The KE Report

Cory Fleck and Shad Marquitz reconnect after a brief summer break to digest the latest price action across the commodity space. They take a close look at what’s driving the current market grind and where key sectors could be heading as the seasonal lull plays out.

Key Discussion Points:

Summer doldrums in full effect: Why low liquidity and quiet trading volume are keeping precious metals and broader commodities stuck in correction territory.

Fed policy and bond market realities: What rising ten-year yields mean for dollar strength and metals momentum.

Gold and silver chart setups: Looking at whether precious metals are quietly building a floor or just pausing before another leg lower.

Copper resilience versus equity lag: Why physical copper price action has stayed sturdy while copper stocks continue to drag.

Energy market wildcards: How ongoing geopolitical tension, crude swings, and shifting supply lines affect oil, and longer term potential future demand for natural gas, uranium, and critical minerals.

Navigating junior mining stocks: What investors need to keep in mind regarding cash burn, drill results, and tight financing conditions.

 

Please let us know your thoughts in the comments or through email! Our email addresses are Fleck@kereport.com and Shad@kereport.com    

 

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For more market commentary & interview summaries, subscribe to our Substacks: 

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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 or investment product. Investing in equities, commodities, really everything 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.

Connor Pugliese, Vice President of Corporate Development for Summit Royalties Ltd. (TSX.V: SUM) (OTCQX: SUMMF), joins us to outline the value proposition from the current portfolio of 48 royalties and streams, but also the ability to grow with future transaction thanks to the announcement of US$50Million revolving credit facility.

 

On July 27th, the Company reported that it has entered into a credit agreement with National Bank of Canada for a revolving credit facility with an initial commitment of US$25 million. The Facility includes an accordion feature providing for up to an additional US$25 million, subject to the satisfaction or waiver of certain conditions, for total potential availability of US$50 million.

 

Key terms of the Facility include:

 

Maturity: The Facility has an initial tenor of three years, with Summit having the right to request an extension of the maturity date, subject to satisfaction or waiver of certain conditions and the consent of the lenders;

Purpose: The Facility is available for working capital and other general corporate purposes (including acquisitions permitted under the Facility);

Interest rate: Advances bear interest at the Secured Overnight Financing Rate or the Canadian Overnight Repo Rate Average, as applicable, plus a credit spread adjustment depending on the tenor of the applicable loan and 2.50% to 4.00% per annum, depending on the Corporation's net leverage ratio;

Standby fee: The undrawn portion of the Facility is subject to a standby fee of 0.5625% to 0.9000% per annum depending on the Corporation's net leverage ratio;

Financial covenants: The Facility requires the Corporation to meet certain financial covenants, including a net leverage ratio, an interest coverage ratio and a minimum liquidity amount;

 

Connor shares his background in the industry have created a number of royalties with Triple Flag PMs where mining companies are given much needed development capital in exchange for a royalty or stream on that project when it goes into production.  We also highlight Drews background making accretive acquisitions on existing 3rd-party royalties and streams. The company will be pursuing both approaches for new transactions with this credit facility.

 

We review again the growth still available in the existing 4 producing royalties as well as the 2 development-stage royalties moving into initial production by year end but ramping up into commercial production in 2027.  Wrapping up Connor outlines the value proposition for Summit Royalties both in terms of future compounded growth metrics, as well as in comparison to royalty peers in the sector.

 

 

Click here to follow the latest news from Summit Royalties

 

If you have any follow up questions for Connor about Summit Royalties, then please email them into us at Fleck@kereport.com or Shad@kereport.com.

 

In full disclosure, Shad is a shareholder of Summit Royalties at the time of this recording, and may choose to buy or sell shares at any time.

 

 

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, we sit down with Mike Burke, Director and Vice President of Corporate Development at Sitka Gold Corp. (TSX-V: SIG | OTCQB: SITKF | FSE: 1RF), to discuss major milestones at the flagship RC Gold Project in Yukon, Canada.

Key Discussion Points

100% Ownership Consolidation: Mike details the accelerated acquisition of the Clear Creek property, completing full ownership of the strategic claim group containing the Rhosgobel deposit.

Royalty Structure and Strategy: Insights into the 5% NSR royalty on the Clear Creek property, including the option to buy down the royalty to 2% and the company’s right of first refusal.

60,000-Meter Drill Program Update: Progress on the active drilling campaign across key targets including Rhosgobel, Contact Zone, Saddle, Eiger, and Bear Paw Breccia.

Assay Turnaround and Next Steps: What investors can expect regarding upcoming assay results, drill expansion plans, and progress toward an updated mineral resource estimate and PEA.

 

If you have any follow up questions for the team at Sitka Gold please email me at Fleck@kereport.com. 

 

Click here visit the Sitka Gold website to learn more about the Company - https://sitkagoldcorp.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 or investment product. Investing in equities, commodities, really everything 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 July 28, 2026]  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,  A.I. Stocks, chip stocks, value stocks, and oil stocks.  

 

The conversation kicks off around the precious metals sector, getting Sean’s outlook on what fundamentals are driving gold, the gold stocks, and silver.

 

Sean acknowledged the bearish price action in gold and gold stocks since the tops in late January and February to present, and would like to see the PMs just quit going down and stop making lower lows.

