Key Discussion Highlights

• Jackson Hole Rhetoric vs. Macro Reality

  • Key Insight: Central bank commentary often creates temporary market noise, but hard economic data will ultimately dictate monetary policy.

  • Notable Quote: Craig characterized the Jackson Hole presentation as “tragic comedy” where the speaker “really said nothing” regarding definitive forward guidance.

  • Market Trends & Data: Precious metals and broad equities pulled back following hawkish interpretations of the speech, despite July’s U.S. data printing a loss of 57,000 jobs.

  • Actionable Takeaway: Look past short-term algorithmic reactions and watch upcoming labor reports, as further economic softening can quickly reverse hawkish Fed rate hike bets.

• Technical Consolidations and Healthy Base Building

  • Key Insight: Recent pullbacks reflect standard, healthy profit-taking after extended short-term momentum rather than a trend breakdown.

  • Notable Quote: Highlighting the nature of market bottoms, Craig noted, “The only time you ever get a V-shaped bottom is if you have a very sharp drop on the front end.”

  • Market Trends & Data: Following RSI readings topping 70, front-month December gold contracts are testing critical support around the $4,500 level, while key mining ETFs (GDX and SILJ) hold above major moving averages.

  • Actionable Takeaway: Use technical support zones near $4,500 gold to gauge consolidation strength as markets construct a rounded multi-month base.

• Demystifying Silver’s Relative Performance

  • Key Insight: Silver’s retreat from brief spikes can obscure its solid fundamental floor and strong multi-year pricing structure.

  • Notable Quote: Putting recent volatility into historical context, Craig emphasized, “Nobody rings a bell... but it’s a very important point to make is that we remain above $48.”

  • Market Trends & Data: Although silver traded as high as $120 earlier in the year, it entered the year near $71 and has established firm support in the mid-$60s.

  • Actionable Takeaway: Avoid anchoring expectations to parabolic short-squeeze peaks; instead, evaluate silver against annual baselines and long-term cost-of-production shifts.

• Commitment of Traders (COT) Data & The Debasement Trade

  • Key Insight: Long-term debt monetization and fiscal pressures continue to provide strong structural tailwinds for commodities.

  • Notable Quote: Highlighting the broader macro path, Craig pointed out that fiscal leaders are once again relying on the narrative to “grow your way out of debt” by running the economy hot.

  • Market Trends & Data: Commercial hedgers and large speculative positioning in gold reached their highest levels since January, setting up late-summer washouts, while silver speculative open interest remains subdued.

  • Actionable Takeaway: Treat short-term speculative washouts as accumulation windows in quality producers that offer operational leverage to metals.

Click Here to Listen to the Full Interview with Craig Hemke

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Palamina Corp.: Navigating Politics and Unlocking Value

• How the latest political shifts in Peru are actively impacting mining operations and timelines on the ground.

• Critical updates on the highly anticipated Colt Silver spin-out.

• Strategic initiatives management is taking to maximize shareholder value heading into the end of the year.

• Listen to the Palamina Corp. Interview Here

iMetal Resources: Expanding Gowganda West With Key Partnerships

• A deeper look into the refined exploration strategy at their flagship Gowganda West project in Ontario.

• The strategic implications of bringing on a major new project partner.

• Upcoming targets and how this backing accelerates their timeline.

• Listen to the iMetal Resources Interview Here

Santacruz Silver: Accelerating Growth Across Producing Assets

• A breakdown of the exceptionally strong Q2 2026 financial metrics and operational results.

• How ongoing growth initiatives are advancing both their producing and development-stage assets.

• Strategies for capitalizing on current silver market dynamics to drive future margins.

• Listen to the Santacruz Silver Interview Here

Banyan Gold: Unearthing High-Grade Discoveries at Nitro

• First impressions and data from the exciting new high-grade gold-silver discovery at Seattle Creek.

• How the Nitro project fits into Banyan’s broader regional exploration framework.

• What this discovery means for upcoming drill programs and resource expansion potential.

• Listen to the Banyan Gold Interview Here

Graphene Manufacturing Group: Launching Next-Gen Tech

• The commercial launch and expected market disruption of the new G-Fluid product line.

• Key milestones achieved in their cutting-edge graphene aluminum-ion battery development.

• How the company is successfully scaling up the production and sales of G-Lubricant.

• Listen to the Graphene Manufacturing Group Interview Here

GoGold Resources: Breaking Ground at Los Ricos South

• The significance of officially commencing construction at the Los Ricos South underground mine.

• A comprehensive review of the Q3 financials generated from the robust Parral mine operations.

• Cash flow expectations and near-term catalysts as mine development ramps up.

• Listen to the GoGold Resources Interview Here

Aztec Minerals: Consolidating Tombstone for a Maiden Resource

• The strategic necessity and upside of their major land consolidation at the Tombstone property.

• How expanding the project’s borders opens up several high-priority drill targets.

• The calculated pathway and expected timelines for establishing a maiden resource.

• Listen to the Aztec Minerals Interview Here

Novo Resources: Unpacking the H2 2026 Roadmap

• Laying out an aggressive and highly targeted exploration roadmap for the second half of 2026.

• A closer look at the current valuation and the untapped potential of the San Cristobal project.

• Key catalysts retail investors should be monitoring in the coming months.

• Listen to the Novo Resources Interview Here

Elemental Royalty: Multi-Year Growth Sparked by Record Q2

• Breaking down the record quarterly Gold Equivalent Ounces (GEOs) achieved in the second quarter.

• How surging operating cash flows are fundamentally transforming the company’s bottom line.

• The blueprint and portfolio strength supporting multiple upcoming years of sustained growth.

• Listen to the Elemental Royalty Interview Here

Impact Silver: Massive 756% Gross Profit Surge

• Analyzing the staggering Q2 2026 growth, including a 124% revenue increase and 756% jump in gross profit.

• The updated exploration and extraction strategy for the prolific Zacualpan mines and Plomosas.

• How under-explored regional targets are being aggressively prioritized for the next drill phase.

• Listen to the Impact Silver Interview Here

Getty Copper: High-Grade Intercepts Expanding the Footprint

• The latest crucial exploration updates stemming directly from the flagship Getty Copper project.

• Analyzing recent high-grade drill results and what they mean for the geological model.

• How these intercepts are successfully expanding the overall footprint of the mineralization.

• Listen to the Getty Copper Interview Here

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CPM Group Managing Partner Jeff Christian explores the underlying drivers of the recent gold and silver rallies, contrasting central bank behavior with physical retail flows, exposing structural risks in crypto-asset collateral regulations, and assessing how close precious metals are to a cyclical peak. In the second half, Josef Schachter and Nathan Ritchie of the Schachter Energy Report analyze crude oil’s geopolitical war premium, depleted strategic reserves, record-breaking refinery crack spreads, and actionable value plays across Canadian exploration and production equities.

• Precious Metals Cycle Stages & Central Bank Buying Realities

  • Key Insights: Central banks act as price-sensitive value buyers rather than price-setting momentum traders; rising gold prices suppress institutional accumulation, while the broader precious metals bull market moves from its mid-stage to late-stage cycle.

  • Notable Quote: “It’s not that central bank buying and selling drive the price, it’s that the price drives central bank buying... Those central banks tend to be very price-sensitive.” - Jeff Christian

  • Market Trends & Data Points: Central banks net bought ~2.9 million ounces in the first half of the year (7.8 million gross), dominated by Poland (2.6M oz), China (1.2M oz), and Uzbekistan (1.3M oz). Russia sold heavily across 10 of the past 13 months before briefly accumulating in June. The gold bull market is entering year seven, mirroring the 2002–2011 cycle where a cyclical peak occurred before a multi-year consolidation.

  • Actionable Takeaways: Avoid chasing nominal price spikes; anticipate cyclical consolidations over the next 1–2 years within a secular bull run, and monitor price sensitivity rather than expecting continuous monthly accumulation records from central banks.

• Stablecoin Regulatory Risks & Industrial Silver Headwinds

  • Key Insights: US stablecoin legislation contains provisions allowing operators to unilaterally sever redemptions to underlying physical or treasury collateral. Concurrently, industrial silver demand faces structural challenges from solar panel thrifting and overhyped AI infrastructure projections.

  • Notable Quote: “The stablecoin operators have the right in their total discretion to sever the link between the stablecoins and the underlying asset. That’s not a yellow alert, that’s a red alert.” - Jeff Christian

  • Market Trends & Data Points: Over $200 billion in Treasuries are held via stablecoins with self-directed audits. Silver fabrication demand in solar panels is projected to decline 8% to 10% this year due to thrifting, while non-solar fabrication demand has contracted over the past 25 years despite spot prices trading around $68/oz.

