far more resilient than the paper-driven speculation seen in 2011. 2025 Precious Metals Recap Record-Breaking Prices: Gold ends the year testing $4,400, while silver hit $67 this week—a 130% year-to-date gain for the white metal. The Stock Disconnect: While majors remain near highs, juniors are lagging. Dave notes they are technically overbought but remain "under-owned" and undervalued relative to their Net Asset Value (NAV) and NPV economics. Physical Squeeze vs. Margin Hikes: Unlike the speculative peak in 2011, this rally is driven by a physical silver deficit. Recent 50% margin hikes failed to cool the price, signaling a fundamental shift in market mechanics. Safe Haven Shift: Gold has officially surpassed Treasuries as the preferred safe-haven asset for central banks and institutional portfolios (shifting the traditional 60/40 to a 60/20/20 gold-heavy allocation). 2026 Outlook: As miners prepare to report record-breaking Q4 financials in February, Dave expects a continued rerate, specifically for high-risk juniors in jurisdictions like Bolivia where political shifts are unlocking deep value.   Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter - https://www.juniorminerjunky.com/   -------------------- 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.

[Recorded December 17th, 2025]:  Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to update us on the value proposition he see in 3 gold exploration stocks, based around recent press releases and milestones.   He sees this newsflow and fundamental catalysts as much more relevant for any changes to the company’s valuation (either up or down), rather than the improving sentiment within the backdrop of rising underlying precious metals price environment.      The companies we discuss in this interview are:     Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) – On December 16th announced the closing of its acquisition of a 100% undivided interest in the 324 non-contiguous mining claims comprising 8,392.92 hectares in the Abbotsford and Hepburn Townships in the province of Ontario. These adjacent Abbotsford and Hepburn Projects will compliment their land concessions at their flagship Perron Gold Project in Quebec. Additionally, on December 17th, Eric Sprott announced that, 2176423 Ontario Ltd., a corporation beneficially owned by him, sold 14,868,200 common shares of Amex Exploration Inc., through a private agreement, at $4.00 per Share for total consideration of $59,472,800.   On the same day, Eldorado Gold Corporation (TSX: ELD) (NYSE: EGO) acquired ownership of 14,868,200 common shares of Amex Exploration Inc. at a price per Share of C$4.00, for total consideration of C$59,472,800, pursuant to a private agreement with a third party (which were Eric Sprott’s shares).      First Nordic Metals Corp. (TSXV: FNM) (FNSE: FNMC SDB) (OTCQX: FNMCF) and Mawson Finland Limited (TSXV: MFL) (FRA: PM6) – On Dec. 16, 2025 announced the successful closing of the previously announced acquisition by First Nordic of all of the issued and outstanding common shares of Mawson by way of a court-approved plan of arrangement. The Transaction consolidates a large and prospective gold development and exploration portfolio in Sweden and Finland, including First Nordic's Barsele Project, a joint venture with Agnico Eagle Mines Limited and its Gold Line Belt projects in northern Sweden and Oijärvi Project in Finland, and Mawson's Rajapalot Project and surrounding Rompas-Rajapalot Property in northern Finland. In connection with the Transaction, the Company will change its name to Goldsky Resources Corp., subject to receipt of the approval of the TSX Venture Exchange.     FireFox Gold Corp. (TSX.V:FFOX) (OTCQB:FFOXF) – On December 8, 2025 reported results from an additional four holes of its 2025/26 diamond drilling program at the Company's 100%-held Mustajärvi Gold Project in Lapland, Finland. Drill hole 25MJ005 is among the best holes yet drilled on the property, extending both shallow and deeper high-grade gold zones well to the west from previous drilling at the East Zone.    We went on to speculate on how Agnico Eagle may be willing to negotiate turning over their JV interest on  Barsele in Sweden with First Nordic, to focus on a regional consolidation in Finland of Firefox, Rupert, and Aurion into a district camp.   Agnico already has a strategic position in both Rupert and Firefox.   * In full disclosure, the companies mentioned by Erik in this interview, are positions held in his personal portfolio, and also may be site sponsors of The Hedgeless Horseman website at the time of this recording.   Click here to visit Erik’s site – The Hedgeless Horseman   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.     For more market commentary & interview summaries, subscribe to our Substacks:   The KE Report: htt