He points out that the world is sick of the weaponization of the US dollar, and so more central banks have been increasing their exposure to gold on their balance sheets, while diversifying out of the dollar and US treasuries.

He is generally constructive on the upcoming Q2 earnings which has just gotten underway, where producer margins were still very robust, even despite the higher energy inputs for the quarter.

Even if gold and silver continue to channel sideways then he still believes there are opportunities at present to pick up quality PM stocks.  

 

Next we dove into the rotation in the general US equities out of some of the mega-cap tech leadership and out into other value sectors of the market.

Sectors like financials, healthcare, insurance, and companies generating large amounts of revenues from traditional businesses are providing more “certainty” in very volatile times and headlines.

Chinese A.I. platforms and chip companies could be quite disruptive to US tech companies, and this has roiled foreign stock markets like Korea and Taiwan.

Defense stocks, both traditional names and the next generation defense names in drones and counter-drones may be waking back up.

A recent Trump administration executive order focused on military contractors and the government focused on sourcing parts their supply chains from domestic sources, which may be a benefit to critical minerals stocks operating in the friendly trade partner sphere of influence.

 

Wrapping up we get Sean’s outlook on the wild headline driving oil price movements from the $60s up to the $90s and back down into the $70s, and how that may play into current opportunities in the energy stocks.

 

Sean is hanging on to his energy stocks for now, especially if they have solid fundamentals at these current prices, and pay a good dividend.

If the geopolitical tensions do calm down again, then he would be looking at accumulating more oil stocks if the WTI price got back down close to $70 again.

 

 

 

Click here to follow along with Sean’s work at Weiss Ratings Daily and Wealth Megatrends

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Click here to learn more about Resource Trader

 

 

 

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.

Mark Brennan, Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review their Q2 2026 operational metrics at the producing Minera Don Nicolas (MDN) gold mine in Argentina.  We discuss the increased life of mine and MDN due to the acquisition of the adjacent Falcon Properties, and the ongoing 70,000 meter exploration program, both at surface and now with an underground drill rig. Additionally we get an update on the permitting process at the Lagoa Salgada VMS Project in Portugal and ongoing tradeoff studies for the coming Feasibility Study  at the Mont Sorcier Iron Project in Quebec.

 

Q2 2026 MDN Operating Highlights:

Q2 Production of 15,415 vs 11,437 GEO in Q2 2025, 2026 first half Production of 28,257 vs 22,600 GEO in 2025

Heap leach production improved to deliver 9,981 GEO in the quarter

Underground development work continued; leading to increased production for H2/26

CIL plant continues to process a blend of stockpile material with an increasing mix of ore from underground operations, resulting in total production of 5,434 GEO in Q2

Acquisition of Falcon Properties has the potential to extend Heap Leach operations based on historical drill results.

Combined with the existing exploration program, the acquisition is expected to position the mine to add new mineable material quickly

Full year production guidance of 50,000-60,000 GEO maintained

 

Mark and I review their Minera Don Nicolas producing gold project in Argentina, and the combination of heap leach and underground gold equivalent ounce production for the second quarter. He also highlighted the advantages of the Falcon Properties acquisition, and how it adds years to the existing heap leach mine life, as well as substantial exploration upside.  We discuss the key objectives from the ongoing 70,000 meter drill program will be looking to extend the project mine life in a substantial way and find new high-grade areas, at surface and underground, for future mine sequencing.

 

On June 17th, the Cerrado gold announced that its wholly owned subsidiary, Redcorp - Empreendimentos Mineiros, Lda. (“Redcorp”) has been granted the injunctive relief it sought in connection with the opinion of the Portuguese Environmental Agency (Agência Portuguesa do Ambiente – “APA”). Granting of the injunction has the effect of suspending the effects of the APA opinion while the legal action commenced by Redcorp to overturn APA’s opinion continues to progress. This decision ensures that Redcorp continues to hold its concession contract and PIN classification for the Lagoa Salgada project valid and in good standing.  Mark said the board and management team remain very constructive that a resolution will be found and were pleased that the court agreed with their position.

 

On July 15th the Company announced that it has elected to extend the completion date of the Bankable Feasibility Study at its Mont Sorcier high grade iron project in Quebec, led by Voyager Metals, a 100% owned subsidiary of Cerrado Gold, to review numerous optimization and trade off opportunities that have been identified during the BFS process as having the potential to materially enhance the overall value of the project. 

Key Optimization Focus Areas Include: Enhanced Mine plan to reduce Overall Strip Ratio, Tailing Dam Construction, CAPEX and OPEX review in light of Ongoing Regional Inflation, Trade-off in Concentrate Quality vs Premium Price.

 

We wrap up discussing the underappreciated current valuation that the company is receiving for the producing MDN mine in Argentina, for both the development-stage Lagoa Salgada and large Net Present Value of the Mont Sorcier Project.

 

 

If you have questions for Mark regarding Cerrado Gold, then please email those to me at Shad@kereport.com.

 

In full disclosure, Shad is a shareholder of Cerrado Gold at the time of this recording, and may choose to buy or sell shares at any time.

 

Click here to see the latest news from Cerrado Gold.

 

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.