  • Actionable Takeaways: Insist on direct, unencumbered custody of physical metals rather than paper or digital stablecoin proxies. Model silver demand conservatively without assuming infinite linear growth from solar or AI data centers.

• Crude Oil Geopolitics, Midterm Cycles & Strategic Petroleum Reserve Floors

  • Key Insights: Crude oil remains confined to a rangebound channel with an embedded $15–$20 geopolitical risk premium. However, post-election policy realignments and physical trade routing could cool prices toward key support before longer-term supply constraints re-emerge.

  • Notable Quote: “There really doesn’t seem to be a shortage of oil right now, it’s just there’s a big war premium... but winter changes everything, as it has in the past.” - Josef Schachter

  • Market Trends & Data Points: The US Strategic Petroleum Reserve (SPR) stands at 289.7 million barrels—down 28% from 404.2 million barrels—with a critical physical floor identified between 180 and 200 million barrels before cavern degradation occurs. Schachter Energy projects an average oil price of $80/bbl for the current year, stepping up to $90/bbl for 2027.

  • Actionable Takeaways: Utilize short-term geopolitical pullbacks into the $70–$75 WTI range to establish positions in top-tier energy producers ahead of winter demand shocks and inevitable reserve replenishment mandates.

• Historic Refining Crack Spreads & Mispriced Energy Equities

  • Key Insights: Severe refinery disruptions across Eastern Europe and export halts in Asia have propelled crack spreads to historic highs, while Canadian intermediate and junior E&P operators trade at severe valuation discounts relative to free cash generation.

  • Notable Quote: “Some of these companies that we’re covering are under two times cash flow, three times cash flow, which is historically very low. On top of that, there’s growth now.” - Nathan Ritchie

  • Market Trends & Data Points: Product crack spreads exceeded $100 per barrel, ensuring record Q3 refining profitability. AECO natural gas trades at $1.45/MCF and NYMEX at $2.83/MCF, compared to European TTF at $23/MCF and Asian LNG at $25/MCF. Select producers are targeting significant volume expansions (e.g., Paramount planning growth from 47,000 to 100,000 BOE/d by late 2027).

  • Actionable Takeaways: Target cash-flow-positive, liquids-weighted intermediate producers and drillers/frackers (e.g., Advantage, Paramount, Whitecap, Valeura, Trican) trading below 3x cash flow that offer combined capital growth, aggressive share buybacks, and dividend yields.

Listen to the full interview for complete technical charts, macroeconomic commentary, and company-specific energy breakdowns.

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• The Death of Forward Guidance and Warsh’s Inflation Stance: Marc Chandler outlines how the Fed is actively unwinding two decades of forward guidance in favor of unvarnished market discovery. Warsh warned against central banking becoming a “house of mirrors” where markets and policymakers simply reflect each other’s assumptions. Following the speech, the US 2-year Treasury yield surged 10 basis points to mirror its mid-June reaction, underscoring the Fed’s firm commitment to the 2% PCE deflator inflation target. Investors must prepare for sharper policy surprises as the Fed distances rate decisions from predictable economic projections.

• Treasury vs. Fed: The Battle for Yield Control: A growing divergence between Treasury fiscal management and Fed monetary policy is testing bond market stability. Chandler highlights that while Treasury interventions attempt to ease conditions, the broader “market is bigger than Bessent”. With the 10-year Treasury yield hovering near 4.70%, doubled bond buyback announcements have delivered minimal lasting relief. Fixed-income investors should exercise caution around artificial yield caps and brace for continued yield curve pressure.

• AI Infrastructure Debt Competing with Government Treasuries: Massive corporate borrowing by tech hyperscalers is creating fierce competition for institutional capital. Drawing parallels to early internet disruptions and capital-intensive airline models, Chandler notes that AI infrastructure buildouts are an “unknown unknown” regarding real workforce productivity gains. High-volume investment-grade bond issuance from tech firms is absorbing capital that would otherwise fund government debt, pushing long-end yields higher. Investors should monitor corporate debt loads as higher borrowing costs tighten broader financial conditions.

• Dollar Momentum Shift and Precious Metals Pullback: Technical indicators and macro fundamentals have converged to fuel a counter-trend rally in the US Dollar while knocking gold and silver lower. Chandler observes that both precious metals “look ugly right now technically” as momentum gauges turn south. Gold broke below its 20-day moving average under $4,500 with downside targets near $4,300, while silver printed a textbook outside-day reversal after briefly crossing $70, risking a drop to $62–$63. Dollar sellers should wait for the corrective bounce to mature, while commodity bulls should look for stabilized consolidation zones before adding exposure.

Listen to the full interview with Marc Chandler here!

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• Strategic Cash Reserves & Market Risk

  • Key Insights: Maintaining a dedicated cash position (~14%) protects capital against macroeconomic uncertainties and creates liquidity to act aggressively during broad market sell-offs.

  • Notable Quote: “When people are rushing for the doors that see no hope in sight... that’s the moment when I’m ready to buy.”

  • Market Trends & Data: Following a strong Q1 where his portfolio doubled, holding cash guards against risks such as central bank yield control shifts and geopolitical instability.

  • Actionable Takeaways: Avoid deploying 100% of capital during early market bounces; keep dry powder available for systemic panic events and “black swan” buying opportunities.

• Gold vs. Copper Risk-Reward Profiles

  • Key Insights: Gold serves as a durable, all-weather asset with fewer economic question marks, whereas copper offers potentially greater upside torque due to supply scarcity and lower sector adoption.

  • Notable Quote: “Gold is sort of the no-brainer... but if torque is the name of the game, I think copper has probably got the higher upside potential.”

  • Market Trends & Data: Gold equities have rebounded swiftly off consolidation lows, while the copper developer thesis remains in its early innings with limited pure-play junior options available.

  • Actionable Takeaways: Balance core portfolio holdings in quality gold developers while selectively targeting scarce copper juniors capable of massive reratings.

• DCF Valuation Models for Junior Developers

  • Key Insights: Determining the true intrinsic value of a developer requires building customized DCF models that adjust for Capex inflation and project development stage rather than relying blindly on company presentations.

  • Notable Quote: “Price is what the market is giving to it—that’s the market cap. And value is what you as an investor are going to attribute to it.”

  • Market Trends & Data: Capital costs on major base and precious metal projects frequently escalate by 10% to 15%, and early resource-only projects typically trade around 10% of their net DCF value.

  • Actionable Takeaways: Plug updated commodity prices and realistic Capex escalations into PEA/PFS models to isolate developers trading at severe discounts to underlying net asset value.

• Spotting Valuation Disconnects & “Hair” on Assets

  • Key Insights: Massive valuation discrepancies in the junior market often stem from temporary structural hurdles (such as boundary issues or warrant overhangs) that obscure top-tier economics.

  • Notable Quote: “Yes, 100%, but they come with hair... it’s how you put everything together that really separates the winners from the losers.”

  • Market Trends & Data: Sirios Resources’ Cheechoo project holds 3M oz gold (with potential for 5M oz), backed by Osisko and located 14 km from Newmont’s former Éléonore mill, yet trades at a modest ~C$150M market valuation due to neighboring claim friction and warrant dilution.

  • Actionable Takeaways: Seek out asset disconnects located adjacent to underutilized processing infrastructure where strategic partners and M&A logic can resolve short-term risks.

• Discovery Speculation in a Well-Funded Drill Market

  • Key Insights: An unprecedented influx of exploration capital is driving large-scale drill programs, making grassroots discovery the primary catalyst for explosive junior bull-market returns.

  • Notable Quote: “All this money is going to lead to more discoveries, and ultimately, I think that those discoveries are going to be what really drives the bull market moving forward.”

  • Market Trends & Data: Junior exploration companies have expanded their treasuries and launched peak-scale drill programs, with plays like Kingfisher Metals executing discovery-stage drilling.

  • Actionable Takeaways: Position in early-stage explorers led by serial discoverers with multiple projects in their pipeline to maximize upside while managing binary drill risk.

Listen to the full interview with Brian Leni!

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• AI Catalysts & Capital Relocation

  • Key Insights: Heavyweight tech earnings continue to act as a magnet for market liquidity, pulling capital out of defensive areas and driving massive single-day moves in enterprise software and security.

  • Notable Quote: “Once again, the lifeblood of this market: rotation, rotation, rotation.”

