The KE Report

In this Daily Editorial, hosts Cory and Shad chat with Dave Erfle, Founder and Editor of The Junior Miner Junky, to examine the ongoing correction across the precious metals complex. With crucial monthly closes approaching and major macroeconomic catalysts on deck, Dave breaks down technical inflection points, sector divergences, and disciplined positioning strategies for mining equities.

Crucial Technical Levels for Gold and Silver: Dave details key downside triggers in the futures markets, identifying what a monthly close below key support could mean for a deeper stop run.

Historical Cycle Analogs: A comparison between current price action and the 2008 correction, highlighting how structural similarities offer clues for the next macro leg.

Divergence in Gold Stocks and Producers: Why select mining equities and producer ETFs are exhibiting relative resilience compared to past cyclical corrections.

Q3 Earnings and Cost Inflation Pressures: How rising all-in sustaining costs (AISC) and shifting margin profiles are impacting producer valuations during earnings season.

Disciplined Capital Allocation & Portfolio Strategy: Dave shares his tactical framework for scaling into high-conviction plays, managing cash reserves, and taking programmatic profits into strength.

 

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter - https://www.juniorminerjunky.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.

In this Company Update, we sit down with Colin Padget, President, CEO, and Director of Founders Metals Inc. (TSX-V: FDR | OTCQX: FDMIF | FRA: 9DL0). Colin provides an in-depth look at ongoing exploration across the Antino Gold Project in Suriname, detailing recent high-grade drill results, regional expansion targets, and the strategic road ahead.

Discussion highlights include:

High-grade continuity at the Froyo Zone: An overview of standout intercepts at depth and how step-out drilling is expanding the scale of high-grade mineralization down dip.

Connecting targets across Upper Antino: How ongoing step-outs to the east are systematically testing structural continuity between Froyo and the Donut target.

Scale and orientation of the West Zone: Early impressions from recent discovery holes across strike and what this broad footprint signals for the larger system.

Advancing regional targets across the property: A status check on drilling activity and pending assays from Antino North, Antino Northeast, and Maria Geralda.

Expanded drill meterage and newsflow expectations: Insights into total expected drilling by year-end and what investors can anticipate regarding the upcoming cadence of results.

Exploration focus versus resource delivery: The strategic reasoning behind prioritizing footprint expansion and discovery drilling over an early maiden mineral resource estimate.

Strategic backing and treasury strength: How substantial investment from Gold Fields fuels ongoing exploration across the district.

 

If you have any follow up questions or topic you would like Colin to address please email us at Fleck@kereport.com or Shad@kereport.com. 

 

Click here to visit the Founders Metals website - https://www.fdrmetals.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.

Robert Sinn, (aka Goldfinger on CEO.ca and CeoTechnican on X) and publisher of Goldfinger Capital on YouTube and Substack, joins me for another wide-ranging discussion regarding his technical outlook on the precious metals, if the fundamental factors will matter for PM producers heading into Q3 earnings season, and his portfolio management strategies heading into year-end tax loss selling season.

 

We start off reviewing the technical action on the price charts, with gold and silver back down testing key support levels once again.

 

Robert points out that selling pressure has increased as we’ve entered the last week of October, bringing back into focus the $3,980 support level in gold, and the ~$54 level in silver.

If these nearby support levels do break to the downside, then there are couple different pathways forward:

There could be “false breakdown” that briefly undercuts support, gets most traders bearish, but then that becomes the fuel that brings in more buyers.

There could be a bearish continuation move to even lower levels, washing out the sector sentiment even more than where it already is; until the selling becomes exhausted and then the sector puts in a “major low” to begin the next leg of the bull market.

 

Next, we noted the fat margins that producers should demonstrate as we continue to head into Q3 earnings season over the next few weeks.

Despite the corrective moves in the metals and higher energy costs for the quarter, the company fundamentals should be mostly robust at current prices and margins.

We question whether this constructive news will even matter in light of the backdrop of falling directional pricing in the underlying metals.

 

We have been witnessing depressed sector sentiment, apathetic volume and investor participation in the junior PM stocks and copper stocks, and low company valuations detached from fundamental catalysts.

