The KE Report

While broader equity markets shudder under high interest rates and AI valuation fatigue, resource markets are painting a striking study in contrasts. In this episode, we tackle the sharp sell-off in precious metals alongside the relentless fundamental strength of the energy complex. Brien Lundin (Editor of Gold Newsletter) breaks down why short-term algorithmic liquidations in gold and silver are masking an inevitable monetary reset. Then, Josef Schachter and Nathan Ritchie (Schachter Energy Report) examine why the multi-year bull thesis in oil and natural gas remains structurally supply-constrained, presenting compelling value across both Canadian heavy hitters and mispriced international producers. 

Segment 1 & 2 - Brien Lundin, editor of the Gold Newsletter and host of the New Orleans Investment Conference, kicks off the show to discuss the precious metals market, explaining that recent sharp sell-offs are driven by short-term algorithmic trading and tech sentiment rather than damaged fundamentals. He argues that escalating sovereign debt and deficit pressures will ultimately force easier monetary policies, making current downturns prime buying opportunities for long-term investors - particularly in select junior exploration stocks. 

Click here to learn more about the New Orleans Investment Conference coming up this week, on October 28-31. - https://neworleansconference.com/korelin/  

 

Segment 3 & 4 - Josef Schachter (founder and editor) and Nathan Ritchie (VP of Energy Research) of The Schachter Energy Report recap their recent energy conference and share an optimistic outlook for the oil and gas sector. They highlight an ongoing energy bull market driven by insufficient capital reinvestment and growing global demand, predicting a forthcoming outperformance in natural gas equities and recommending diversified exposure across Canadian and international oil, gas, and energy service companies 

Click here to learn more about The Schachter Energy Report - https://schachterenergyreport.ca/

 

If you enjoy the show, be sure to subscribe to our podcast feed (KER Podcast), YouTube channel, and follow us on X for more market commentary and company interviews. Don’t forget to subscribe and leave us a review!

 

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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.

In this Company Update, Cory chats with Dan Sutton, CEO of Syntholene Energy (TSX-V: ESAF | OTCQB: SYNTF). Following the release of an independent technical review confirming world-class operating efficiencies at the company’s Iceland demonstration facility, Dan breaks down what these findings mean for commercialization, the unit economics of clean hydrogen production, and the path toward industrial-scale deployment.

Independent Performance Validation: An overview of the empirical production results from the demonstration facility in Iceland and how performance data de-risks core fuel synthesis technology.

Structural Cost Advantages: How baseload geothermal power combined with high-efficiency hydrogen generation positions Syntholene to compete directly against fossil fuels and alternative biofuels.

Modular Scalability: Why the underlying electrolyzer technology allows for predictable commercial scaling without proportional technology risk.

Commercial Offtake Roadmap: The transition from technical demonstration to negotiating multi-year, bankable take-or-pay agreements with major airlines and industrial buyers ahead of targeted 2028 construction.

Corporate Runway and Capital Discipline: How the company manages burn rate, minimizes dilution, and aligns prospective strategic partnerships ahead of commercial project financing.

 

Please email me with any insight you have on the synthetic fuel market or questions for Dan. 

 

Click here to visit the Syntholene Energy website to learn more about the company. - https://syntholene.com/  

 

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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.

In this Daily Editorial, Cory and Shad welcome Marc Chandler, Chief Market Strategist at Bannockburn Capital Markets and editor of Marc to Market, for the weekly market recap and look ahead to next week. With crucial central bank decisions and top-tier GDP data on deck, the discussion unpacks underlying crosscurrents across sovereign debt, energy, foreign exchange, and metals.

Big Tech Fragility and Market Rotation: A breakdown of the Philadelphia Semiconductor Index’s continued pullback and whether the market’s defensive posture signals true institutional risk-off positioning or routine month-end rebalancing.

Yield Curve Conundrum vs. Surging Oil: Why benchmark Treasury yields are retreating even as WTI crude presses multi-week contract highs, and what this divergence suggests ahead of the FOMC meeting.

The "Rate Cut" Reality Check: An examination of Fed funds futures pricing, persistent US consumer strength, and why aggressive easing bets may remain premature.

Historical Election Cycle Tailwinds: What historical data reveals about third-year presidential cycles and how that seasonal tendency could shape equity performance into next year.

Currency Volatility & FX Divergence: Structural setups across the euro, the yen’s technical retracement, and the fundamental drivers powering the Canadian dollar’s multi-session rally.

Precious Metals Under Pressure: Analysis of the continued technical breakdowns in gold and silver as key support levels give way.

 

Click here to visit Marc’s site - Marc To Market - https://www.marctomarket.com/

 

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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.

Jason Jessup, CEO and Director of Magna Mining Inc. (TSX: NICU) (OTCQX: MGMNF) (FSE: 8YD), joins me to review the key takeaways from Pre-Feasibility Study (“PFS”) for the 100% owned Crean Hill Project, located in the South Range of the Sudbury Basin, northeastern Ontario. We go on to discuss the dual-track development of Levack and Crean Hill over the next couple years and the bigger picture vision of growth from the deep pipeline projects beyond that.