  • Market Trends: Software leaders like Salesforce (CRM) and CrowdStrike (CRWD) rallied nearly 20%, while Staples dropped around 1% alongside broad weakness in Financials and Utilities.

  • Actionable Takeaway: Ride the clear sector momentum, but track capital outflows from non-tech sectors to anticipate when the rotation will exhaust itself.

• The AI Spillover into Biotech and Healthcare

  • Key Insights: Artificial intelligence is expanding far beyond semiconductor hardware, radically speeding up clinical trial development and revitalizing beaten-down healthcare valuations.

  • Notable Quote: “These drug companies are now able to... be much more efficient in their testing, in their trials.”

  • Market Trends: The Biotech ETF (XBI) is logging one of its best months in recent history, while individual pharma plays like Moderna (MRNA) and Merck (MRK) achieve historic breakthroughs.

  • Actionable Takeaway: Look beyond mega-cap tech for attractive risk-reward setups in healthcare equities trading at historically reasonable multiples.

• Equities Ignoring Macro and Seasonal Scripts

  • Key Insights: Despite looming midterm elections, energy price spikes, and international conflict, the market remains convinced that monetary and fiscal safety nets will protect asset prices.

  • Notable Quote: “Market doesn’t care... the Fed put is turned into a Treasury put.”

  • Market Trends: Historical August/September seasonal hesitation has been completely bypassed in favor of broad-based risk-on positioning.

  • Actionable Takeaway: Avoid positioning heavily for a macro-driven pullback until upcoming inflation prints or Quad-Witching expiration force a real sentiment shift.

• Bitcoin’s Range Breakout Past $80k

  • Key Insights: Institutional appetite, legislative progress, and short covering have jolted crypto out of months of low-volatility drift.

  • Notable Quote: “A lot of people were probably even short crypto waiting for that bottom to fall out...”

  • Market Trends: Bitcoin surged from its extended $60,000–$65,000 consolidation band up to $80,000 in under two weeks.

  • Actionable Takeaway: Pay close attention to policy catalysts like the Clarity Act as regulatory clarity accelerates institutional balance-sheet deployment.

• S&P 500 Retracement & Consolidation Levels

  • Key Insights: The S&P 500 is currently carving out a standard 50% retracement after testing critical support, signaling healthy digestion rather than distribution.

  • Notable Quote: “Let’s find a little stability in here... and then perhaps form another base to get back up to all-time highs.”

  • Market Trends: Cash indices bounced off 7,700 support to reclaim the 7,729 midpoint level.

  • Actionable Takeaway: Allow the index to build a multi-day base at current retracement levels before sizing up long exposure for a retest of all-time highs.

Click here to listen to the full interview with Joel Elconin

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• Miners Lead as Silver and Juniors Lag: GDX and GDXJ surged roughly 42% off recent lows, outperforming the underlying metals, while the TSX Venture index rose only ~15–16%. Dave points out that “this move is being led by the miners,” noting that the junior sector rarely unleashes its full upside until silver breaks out above its key long-term moving averages. Investors looking for outsized leverage may find the widest valuation discounts in high-quality junior explorers that have yet to participate in the rally.

• Record Free Cash Flow Meets Generalist Capital: Major producers are reporting blowout Q2 earnings featuring record revenue and EBITDA while holding all-in sustaining costs (AISC) well below $2,000/oz. With gold prices establishing a firm floor well above historical averages, Dave notes, “These miners haven’t even priced in a $3,000 gold price, let alone a $4,000 floor.” Actionable takeaway: robust balance sheets provide downside protection, making cash-flowing producers an attractive anchor for conservative resource portfolios.

• Macro Debt Spiral and Monetary Easing as the Core Driver: Dave views the spring pullback as a healthy intermediate correction rather than a cyclical top, drawing direct parallels to the 2008 post-correction run. With the U.S. national debt expanding by $1 trillion every three months and new debt-management programs being initiated, the underlying fundamentals for gold remain fully intact. For macro-focused investors, technical consolidations in the metals represent buying windows rather than exit signals.

• Portfolio Strategy and Capital Rotation: Late-stage developers and selected exploration names have already broken out to multi-year highs. Dave explains his discipline of accumulating before market awareness hits, stressing: “We like to buy early and often, and sell early during these moves.” His tactical approach involves trimming gains into parabolic strength and rotating capital into overlooked, cash-rich juniors backed by strategic partners.

Click here to listen to the full in-depth interview with Dave Erfle.

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Headwater Gold Inc. (CSE: HWG)

Major Earn-In Expansion: Newmont Partnership Deepens Across Western US Portfolio

• Strategic Expansion: Newmont exercises option to earn into the Jupiter project, expanding tier-one backing across Headwater’s portfolio.

• Phase 2 Underway: Significant drill programs advancing at Spring Peak and Lodestar funded by partner capital.

• Low-Dilution Leverage: A funded exploration model allowing extensive discovery drilling while protecting share structure.

👉 Listen to the Full Headwater Gold Interview

Versamet Royalties Corp. (TSX: VMET)

Record Q2 Metrics and Predictable Royalty Cash Flow Through 2027

• Financial Outperformance: Setting fresh quarterly records for revenue and operating cash flow across precious and base metal assets.

• Organic Growth Runway: Key producing operator updates providing tangible visibility into multi-year revenue compounding.

• M&A Discipline: Leveraging a robust balance sheet to evaluate counter-cyclical, accretive royalty acquisitions.

👉 Listen to the Full Versamet Royalties Interview

Banyan Gold Corp. (TSXV: BYN)

Bonanza Grades and Multi-Million-Ounce Growth at the AurMac Project

• High-Grade Intercepts: Powerline North drilling uncovers bonanza gold intervals outside existing pit shells.

• Resource Expansion: Systematic infill and step-out work tracking toward a substantial upgrade on the 7M+ oz deposit.

• Infrastructure Advantage: Year-round road access and grid power driving peer-leading discovery costs in Yukon.

👉 Listen to the Full Banyan Gold Interview

FireFox Gold Corp. (TSXV: FFOX)

Advancing Mustajärvi and Sarvi Toward Maiden Resource Milestones

• Expanding Footprint: High-grade strike extensions confirm shallow, broad mineralization along the Mustajärvi shear zone.

• Dual-Track Exploration: Concurrent exploration ramping up at the Sarvi project within Finland’s Central Lapland Greenstone Belt.

• Upcoming Maiden Resource: Drilling systematically de-risking high-grade corridors ahead of the inaugural mineral resource estimate.

👉 Listen to the Full FireFox Gold Interview

Miata Metals Corp. (TSXV: MMET)

25,000m Drill Program Underway in Suriname with La Mancha Strategic Backing

• Major Backing: Strategic investment from top-tier institutional mining fund La Mancha cements financial runway.

• District-Scale Drilling: 25,000m campaign actively testing high-grade shear zones and open-ended greenstone targets.

• Guiana Shield Momentum: Leveraging proven regional geology adjacent to world-class multi-million-ounce deposits.

👉 Listen to the Full Miata Metals Interview

Pinnacle Silver and Gold Corp. (TSXV: PINN)

High-Grade Underground Assays & Visible Gold at El Potrero

• Underground Drill Success: High-grade assays yielding samples up to 59.2 g/t gold and 424 g/t silver with coarse visible gold.

• Structural Continuity: Demonstrating vein continuity and depth extensions beneath historic mining levels.

• Near-Term Strategy: Fast-tracking underground mapping and drilling to build high-margin ounces.

👉 Listen to the Full Pinnacle Silver & Gold Interview

Sitka Gold Corp. (TSXV: SIG)

Court Approves 100% Clear Creek Ownership as 7 Rigs Expand RC Gold

• 100% Consolidation: Court clears path for full acquisition of key Clear Creek property claims.

• Seven Drill Rigs Active: Aggressive exploration testing Blackjack, Saddle, and new targets across the Tombstone Gold Belt.

• Thick Intercepts: Continued delivery of wide, multi-gram gold intercepts confirming tier-one scale potential.

👉 Listen to the Full Sitka Gold Interview

Onyx Gold Corp. (TSXV: ONYX)

Unlocking District Potential: 110,000m Campaign Expands Argus System

• Massive Drill Program: 110,000m exploration blitz ramping up to delineate multiple discovery zones.

• System Growth: Drilling at Argus confirms expansive, continuous mineralization beyond initial target areas.

• Pipeline of Targets: Multiple regional high-priority prospects slated for maiden drill testing this season.