 

It appears that tax-loss selling silly season is gearing up again here in late October, as we prepare to head into November where selling pressure is often the most extreme.

Robert reminds listeners of the reasons behind this seasonal market pattern.

It has been a statistically favorable trade, for many years, to buy into the depressed resource company valuations heading into November tax-loss season, and then hold them into the Q1 Run into January/February, lightening up on positions into any outsized rallies.

 

Robert unpacks why he is animated by the risk/reward setups in a couple junior exploration companies, specifically outlining their upcoming catalysts and newsflow on tap:

 

Kingfisher Metals Corp. (TSXV: KFR) (OTCQX: KGFMF) (FSE: 9700)

Metal Energy Corp. (TSXV: MERG) (OTCQB: MEEEF)

 

Wrapping up he discussed a few portfolio management strategies, where having cash reserves in place to be able to capitalize on any substantial pullbacks in quality companies in this seasonal weakness can make for good accumulation points.  

Robert reiterated that investors should take inventory of what they own and why they own those stocks; focusing on their highest conviction stories.

 

Follow Robert’s analysis on Substack

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https://ceo.ca/@goldfinger

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Click here to follow Robert on X/Twitter

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https://www.youtube.com/@GoldfingerCapital/videos

 

 

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.

Cliff Hale-Sanders, President of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review their Q3 2026 gold production and 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 active 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.

 

Q3 Operating Highlights:

 

Q3 production of 16,685 GEO, up 21% from 13,832 GEO in Q3 2025.

Year-to-date production of 44,942 GEO, up 23% from 36,432 GEO in the comparable 2025 period

Heap leach production remained steady at 9,649 GEO in the quarter, similar to Q2 2026

CIL production increased to 7,036 GEO in Q3, primarily driven by the selective routing of high-grade Calandrias feed to the Martinetas mill rather than the heap leach pad

Exploration is ongoing, with a key focus now on the recently-acquired Falcon property to support resource growth for a new Preliminary Economic Assessment targeted for late Q1 2027.

Full-year 2026 production is now expected at the upper end of annual guidance of 50,000 to 60,000 GEO

 

 

Cliff 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 third quarter, and the better recoveries experienced for open pit material ran through the CIL plant.

 

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. This data will feed into an updated resource and improved economics in a PEA both set to release in the first half of 2027.

 

Next we shifted over to the Lagoa Salgada project and that to company is preparing to resubmit a revised permit application, addressing the concerns raised by the Portuguese Environmental Agency (Agência Portuguesa do Ambiente – “APA”) to overturn APA’s opinion and find a resolution to proceed with development of the project in 2027.

 

We got an update on the rationale behind the extension for the completion date of the Bankable Feasibility Study at its Mont Sorcier high grade iron project in Quebec to the middle of next year.   This initiative, led by Voyager Metals, a 100% owned subsidiary of Cerrado Gold, is 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, and the comprehensive value proposition for all 3 projects.

 

 

If you have questions for Cliff 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 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 Daily Editorial, Cory and Shad welcome back Craig Hemke, Founder and Editor of TF Metals Report. With precious metals and mining equities enduring steep corrections, Craig breaks down key price thresholds, market sentiment, and what macro events could dictate the next major move.

Testing Critical Support Levels: Gold and silver are revisiting crucial summer baselines. Craig explores whether holding these zones is realistic or if an undercut-and-rally setup must play out first to flush out remaining weakness.

Macro Catalysts on Deck: A stacked economic calendar features the October FOMC rate decision, post-meeting press conferences, and the Fed’s preferred inflation metric, the PCE deflator. Craig reviews expectations and how central bank rhetoric could shift market momentum.

Mining Stocks vs. Physical Metals: Even as top producers deliver solid quarterly production and earnings, their shares face persistent selling. The conversation examines cost pressures, energy input headwinds, and the disconnect between sector fundamentals and equity prices.

Contrarian Signals in Commodity Positioning: Drawing comparisons across uranium, critical minerals, and broader commodities, Craig discusses TFMR’s trading rules and highlights multi-year low hedge fund positioning in Comex silver.

 

Click here to visit Craig’s website - TF Metals Report - https://www.tfmetalsreport.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.