Tim Shearcroft,  CEO and Co-Founder of BP Silver Corp. (TSXV: BPAG), joins me for a comprehensive introduction to this newly listed silver and polymetallic exploration company focused on exploration of their flagship asset, the Cosuño Project; which is strategically located in the prolific Bolivian silver belt. Additionally, the Company is working on finalizing the title at their Titiri Project, located in a major under-explored silver belt with Tier 1 discovery potential.   We start off getting an overview of how the Company, projects, and team came together privately and then it was just publicly listed on September 29th of this year.  We discuss the prospectivity of Bolivia for mineral exploration and exploitation, the handful of companies that have made solid advancements on their projects in country, and how the political administration has recently changed to become more amenable to foreign business investment and mineral extraction.    Next we get into the details announced on December 17th, highlighting the successful completion of its Phase 1 diamond drilling program at the Cosuño Silver Project, located in the Department of Potosí, Bolivia. A total of 11 diamond drill holes totaling 906 meters were completed, testing four high-priority targets in the lithocap that may host an epithermal silver deposit. Samples from the first two drill holes have been submitted to an independent geochemical laboratory for analysis. Final core logging, sample preparation, and shipment of the remaining samples will be completed prior to the conclusion of the program later in December, with initial assay results expected in early January 2026.   Additionally, their team is working with the government to finalize obtaining the title to begin exploration on their Titiri Project.   Titiri was staked over a large land concession containing outcropping mineralization historically explored by ASARCO.  This Project contains a 2.5km-long silver-lead-zinc zone, with excellent historical trench results, that was never drilled. Titiri is a very High Priority structural setting at the intersection of several major crustal-scale faults, along which multiple deposits occur.  There is a MOU in place with local communities, and they’d like to get on the ground for exploration in mid-2026.   Wrapping up, Tim shared his background and the experience of their strong technical team and with a substantial experience exploring and operating in Bolivia and Latin America. We covered the financial health of the company, share structure and warrants, and envisioned work strategy and plan moving into next year.   If you have any questions for Tim regarding BP Silver, then please email those into me at Shad@kereport.com.   Click here to follow the latest news for BP Silver   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, we reconnect with Scott Berdahl, President & CEO of Snowline Gold, for a detailed discussion on the company’s transition from a strong PEA into a newly commenced Pre-Feasibility Study (PFS) at the flagship Valley Gold Deposit in Yukon. This conversation focuses on what changes investors could see moving from the PEA to the PFS, how recent drilling may impact the resource and mine plan, and the extensive engineering and de-risking work already underway. Scott also outlines what drill results remain pending from Valley and regional targets, Snowline’s broader exploration strategy alongside development, and why advancing Valley remains the core value driver for shareholders. If you have any follow up questions for Scott please email me at Fleck@kereport.com.   Click here to visit the Snowline Gold website to read over the recent news and learn more about the Company - https://snowlinegold.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 daily editorial, we wrap up the year with Joel Elconin, co-host of the PreMarket Prep show and founder of the Stock Trader Network. Joel shares his high-level takeaways from a volatile but ultimately constructive market year, breaking down what worked, what faded, and which themes may carry into 2026. Key discussion points include: 2025 Market Recap & Broadening Participation - A look at index performance, the shift away from mega-cap dominance, and why broader sector participation has been a healthy development. Small Caps, Rates & Rotation - How easing rate expectations supported small caps and value, and why rotation beneath the surface matters more than headlines. AI Trade: Winners, Losers & Reality Checks - From overheated valuations to infrastructure “picks and shovels,” Joel outlines where AI enthusiasm cooled and where fundamentals are reasserting control. Macro Wildcards: Fed, Inflation & Politics - Tariffs, inflation data, rate cuts, and political noise - what markets are watching and what investors may be underestimating. Sentiment, Risk & Positioning - Why this bull market continues to climb a wall of worry, plus practical thoughts on portfolio positioning based on time horizon and risk tolerance.   Click here to visit Joel’s PreMarket Prep website - https://www.premarketprep.com/   Click here to visit the Stock Trader Network - https://www.stocktradernetwork.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 update, Bob Archer, CEO of Pinnacle Silver & Gold (TSX-V:PINN | OTCQB:PSGCF), outlines the roadmap for the company's first-ever drill program at the El Potrero project in Mexico. Following extensive sampling that averaged 8.5 g/t AuEq, the company is now moving into site preparation. This initial campaign is unique, as it focuses on delineation drilling - defining the size and shape of known high-grade shoots from within existing mine workings rather than speculative exploration. Exploration & Development Roadmap Underground Preparation: January is dedicated to enlarging drill stations and site safety (scaling/bolting). The Drill Program: A 112-hole campaign (2,600m) consisting of short, 20–25m holes designed to define grade distribution and vein thickness every 12.5 meters. Surface Targets: Following the underground work, drilling will move to surface to test the 500m gap between historic mines and additional veins like El Capulin. Fully Funded: The company is currently closing a C$2.52M financing to cover both the underground and surface programs through 2026.   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 companies mentioned.