👉 Listen to the Full Onyx Gold Interview

EraNova Metals Inc. (TSXV: NOVA)

Robust Adanac PEA Delivers $714M After-Tax NPV & Strategic Valuation Gaps

• Compelling Economics: Positive Adanac Preliminary Economic Assessment reveals after-tax NPV of $714.4M and 23.5% IRR.

• Critical Minerals Focus: Positioned as a major North American future supplier of critical molybdenum and silver.

• Deep Valuation Discount: Significant re-rating opportunity relative to project scale, existing infrastructure, and Capex profile.

👉 Listen to the Full EraNova Metals Interview

Q2 Metals Corp. (TSXV: QTWO)

50,000m Drilled and Key Technical Leadership Bolstered Ahead of Cisco PEA

• Milestone Reached: Surpassing 50,000m of drilling at the flagship Cisco Lithium Project in James Bay.

• Bench Strength: Appointment of seasoned technical leadership to oversee engineering and project de-risking.

• Economic Assessment Imminent: Maiden PEA workstreams accelerating toward defining large-scale spodumene economics.

👉 Listen to the Full Q2 Metals Interview

K2 Gold Corporation (TSXV: KTO)

High-Grade Oxide Hits at Mojave Unlock Clear Path Forward

• Initial Drill Assays: Intercepting high-grade, near-surface oxide gold mineralization at the flagship Mojave project.

• Permitting Milestone: Utilizing the approved Record of Decision to systematically unlock undrilled regional target zones.

• Scalable Potential: Expanding the geological model across open mineralized trends in California and Nevada.

👉 Listen to the Full K2 Gold Interview

Kuya Silver Corp. (CSE: KUYA)

Operational Execution, Solid Q2 Financials, and Commercial Ramp-Up

• Quarterly Execution: Key Q2 operational benchmarks achieved as processing ramp-up continues at the Bethania Silver Mine.

• Revenue Translation: Positive operational progress paving the way toward sustained commercial production and cash flow.

• Resource Upside: Untapped regional vein exploration upside positioned to complement direct mill feed.

👉 Listen to the Full Kuya Silver Interview

Founders Metals Inc. (TSXV: FDR)

100% Antino Ownership Secured with Strong Gold Fields Partnership

• Full Asset Control: Completing 100% consolidation of the high-grade Antino Gold Project in Suriname.

• Major Backing: Tier-one strategic equity support from Gold Fields validating district scale and metallurgy.

• Drill Bit Success: High-grade assay flow continues across Upper Antino, Froyo, and shallow prospective zones.

👉 Listen to the Full Founders Metals Interview

Kingsmen Resources Ltd. (TSXV: KNG)

High-Grade Silver Intercepts Expand Mineralization at Las Coloradas

• High-Grade Intercepts: Assays return 1.40m of 433 g/t AgEq, confirming high-grade structural continuity at the Main Area.

• Open Along Strike: Mineralization remains open in multiple directions with step-outs testing structural extensions.

• Underground Access: Historical workings and existing infrastructure facilitating low-cost target delineation.

👉 Listen to the Full Kingsmen Resources Interview

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Key Discussion Highlights

• Precious Metals Breaking Out of “Purgatory”

  • Key Insights: Mike Larson notes that gold and silver have completed their necessary multi-month corrective digestion following late-2025/early-2026 highs. Technical floor tests held firmly, indicating the bottom is likely in.

  • Notable Quote: “Are precious metals out of purgatory? Because that’s what I think we kind of had... but now, we’ve seen a bottoming action in gold.” - Mike Larson

  • Market Data: Gold holding comfortably above $4,500/oz, silver over $65/oz, and GDX showing strong technical support around the 70–75 range.

  • Actionable Takeaway: Look for pullbacks on lighter volume in major/mid-tier gold producers as an entry point for the next leg higher.

• Bond Market Shocks and the Signal for Hard Assets

  • Key Insights: The Treasury’s move to intervene at the long end of the curve is an attempt to artificially suppress yields, inadvertently signaling currency debasement and driving demand for tangible safe havens.

  • Notable Quote: “It’s the signal effect... they’re going to do what they can to artificially suppress long-term yields. What does that tell you to do? Get protection, get it in gold, get it in silver.” - Mike Larson

  • Market Data: Long-term US 30-year yields tested multi-decade highs, mirrored by German Bunds and Japanese 30-year bonds.

  • Actionable Takeaway: Protect purchasing power against ongoing global fiscal deficits by maintaining strategic allocations in hard assets and critical materials.

• The Broad Market Rotation and AI Infrastructure Demand

  • Key Insights: Tech pullbacks are not signaling market tops; instead, healthy rotation is flowing into financials, industrials, base metals, and critical energy infrastructure. Copper and uranium remain structural secular winners fueled by AI data centers and resource nationalism.

  • Notable Quote: “If tech takes a breather... and you see other sectors pick up the baton and run with it, that’s bull market behavior.” - Mike Larson

  • Market Data: Major multi-year runs in base infrastructure commodities; Cameco’s rise from $50 to $130+ illustrates the strength of the thesis.

  • Actionable Takeaway: Use weakness in general equities to rotate into commodity producers benefiting from long-term sovereign supply-chain initiatives.

• Small-Cap Energy Plays Trading at Deep Discounts

  • Key Insights: Dan Steffens highlights that geopolitical strife and refinery outages are creating a structural shortage in refined products and crude. While mega-caps lead first, small-cap E&Ps with pristine balance sheets offer massive catch-up potential.

  • Notable Quote: “When people really now believe that the oil price is going to hang around for a while, they start looking at some of these undervalued... undiscovered gems.” - Dan Steffens

  • Market Data: WTI crude firming over $85/bbl; US diesel inventories sitting 13–14% below seasonal norms with retail diesel averaging $5.40/gal.

  • Actionable Takeaway: Focus on debt-free, free-cash-flow positive small-caps and takeover candidates with high oil weighting (e.g., Baytex, Kolibri Global Energy, Rubellite Energy, Riley Exploration Permian, and Crescent Energy).

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Chris Temple, Editor and Publisher of the National Investor, joins us to review the macroeconomic trends that are moving the markets, and his outlook on gold, silver, copper, critical minerals, oil, and the related resource equities.

🔑 Key Discussion Points:

🔹 We start off discussing recent fiscal and monetary policy in the US and abroad.

• Treasury Secretary, Scott Bessent, recently intervened in the Japanese Yen, but it was largely ineffectual, as was the fiscal policy to try and control the long-end of the yield curve. Both initiatives were quickly reversed by the bond vigilantes.

  • “The fiscal policy is an easy one, and it’s ‘Borrow until you can’t.’ And so far, Uncle Sam and every other sovereign on the planet can still borrow money. But the problem that they’re all experiencing, in different degrees, is that if you’re going to continue to run these huge deficits, pile up on the debt, (and we are officially now north of 40 trillion in the US, and that’s only the official acknowledged national debt)… If you want to continue to do that, fine. But you’re going to pay up for it. It’s that simple.”

  • “The problem is that the math is starting to be ever more troublesome. If you remember guys, it was then a year ago this last spring that the wheels were starting to wobble a little bit on the Japanese Yen, on this major global carry trade. And ever since then, the direction of the yen has been down and the direction for interest rates in Japan has been higher.”

    • “It got to be such a free-fall recently that of course Scott Bessant, the Treasury Secretary, decided to be part of intervening to try and prop up the end... the first concerted effort of its kind since the Asian financial crisis nearly three decades ago had some initial impact, which has since worn off. “

    • “Now, Bessant is trying to play games with the Treasury market and push long-term interest rates down which are bedeviling everybody - the Fed, the Treasury, and the President. And it’s just not going to work because again, there’s just so much volume of debt that needs to be funded that okay, the markets will fund it, but you’re going to pay up for it. And it’s no more complicated than that.”

• New Fed head, Kevin Warsh has lost some of his political capital by failing to hike rates, as inflation has crept higher, and the tone in the market is shifting slightly from shrugging all this off, to considering the challenges ahead.

  • “The reason why long-term interest rates are going higher is because of the volume of debt, the worries about the currency, and now all of a sudden after being very adamant when he first got in that he was going to put the inflation back in the toothpaste tube that his predecessor Jerome Powell let out. Now, Warsh is all of a sudden being wishy-washy. So that’s why long-term yields are up.”

  • “If the Fed raises short-term yields, what happens to long-term yields? they come down because number one, you’re showing resolve to bring inflation down. All right? So, that’s one of the reasons why bonds have sold off, why the bond market vigilantes are making a wreck of the Treasury market more so than a long time. And you also show that you’re not going to let Treasury push things around.”