 

Crean Hill PFS Highlights: 

 

Twelve-year commercial mine life with over 11 million tons of probable reserves: The Crean Hill PFS contemplates underground mining of 11.4 million tons of probable reserves at an average mining rate of approximately 2,400 tons per day during the twelve-year commercial mine life.   

Robust production profile with significant precious metals byproduct credits: Average annual payable copper equivalent (“CuEq”)1,2 production of 35.5 million pounds (“lbs”) during commercial production at all-in sustaining costs (“AISC”) of US$3.55 per CuEq payable lb, including 42 thousand ounces of precious metals (platinum + palladium + gold) on average per year which contribute approximately 38.9% of revenues during this time. 

Attractive base case economics with strong commodity price leverage: Assuming base case commodity prices1, the Crean Hill PFS estimates payback in 1.5 years with an after-tax Internal Rate of Return (“IRR”) of 43.4% and an after-tax NPV7% of $251.0 million. Pre-tax cash flows average approximately $65.2 million per year and increase to $96.2 million per year using September 2026 average commodity prices1, while the after-tax NPV7% increases to $406.1 million, the IRR improves to 65.4%, and the payback period falls to 0.8 years.  

Manageable initial capital spread over a three-year pre-commercial production period: Initial capital costs from January 1, 2027 are estimated to be $127.0 million. This initial capital is expected to be offset by refundable tax credits3 of $17.2 million and pre-commercial production operating cash flow of approximately $37.4 million using base case price assumptions, leaving a calculated net initial funding requirement of $72.4 million. Construction spending is expected to ramp up gradually over a three-year period with first ore sales in late 2027 and commercial production achieved in early 2030.  

Positive potential impact from the recently announced Productivity Mega Deduction: Incorporation of the Productivity Mega Deduction (“PMD”)4 could reduce the estimated federal taxes payable over the life of mine, especially during the early years of commercial production. By accelerating the utilization of certain tax deductions via the PMD, the Crean Hill PFS after-tax NPV7% would improve by $5.7 million to $256.7 million and the IRR would increase to 45.5%. 

 

Crean Hill construction to commence in 2027: Based on the results of the PFS (summarized in Table 1), the Company’s Board of Directors has approved construction of the Crean Hill project, which will commence in 2027. In the interim, the Company will continue with detailed engineering work, surface site preparations including installation of grid power and recruitment of additional personnel.  

 

Crean Hill exploration drilling now underway: In addition, an exploration diamond drill rig has been mobilized to the Crean Hill Project and has started drill testing new targets for additional footwall copper and precious metals-rich mineralization.   

 

Next we pivoted over to the potential for the dual-track development of Crean Hill along with Levack, after the C$140 Million strategic investment by Alpayana, that just closed on August 31st.  We review the rough timeline for when development ore  from Levack will start feeding into the production profile in 2027, but with commercial production anticipated for 2028.

 

Wrapping up, Jason paints the value proposition for how this Company could grow into a mid-tier polymetallic base metals and precious metals producer over the next handful of years, with other permitted projects like Podolsky and Shakespeare waiting in the project development pipeline.

 

Click here to follow along with the news at Magna Mining

 

If you have questions for Jason regarding Magna Mining, then please email me at Shad@kereport.com.

 

In full disclosure, Shad is a shareholder of Magna Mining 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 Substack reports:

 

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, Cory chats with Simon Dyakowski, President & CEO of Aztec Minerals Corp. (TSX-V: AZT | OTCQB: AZZTF). Aztec Minerals recently announced assay results from its Tombstone Project in Arizona, successfully extending gold-silver mineralization up to 190 meters west within the newly targeted North Extension. With more drill results coming, an upcoming maiden resource estimate, and a recently closed financing, Simon provides key technical and corporate insights into what is shaping up to be a pivotal quarter.

Key discussion points include:

North Extension Expansion: A breakdown of the latest nine drill holes showing strong continuity to the west and north of the Contention pit, highlighted by an intercept of 115.8 meters of 0.67 g/t AuEq.

Structural Geology and Follow-Up Strategy: How the intersection of anticlines and north-south trending dikes is opening up substantial new target areas to the west for early next year.

Maiden Resource Timeline: An update on the cutoff parameters, drill meters incorporated, and what investors should expect when the initial Tombstone resource estimate drops this November.

Pending Assays and Winter Drilling: Expectations for the 22 pending drill holes to the north and the timeline for remobilizing drill rigs to site.

Balance Sheet Runway and Metallurgical Work: Insights into the company's C$8.5 million treasury following an oversubscribed financing, potential PEA timing, and upcoming bottle-roll metallurgical test results.

 

Please email me any questions you have for Simon. My email address is Fleck@kereport.com. 

 

Click here to visit the Aztec Minerals website - https://aztecminerals.com/

 

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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.