In this KE Report update, I’m joined by Tim Clark, President & CEO of Fury Gold Mines (NYSE/TSX:FURY), along with Bryan Atkinson, Senior Vice President of Exploration, to discuss the company’s growing gold resource portfolio and 2026 shift toward development in Québec’s James Bay region. Key discussion points include: Sakami Project - Inferred Resource Update - A newly outlined ~825,000-ounce inferred gold resource at 1.07 g/t Au, with upside potential from limited drilling and multiple open extensions. Exploration Upside in James Bay - Multiple targets along a 23+ km gold-bearing structure, supported by solid infrastructure and low discovery costs. Strategic Focus for 2026 -  Fury is shifting capital and attention toward advancing its most de-risked asset, Eau Claire, while maintaining optionality across its broader land package. Eau Claire - Moving Toward Production - Ongoing drilling focused on resource conversion, continuity, and improving the production profile as the project advances from PEA toward Feasibility Study. If you have any follow up questions for Tim or Bryan please email me at Fleck@kereport.com.    Click here to visit the Fury Gold Mines 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 companies mentioned.

John Rubino, [Substack https://rubino.substack.com/ ], joins me for another nuanced discussion around the fundamental drivers, macro catalysts, and technical momentum factors that are driving silver and the precious metals stocks higher in 2025.   We also review trading strategies and the potential for valuation reratings to even higher levels in PM equities, despite the big moves higher already seen this year.  Will the silver price keep moving higher in a catchup trade to incentivize new production or development, or could we instead see a sharp pricing correction in the near future?   We start off reviewing silver’s continued breakout up above $66 on both the spot and futures charts, as we spoke on Wednesday morning. John outlines that there may be a few different types of super whale investors underpinning the silver price, from sovereign governments and select central banks, to large institutions that have been underweight the sector, and even manufacturers trying to secure larger supply inventories to front-run potentially higher longer-term prices. We review the slightly different monetary drivers for gold versus silver’s industrial component, but then discuss it is really the large investment demand that is flowing into the whole sector via metals, ETFs, and individual equities which is moving the pricing up in the most dramatic legs higher. Next we consider how much technical pricing momentum may be fueling more speculation where buying simply begets more buying. While most market participants recognize that there will be strong record Q4 earnings for gold and silver producers, the spread between Q3 and Q4 average metals prices is so vast that it raises the question of whether the market is truly looking forward enough and properly factoring that into current company valuations. We highlight the disparity between where gold and silver prices have run to and the comparatively low value that ounces in the ground are receiving inside of the PM developers. We discuss how merger & acquisitions may shift to larger takeover premiums and higher prices for ounces in the ground, if the available assets and companies keep getting picked off the board. Wrapping up, we broaden out the discussion into the strength being seen across the whole metals complex, from copper, platinum, and palladium, to zinc, antimony, tungsten, rare earths, lithium, and uranium throughout 2025. John believes that we are entering an environment where the world is waking up to the importance of supply chains and raw materials, which is going to lead to a continued commodities supercycle.   Click here to follow John’s analysis and articles over at Substack   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.