• Chris outlines that while the Fed maintains it is an independent organization, there is going to be increased coordination and alliance between the US Treasury Department and the US central bank.

  • That’s the interesting debate that’s going to be talked about, between here and the middle of next month at the next FOMC meeting; because the reason why Bessant was the one who got Trump to nominate Kevin Warsh, is because they knew in the end that they were going to work more closely together. They’ve got to come up with a couple of tricks to be able to continue this ‘extend and pretend game’ with 40 plus trillion dollar national debt and not have everything blow up.”

🔹 Shifting over to commodities, we discuss the strong rally throughout the month of August in gold, silver, and precious metals equities in response to those macro forces.

• Chris had warned subscribers earlier in the year that things had become overbought and gotten ahead of themselves and to fade that rally, anticipating a medium-term sector pullback.

• He pointed out the corrective move in the PM sector, was then exacerbated by the war in Iran, when many felt that would be a bullish driver for gold and silver.

• One positive he highlights is that now gold and silver have started to ignore the higher interest rates and war, and focus more on the sovereign debt loads of nations around the world that are running out of options, desperate to stem the selling of bonds, and likely going to try and inflate their way out of the stagflation.

🔹 Next we shifted over to trends within copper, and the broad basket of Critical Minerals, where Chris makes the point that one can’t paint them all with a broad brush, as some have unique fundamental or macro drivers.

• With regards to copper, he outlines that beyond the AI data center build out mania, EVs, and many popular narratives, that copper is still mostly needed for basic infrastructure build out, real estate construction, and the electrification of the developing world.

• Chris flags a few copper companies, preferring the opportunities in the advanced explorers and developers like Gunnison Copper Corp. (TSX: GCU) (OTCQB: GCUMF), Abitibi Metals Corp. (CSE: AMQ) (OTCQB: AMQFF), and Power Metallic Mines Inc. (TSXV: PNPN) (OTCBB: PNPNF)

• As far as the smaller niche’ critical minerals sector, he reiterates that a lot of the reality is still around Chinese export controls, and the lack of viable alternatives for supply and processing in the west.

• We discuss this administration’s policy initiatives, executive orders, and funding support to help advance some domestic projects. While he concedes this is the best tailwind for extractive industries in our lifetime, he also points out that it is not nearly enough money, support, or urgency, and much of what has been announced may very well get reversed if there are sweeping changes in congress for the upcoming mid-term elections.

🔹 Wrapping up, we get into the ongoing war with Iran, continued chokepoint in the Strait of Hormuz, longer-term damage to infrastructure, and what it all means to the energy sector.

• Chris explains what has kept the oil prices more subdued than many would have anticipated considering the supply shock hitting the world, but the highlights the very wide crack spreads between oil and refined products like diesel.

• The higher prices at the gas pumps, and record diesel prices are going to pressure consumers and businesses as this year progresses, and that inflation is going to impact Fed monetary policy and interest rates in a sustained way.

• Chris remains animated by the energy stocks and is holding on to them in his portfolio.

Click here to follow along with Chris at the National Investor website.

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.

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• Treasury Buybacks vs. Fiscal Reality

  • Key Insights: The Treasury’s move to double purchases of 20- and 30-year bonds is an attempt to suppress elevated yields, but it does nothing to address underlying deficits or persistent debt issuance.

  • Notable Quote: “Buybacks don’t reduce the deficit, or debt issuance, or inflation risk... It’s putting lipstick on a pig.”

  • Market Trends/Data: Long-dated 30-year bond yields recently tested highs not seen since the early 2000s, prompting aggressive intervention.

  • Actionable Takeaways: Be cautious treating Treasury actions as an indefinite backstop; suppressing yields artificially without structural reform risks creating sharper market distortions down the road.

• The Shift from 60/40 to High-Beta Chasing

  • Key Insights: The traditional 60/40 portfolio is losing appeal as massive corporate debt issuance from tech giants competes with sovereign debt, while investors rotate into high-momentum trades instead of locking in fixed income yields.

  • Notable Quote: “Why would you have your money in bonds for 5% a year when you can make 25% in a day... You might as well be losing money if you’re making 5% in this market.”

  • Market Trends/Data: Huge capex spending by hyperscalers (like Nvidia and Microsoft) is funding growth through corporate debt, soaking up capital that previously targeted government bonds.

  • Actionable Takeaways: Re-evaluate bond allocations against real inflation metrics and recognize that equity momentum is currently drawing liquidity away from traditional safe-haven fixed income.

• Algorithmic Mechanics Behind Single-Day Biotech Spikes

  • Key Insights: Massive, news-driven equity moves are frequently exaggerated by non-directional algorithmic trading systems triggering cascading buy orders rather than overnight shifts in long-term company earnings.

  • Notable Quote: “These algorithms and these sophisticated trading systems... they pumped it up after hours... then when we did our show in the morning, it was trading 20 bucks below the close.”

  • Market Trends/Data: Moderna ($MRNA) spiked up to 150% intraday, running to an after-hours peak of $194.88 before fading heavily to open at $150.44 and dropping toward $129.61 the following session.

  • Actionable Takeaways: Avoid chasing parabolic intraday spikes on headline news; wait for initial sessions to settle, monitor regular session highs and lows, and establish technical setups rather than fighting aggressive momentum algos.

• Technical Traps and Resistance in Junior Gold Miners

  • Key Insights: After sharp counter-trend rallies, beaten-down sectors like precious metals equities encounter strong overhead resistance and declining volume, demanding disciplined profit-taking over emotional buying.

  • Notable Quote: “Right now, selling into strength and not buying into weakness... Look for a breach of that consolidation as a potential exit.”

  • Market Trends/Data: The VanEck Junior Gold Miners ETF ($GDXJ) saw volume surge to nearly 9 million shares before tapering off near the critical $130–$132 overhead resistance level.

  • Actionable Takeaways: Watch for volume divergence near Fibonacci retracements and prior support-turned-resistance zones; pay close attention to unfilled chart gaps from prior weeks to manage downside risk.

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• Treasury Market Friction and Unofficial Yield Control

  • Key Insights: The Treasury’s decision to double long-dated bond buybacks from $2B to $4B was interpreted by markets not as a minor technical adjustment, but as a clear intent to manage yields across the curve.

  • Notable Quote: “Besent’s decision to try and show Treasury strength, ironically, just exposed Treasury’s weakness.”

  • Data/Trends: Long-term yields reversed their post-announcement dip quickly, proving that market forces are challenging administrative attempts to suppress rates.

  • Actionable Takeaway: Watch long-dated yields closely; administrative interventions reveal underlying stress points where precious metals tend to find strong monetary support.

• Debt Realities and the Inevitable End of Hawkish Policy

  • Key Insights: Despite central bank rhetoric, the fundamental math of soaring deficits and record-high interest expenses restricts the Fed from sustaining higher borrowing costs indefinitely.

  • Notable Quote: “The simple math of the size of the debt and deficit means that the Fed cannot raise rates without cratering the budget.”

  • Data/Trends: Annual US debt additions have already outpaced the entirety of the prior fiscal year, alongside annualized debt service payments topping $1.2 trillion.

  • Actionable Takeaway: Position for the broader revival of the currency debasement trade as mainstream capital seeks hard-asset hedges against expanding balance sheets.

• Mining Stocks Reclaim Leverage and Leading Status

  • Key Insights: After an initial phase dominated strictly by central bank gold accumulation, Western institutional flows and speculative capital are entering mining equities, driving dramatic operating leverage.

  • Notable Quote: “In a bull market, you buy the dips... when things get frothy, you take some froth off the top.”

  • Data/Trends: Major sector benchmarks like the GDX and GDXJ surged nearly 35% on the month, with producers showcasing outsized earnings leverage relative to the underlying metals.

  • Actionable Takeaway: Use active portfolio management, accumulating quality producers during seasonal consolidations and rotating into undervalued juniors as capital trickles down.

• Summer Drill Season and High-Impact Catalysts

  • Key Insights: Fully funded exploration companies are executing some of the most aggressive summer drilling campaigns seen in years, setting up an influx of discovery news.

  • Notable Quote: “A lot of companies finally have the money to drill the prospects that they’ve been exploring and doing the boring, low-cost work on for years.”

  • Data/Trends: Robust balance sheets across juniors are enabling non-stop multi-rig programs across tier-one jurisdictions like the Yukon, Nevada, and South America.

  • Actionable Takeaway: Focus on cashed-up exploration plays with active assay pipelines that offer asymmetric upside independent of broader market volatility.

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Jeff Phillips, President of Global Market Development, and an activist investor in the junior resource space, joins us to review the changing price trends and investor sentiment swings thus far in 2026. He goes on to unpack the value proposition in 5 junior resource stocks exploring for gold, silver, and copper that he holds in his portfolio.

🔹 Throughout the discussion, we get more perspective on how Jeff evaluates opportunities in the junior exploration stocks, and the types of management teams and share structure that he likes to see to participate in their financings.

🔹 Jeff has been involved in the natural resource space for the last three decades, and is a large strategic shareholder of over a dozen junior companies, and still a significant shareholder in a number of other mining stocks that he helped finance in the past. Jeff also serves as a technical consultant and advisor to several of these companies in the junior resource space, working on improving their messaging to the marketplace, roster of investors, and liquidity.

🔹 Even though he doesn’t do many public-facing interviews or write in widely followed publications, Jeff is one of the most influential and well-respected people in the junior resource business. You’ll often see him hard at work at mining conferences, doing his due diligence and connecting people to one another.

🔹 The companies we discuss in this interview are:

• Revival Gold Inc. (TSXV: RVG) (OTCQX: RVLGF)

• Headwater Gold (CSE: HWG) (OTCQB: HWAUF)

• Kingsmen Resources Ltd. (TSXV: KNG) (OTCQB: KNGRF)

• Gladiator Metals Corp. (TSXV: GLAD) (OTCQB: GDTRF)

• GreenLight Metals Inc. (TSXV: GRL) (OTCQB: GRLMF)

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.

📬 Get Daily Interview Summaries + Weekly Company Recaps Straight to Your Inbox

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📩 Got questions for the companies or suggestions for future interviews? Email us at Fleck@kereport.com and Shad@kereport.com.

The KE Report:

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The KE Report provides exclusive interviews, focused on investing in resource stocks, with private money managers and sub $10 billion market cap companies. Multiple interviews are published daily.

Shad’s resource market commentary:

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Investing opportunities in the commodities and resource stocks.

By Shad Marquitz

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Key Discussion Points:

• The Shift in Fed Expectations & Macro Pressures: Softening economic prints, tame inflation, and a cooling jobs backdrop have drastically lowered the probability of further Federal Reserve rate hikes, providing immediate relief to precious metals.

  • Notable Quote: “The likelihood of a rate hike from the Fed has now fallen to where it looks very unlikely... trimming of rate hike expectations has also weakened the dollar.”

  • Data & Takeaway: Markets are pricing in up to a one-third chance of no further hikes this year, creating a macro backdrop where monetary headwinds for gold are beginning to ease.

• The Reality of Sovereign Debt & Debt Servicing: Ballooning fiscal deficits and higher interest rates are straining government balance sheets, creating mathematical constraints for monetary policymakers.

  • Notable Quote: “Higher nominal rates are a non-starter... the train is starting to careen off the rails.”

  • Data & Takeaway: In July alone, net debt servicing costs absorbed roughly 63% of combined US individual and corporate income tax receipts. Investors must consider whether central banks will ultimately be forced back toward easing and yield curve management to support debt loads.

• Mining Stocks Displaying Operating Leverage: Gold and silver equities are sharply outperforming the physical metals, backed by robust Q2 earnings and stronger-than-expected cash flow generation.

  • Notable Quote: “A lot of these companies had like a double win... diesel costs and energy costs were somewhat overblown, and all of a sudden, boom, gold goes up.”

  • Data & Takeaway: GDX has surged nearly 25% month-to-date, showing 3:1 leverage to the gold price move. Investors should track high-quality producers that maintain expanding margins and robust balance sheets.

• Critical Technical Thresholds for GDX: Following a sustained downturn, technical charts are flashing key inflection points as major moving averages begin to curl upward.

  • Notable Quote: “The 20-day is turning up and about to cross back above the 50-day... that 200-day would be a really important one to see if we can hold above.”

  • Data & Takeaway: GDX is testing multiple sessions above its 200-day moving average. Watch for potential retests of open chart gaps near the 50-day moving average to confirm whether support holds on pullbacks.

• Late-Summer Catalysts & Volatility: Thin late-summer liquidity ahead of the FOMC minutes release and the annual Jackson Hole symposium could drive outsized swings across commodities and currency markets.

  • Notable Quote: “You get typically this lighter volume, less attended trade that leads to volatility... all this is lining up.”

  • Data & Takeaway: Keep a close eye on central bank commentary and sovereign bond yields for hints regarding future global monetary coordination.

Click here to listen to the full interview and get complete technical and macro breakdown.

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• Gold & GDX: Chasing Strength vs. Buying the Pullback

  • Key Insight: Following a strong multi-day surge past the daily 50-day moving average, chasing miners here carries heightened risk. The ideal trade setup requires waiting for an orderly backtest of support to confirm underlying buyer demand.

  • Notable Quote: “I want to see a pullback... come down, test support, and prove that support is now there and then go up from there.”

  • Market Trend / Data Point: GDX experienced a 4-to-5-month base through July before a swift breakout that left open daily chart gaps near the 50-day moving average.

  • Actionable Takeaway: Avoid FOMO buying at the top of a vertical move; watch for consolidation down toward the 21-day or 50-day moving averages as lower-risk re-entry zones.

• Copper Equities Awakening from Consolidation

  • Key Insight: While physical copper traded near record levels, copper equities spent months working off previous overbought conditions in multi-month bull flags. With recent deleveraging events clearing out weak hands, miners are showing signs of life again.

  • Notable Quote: “I think that dips and flags should be buyable at this point because... they have been going sideways for six months digesting the giant move that they’ve had.”

  • Market Trend / Data Point: Individual producers such as Taseko Mines ($TGB), Hudbay Minerals ($HBM), and Southern Copper ($SCCO) are testing their 50-day moving averages and upper consolidation boundaries.

  • Actionable Takeaway: Look for confirmed breakout follow-through and shallow flags in leading copper equities rather than chasing the first day of an extended run.

• Index Breadth vs. Midterm Seasonality

  • Key Insight: Broad equity markets remain strong despite pressure in long-term bonds, supported by expanding participation in equal-weight indexes and a weaker US Dollar. However, pre-election uncertainty could prompt institutional profit-taking.

  • Notable Quote: “Leading up to midterms, the market is probably going to get a little bit weak as traders and institutions probably start pulling back and taking some chips off the table.”

  • Market Trend / Data Point: The US Dollar Index ($DXY) retreating below key resistance levels has helped ease pressure across resource equities and broader equities.

  • Actionable Takeaway: Track shorter-duration moving averages on $IWM and$SPX for early warning signs of pre-election hedging or momentum pauses.

• Tech & AI Sector Rotation

  • Key Insight: The shakeout in crowded AI trades cleared out leverage and established a firmer base. Capital is now rotating selectively into oversold software, semiconductor infrastructure, and established mega-cap cash generators.

  • Notable Quote: “For tech and AI, the bottom’s in, and now we’re just having to digest and hopefully we keep kind of grinding higher.”

  • Market Trend / Data Point: Clear leadership divergence is emerging, with platforms like Microsoft and Amazon capturing AI capex spend while alternative names serve as market hedges.

  • Actionable Takeaway: Focus on high-quality balance sheets and infrastructure plays that benefit directly from sustained enterprise tech spending.

Click here to listen to the full interview with TG Watkins

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• Santacruz Silver Mining Ltd. (SCZ.V / SCZMF) – Review of operational turnarounds, cash flow discipline, and Q2 growth initiatives in Bolivia.

• Red Canyon Resources Ltd. (REDC.CA / RCRFF) – Unpacking the large-scale copper-gold footprint at the Osiris Project and aggressive land expansion.

• Aztec Minerals Corp. (AZT.V / AZZTF) – High-grade gold-silver hits in the North Extension Zone and path to the maiden Tombstone resource estimate.

• Dryden Gold Corp. (DRY.V / DRYGF) – Delineating parallel gold trends at Gold Rock, upcoming Mud Lake drilling, and strategic district consolidation.

• Heliostar Metals Ltd. (HSTR.V / HSTXF) – Record quarterly gold production, robust cash generation, and advancing near-term development assets.

• Kuya Silver Corp. (KUYA.CA / KUYAF) – Scaling production at the Bethania Mine alongside high-grade discovery sampling at Silver Kings.

• BP Silver Corp. (BPAG.V / BPSCF) – The big-picture value proposition, macro silver tailwinds, and updated 2026 exploration blueprint.

• Sitka Gold Corp. (SIG.V / SITKF) – High-grade expansions at the Blackjack deposit, underground potential, and the massive 7-rig drill program.

• Surge Energy Inc. (SGY.T / SGYEF) – Strong Q2 financial performance, free cash flow generation, and disciplined capital return strategies in Canadian oil.

• Magna Mining Inc. (NICU.V / MGMNF) – Q2 financials, advanced development pathways at Levack and Crean Hill, and team expansion in the Sudbury basin.

• Goliath Resources Ltd (GOT.V) (GOTRF) – High-grade gold 320-meter stepout expanding mineralization in the Golden Gate zone.

• Mako Mining (MKO.V) (MAKO) – Q2 financial results from San Albino and Moss Mines, development pathway at Mt. Hamilton and Eagle Mountain projects.

Santacruz Silver: Operational Optimization & Production Growth

• Turnaround Momentum: How operational adjustments and processing improvements in Bolivia drove stronger Q2 performance.

• Cost Discipline: Managing inflationary pressures while protecting operating margins and bottom-line cash flow.

• Near-Term Catalysts: Upcoming efficiency benchmarks and key exploration targets aimed at mine life extension.

🔗 Listen to the full Santacruz Silver interview

Red Canyon Resources: Expanding Footprints at the Osiris Copper-Gold Target

• Porphyry Scale: Understanding the geologic signature and scale potential emerging from recent drilling at Osiris.

• Target Pipeline Expansion: Strategic rationale behind recent land acquisitions and identifying satellite drill targets.

• 2026 Exploration Roadmap: What investors should expect next from current drill assays and ongoing field work.

🔗 Listen to the full Red Canyon Resources interview

Aztec Minerals: High Grades at Tombstone & Maiden Resource on Horizon

• North Extension Hits: Unpacking recent shallow, high-grade gold-silver drill intercepts outside the historical footprint.

• Open-Pit Potential: How geological continuity is shaping the upcoming maiden Mineral Resource Estimate (MRE).

• Dual-Asset Strategy: Updates on regional exploration catalysts across both Arizona and Mexico.

🔗 Listen to the full Aztec Minerals interview

Dryden Gold: District-Scale Consolidation & Parallel Gold Trends

• New Gold Trends: Delineating high-potential parallel structures at the Gold Rock project area.

• Imminent Drilling: Targets and objectives for the upcoming drill campaign at Mud Lake.

• Regional Dominance: Ground-truthing updates from newly acquired land packages at Sherridon and Hyndman.

🔗 Listen to the full Dryden Gold interview

Heliostar Metals: Record Gold Production & Organic Growth Pipeline

• Record Financials: Key drivers behind record Q2 gold output and significant cash flow expansion.

• Development Milestones: Progress on advancing cornerstone development projects toward near-term production.

• Reinvestment Strategy: How organic cash flow is funding high-impact brownfield and greenfield exploration.

🔗 Listen to the full Heliostar Metals interview

Kuya Silver: Commercial Ramp-Up & High-Grade Cobalt-Silver Discovery

• Bethania Ramp-Up: Progress updates on commercial throughput and grade reconciliation at the Bethania silver mine.

• Silver Kings Potential: Highlighting bonanza-grade sampling results and district-scale exploration targets in Ontario.

• H2 Operational Milestones: Key production and cost inflection points anticipated through the rest of 2026.

🔗 Listen to the full Kuya Silver interview

BP Silver: Positioning for the Next Phase of Silver Discovery

• Macro Supply Deficits: Why structural silver market dynamics present a unique window for junior developers.

• Exploration Re-Focus: Strategic adjustments to the 2026 drill program to target high-grade extensions.

• Capital Allocation: Balancing aggressive discovery drilling with treasury preservation.

🔗 Listen to the full BP Silver interview

Sitka Gold: 7-Rig Program Unlocking District Scale at RC Gold

• Blackjack Expansion: Recent step-out drilling demonstrating high-grade continuity and deeper underground potential.

• Aggressive Drilling Pace: Operating 7 active rigs across the Clear Creek Intrusive Complex in the Yukon.

• Resource Growth Outlook: How the current program is positioning the project for a substantial resource expansion.

🔗 Listen to the full Sitka Gold interview

Surge Energy: Free Cash Flow & Capital Returns in Canadian Oil

• Robust Q2 Earnings: Breaking down production numbers, operating netbacks, and net debt reduction.

• Shareholder Returns: Sustainable dividend yield management alongside opportunistic share buybacks.

• Drilling Inventory: High-return light and medium oil development inventory driving multi-year organic stability.

🔗 Listen to the full Surge Energy interview

Magna Mining: Advancing Base Metal Assets in the Sudbury Basin

• Sudbury Development: Key updates advancing the Levack and Crean Hill nickel-copper-PGE projects.

• Exploration Upside: Systematic regional exploration targeting high-margin, high-grade footwall mineralization.

• Building the Team: Strategic additions to leadership and technical teams to steer upcoming production targets.

🔗 Listen to the full Magna Mining interview

Goliath Resources: 50,000-Meter Drill Program Stepping Out In All Directions

• Surebet Expansion: Recent step-out drilling demonstrating high-grade gold mineralization at Golden Gate Zone 320 meters beyond known mineralization.

• Exploration Upside: Operating 7 drill-rigs testing the geology and the limits of mineralized system.

• Listener Questions Answered: Roger fielded questions on drilling density at Surebet for future MRE, and why they elected to do expansion drilling over installing a more costly exploration adit.

Listen to the full Goliath Resource interview

Mako Mining: Strong Revenue Generation Feeding Development Projects

• Q2 Financial Results: Return on Equity (“ROE”) of 36.6% and Return on Assets (“ROA”) of 23.8%

• Production Assets: San Albino is operating at grade-A levels, where as Moss is operating at a C- grade, due to ongoing debottlenecking and optimization that will improve moving into 2027.

• Development assets: Permitting progress and early-stage ground work is happening at both Mt. Hamilton and Eagle Mountain projects.

Listen to the full Mako Mining interview

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Key Discussion Points

• Precious Metals: Relief Bounce vs. Long-Term Base Building

  • Key Insights: While gold, silver, and major mining ETFs like GDX have staged a sharp rebound over the past week and a half, the technical damage from earlier corrections suggests this move may peter out into a multi-month consolidation before the next major leg up.

  • Notable Quote: “I don’t think we’re on the start of another move higher in this bull market yet... I think we’re going to see the lows in, build our base in the intermediate time frame, and then eventually start our next bull run.” - Richard Postma

  • Market Trends & Data: Gold recently broke below its 200-day moving average and filled key resistance zones near $4,000–$4,150, while GDX spiked over 21% in a single week, leaving large unfilled chart gaps below.

  • Actionable Takeaway: Avoid chasing short-term vertical spikes; watch for gap-fill pullbacks to scale patiently into high-margin, cash-flowing mid-tier producers with clean balance sheets rather than speculative exploration plays.

• Macro Headwinds: The Bond Market Signal & The Timeline to All-Time Highs

  • Key Insights: The bond market is flashing potential warning signs as long-term Treasury yields remain sticky, indicating a potential second down-leg for bonds that could keep precious metals bound in a broad trading range through 2027 before explosive upside in 2028–2030.

  • Notable Quote: “Pricing in the bond market has been bumping its head on that 50-month moving average... if we break below previous lows on the 20-year Treasury bond ETF (TLT), this time around is going to be negative for gold.” - Richard Postma

  • Market Trends & Data: Monitoring the 50-month vs. 200-month moving average compression on long-term Treasuries and key breakdown levels on TLT near 73.10.

  • Actionable Takeaway: Maintain a long-term time horizon for core precious metals holdings, utilizing intermediate sideways chop to accumulate tier-one producers without taking unnecessary tax hits on short-term swing trades.

• Copper & Energy: Bullish Continuation Patterns Outperforming Precious Metals

  • Key Insights: Unlike gold and silver, which suffered deeper retracements, copper and copper equities (COPX) have maintained constructive, shallow pullbacks (~38% Fibonacci retracement), carving out bullish ascending pennants that suggest higher highs ahead.

  • Notable Quote: “Copper miner charts look very constructive... we’ve only seen about 38% of the prior rally retraced, which tells me this is more of a continuation pattern that should resolve to the upside.” - Dana Lyons

  • Market Trends & Data: CPER holding higher lows above major support while energy infrastructure and master limited partnerships (like MLPX) provide resilient 6%–12% dividend yields and strong relative strength.

  • Actionable Takeaway: Overweight base metals and cash-generating energy infrastructure plays that offer downside buffer via yields while showing superior technical momentum relative to broader commodities.

• Broad Equities: The Decisive Shift from Momentum Tech to Value Leadership

  • Key Insights: Underlying market participation remains healthy via the equal-weight S&P 500 hitting new highs, but leadership is undergoing a major regime change—capital is trimming out of over-leveraged semiconductor/AI growth themes and reallocating heavily into healthcare and financials.

  • Notable Quote: “There is a leadership trend towards value and away from growth... we’ve been selling a lot of our growth allocation, momentum names, and semiconductors into this bounce to build larger positions in value.” - Dana Lyons

  • Market Trends & Data: Consistent new all-time highs across XLV (Healthcare) and XLF (Financials), contrasted with lower highs and fading momentum across high-beta tech and emerging market hardware names.

  • Actionable Takeaway: Rebalance equity exposure away from high-multiple semiconductor and tech momentum trades into breakout-performing value sectors (healthcare, financials, and high-dividend energy).

Listen to the full interview for comprehensive chart analysis, specific price levels, and complete portfolio positioning strategies.

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Key Discussion Highlights

• U.S. Dollar Technicals & Moving Averages: Marc points to weakening momentum on the U.S. Dollar Index (DXY) as it tests key threshold levels below 100. With momentum indicators stretched and the index approaching its 200-day moving average near 99.20, he notes the setup resembles “the end of the boxer’s punch, rather than the beginning of it.” Investors should watch for critical support between 98.75 and 99.20 before betting on an extended breakdown.

• Shifting Fed Pricing vs. Economic Surprises: A combination of negative retail sales (-0.3% vs. expectations), sequential cooling in CPI/PPI, and July job losses has led markets to scale back September Fed hike expectations to just 8 basis points discounted. Because the greenback remains hypersensitive to short-term yields, interest rate traders should monitor the 2-year Treasury note for clues on currency direction.

• The Yen Rebound & Carry Trade Reality: Despite official Japanese intervention and the market pricing in an 80%+ chance of a Bank of Japan rate hike, the USD/JPY quickly reclaimed the mid-159 range. Marc highlights that large Japanese asset managers utilized the post-intervention yen pop to aggressively purchase foreign bonds and equities, the largest net buying in two years.

• Widening Deficits, Tariffs, and Fiscal Pressures: Beyond monetary policy, the record July U.S. budget deficit and over $100 billion in mandated tariff refunds are quietly shaping the yield curve. With upcoming deadlines for proposed 50% tariffs on Canadian goods and long-term fiscal overhangs, market participants must factor in structural yield curve steepening.

Click here to listen to the full interview

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• The S&P Breakout & Fed Expectations:

  • Key Insights: The velocity of the recent market breakout caught many off guard, offering virtually no pullbacks for sidelined buyers. Meanwhile, stable interest rate expectations are giving institutions a predictable foundation.

  • Notable Quote: “Hard to find many bears out there. I think they’re hibernating in their caves.”

  • Market Trends & Data Points: S&P 500 closing in on record levels, supported by six days of tight consolidation before breaking upward. CPI and PPI data came in within expectations, keeping inflation concerns at bay for now.

  • Actionable Takeaways: Don’t wait around for deep pullbacks in strong momentum markets; focus on market stability rather than trying to time Fed rate hikes.

• The Shift to the “AI Efficiency Trade”:

  • Key Insights: Market dynamics are progressing. Investors are moving past punishing big tech for heavy capital expenditures (CapEx) and are now rewarding companies showing that AI spend is actually hitting the bottom line.

  • Notable Quote: “You’re going through a phase where efficiency and AI potentially being deflationary... is the efficiency trade in full mode.”

  • Market Trends & Data Points: Out of the S&P 500, all 11 sectors reported revenue growth, 10 delivered positive earnings growth, and 8 posted double-digit expansion.

  • Actionable Takeaways: Look beyond chipmakers. The next phase of AI growth belongs to enterprise companies successfully integrating AI to cut costs and boost operational margins.

• Where the Power Grid Meets the AI Boom:

  • Key Insights: Rather than chasing futuristic retail tech or expensive consumer robotics, the most attractive medium-term opportunity lies in the pick-and-shovel infrastructure needed to power massive AI data centers.

  • Notable Quote: “Instead of trying to find what’s new and sexy... I’d be more focused on providing—like the picks and the shovels... and the massive amounts of energy needed to fuel this AI revolution.”

  • Market Trends & Data Points: Significant capital rotation into utilities, nuclear power (including SMRs), natural gas power generation, and cooling infrastructure.

  • Actionable Takeaways: Position capital in energy and utility stocks positioned to handle the exponential surge in data center power demand.

• Navigating High-Profile Pre-IPO & AI Value Plays:

  • Key Insights: Upcoming IPOs like Anthropic are creating indirect opportunities through publicly traded holding companies, but investors must look closely at Net Asset Values (NAV) to avoid buying at hyper-inflated premiums.

  • Notable Quote: “You got to do your homework. You got to look at the Net Asset Value, you have to look at the holdings of these companies... because you don’t want to be buying at 500 and then watch it go to 35 bucks.”

  • Market Trends & Data Points: Highlighting tickers with exposure to private tech, such as PowerLaw ($PWRL), Fundrise Innovation Fund ($VCX), and Destiny Tech100 ($DXYZ), noting historical post-IPO volatility patterns seen in plays like SpaceX.

  • Actionable Takeaways: Measure pre-IPO exposure funds against their actual NAV before entering, and practice patience with long-term timelines tied to visionary founders.

Listen to the full interview here

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Sean Brodrick, Editor of Wealth Megatrends, Supercycle Investor, Resource Trader, and contributing analyst to Weiss Ratings Daily, joins us to discuss his investing outlook across multiple resource and general equity sectors in the current macroeconomic and geopolitical environment. He shares how he is managing his portfolio as it relates to gold, silver, PM stocks, copper and copper stocks, critical minerals stocks, space stocks, and defense stocks.

🔑 Key Discussion Points:

🔹 The conversation kicks off around the strong recovery move higher in the precious metals sector, breaking up through overhead resistance and changing the tone and sentiment in the sector.

• Sean shares his outlook on what fundamentals are driving gold, silver, and the PM stocks up so suddenly, including the weakening US dollar and interest rates rolling over as market expectations turn less hawkish on the Fed raising rates.

• He is cautious that short-term economic data around inflation this week could trigger a small retracement back lower, but he also shares the reasons why he believes this move in the precious metals complex could have legs for the medium term.

• He does not believe the Q1 peaks in the PMs were “The Top” and believes this sector has much longer to run to much higher levels over time.

• He has been constructive on the upcoming Q2 earnings which has paid off over the last couple weeks, where producer margins, revenues, and free cash flows were still very robust.

• Sean is still mostly animated by revenue-generating gold and silver producers, and cautions investors to be weary of the temptation of many pre-revenue juniors to use this bounce to raise money, diluting current shareholders as they issue more shares.

🔹 “Yeah, the silver miners seem to be lagging a bit. That’s okay. I mean, they’ll just make it up down the road. As I’ve often said, silver is the drama queen of precious metals. When things move higher, it jumps up to touch the ceiling. When things go down, silver falls on the floor.”

• “So, yeah, I mean, certainly gold has been leading. I added a gold miner to my own portfolio last week and added a streamer earlier this week. So, I think gold looks good.”

• “It’s just that when you’re really looking for those underappreciated parts of precious metals, I just find silver miners, you know, they’re the ‘Rodney Dangerfields.’ They never get any respect… and so, I think that there’s just some real potential there.”

🔹 Next we dove into the incredible technical strength this year in copper as an energy metals, but contrasted that against the more tame response overall by the copper stocks.

• Sean provided some compelling stats for copper demand across many sectors, and contrasted that against the supply deficit from copper miners as an opportunity for investors to pay close attention to.

🔹 With regards to the critical minerals stocks, we have seen a solid bounce over the last couple weeks, in tandem with the other metals, pondering if this is all part of a huge metals melt-up move.

• Sean points out the geopolitical factors and supply chain constraints that are underpinning the continued interest and attractive fundamental backdrop across a range of critical minerals.

• We also discuss the significance of the US government continuing to directly support the development of key critical minerals projects and domestic processing.

🔹 Wrapping up, we touch upon the blast up higher in broad US equities markets from last week and into early this week.

• While there are many areas of the markets doing well and providing opportunity, Sean has remained more animated by the recent rebound in the space economy stocks, as well as the traditional and next generation defense stocks.

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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.

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