The KE Report

Jack Henris, President and COO, and Shawn Campbell, CFO of Dakota Gold (NYSE American: DC), both join me for an exploration and development update, and key catalysts on tap for the balance of 2026 that will feed into updated economics on their Richmond Hill Oxide Heap Leach Gold Project.  We also outline the long-term optionality of their Maitland Gold Project, which will also being receiving some exploration work and maiden resource this year.  Both projects are located in the historic Homestake District of South Dakota, near existing mining infrastructure.

 

We start off reviewing more broad zones of mineralization that were announced over the last month from drilling at Richmond Hill. Jack highlighted that the grades being intercepted in the Northeast Project area contain much higher grades than the average overall resource grade. These results are encouraging their team to consider trade-off studies for the upcoming Pre-Feasibility Study (PFS), to potentially access these higher-grade areas in the first several years of mining.

Expansion drill hole RH25C-310 intersected 5.00 grams per tonne gold (g/t Au) and 28.64 g/t silver (Ag) over 24.9 meters (124 gram meters Au), including 60.82 g/t Au and 61.68 g/t Ag over 1.5 meters (89 gram meters Au) and RH25C-348 intersected  2.46 g/t Au and 19.16 g/t Ag over 32.7 meters (81 gram meters Au).

Expansion drill hole RH25C-359 intersected 3.14 grams per tonne gold (g/t Au) and 10.57 g/t silver (Ag) over 13.4 meters (42 gram meters Au), including 12.25 g/t Au and 20.10 g/t Ag over 1.5 meters (19 gram meters Au).

Infill drill hole RH25C-328 intersected 2.49 g/t Au and 16.63 g/t Ag over 26.9 meters (67 gram meters Au), including 18.60 g/t Au and 41.20 g/t Ag over 1.8 meters (34 gram meters Au).

 

The 2026 Drill Campaign at Richmond Hill is underway and has completed 7,565 meters in 48 infill drill holes to date, representing one third of the total planned drilling for the year. The campaign includes 15,481 meters of drilling in 109 holes to follow up on the success from 2025 and consists of a combination of infill, expansion, geotechnical and mine plan drilling. The campaign is expected to be completed in the third quarter of this year, with a steady string of assay results anticipated over the balance of the year.

 

Richmond Hill is one of the largest undeveloped oxide gold resources in the United States being advanced by a junior mining company, with over 6 million ounces of gold and over 60 million ounces of silver moving along the pathway of development into heap leach production as soon as 2029. Principle Projects are on Private Land which equates to a positive attribute for efficient permitting with State and County organizations.

 

 

 

The Company will complete a Pre-Feasibility Study for Richmond Hill in the later part of 2026.

 

With the resource expansion drilling in the north intersecting significantly higher grades than resource cutoff.

This resource drilling will be complimented with an extensive metallurgical test program, so that the Company will undertake a PFS with a focus on the first ten years of mining.

This work will allow the Company to report reserves in 2026 and will inform the Feasibility Study to be completed in the first half of 2027.

 

The Company will launch a 2026 Maitland drill campaign of 5,578 meters (18,300 feet) in 44 holes.

 

The goal of this infill drilling, when combined with historic drill results, will be to define a maiden resource for the Tertiary-aged Unionville gold Zone.

 

 

Jack and Shawn highlight how these robust gold and silver resources, advantageous site infrastructure, ease of permitting on private land, and robust project economics, point to a future low-cost, long-life mining operation that can deliver high margins and generate meaningful revenues. We also review the potential for a rerating in valuation metrics when looked at through the lens of peer gold developer comparisons.

 

 

If you have any questions for Jack or Shawn regarding Dakota Gold, then please email those to me at [email protected].

 

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

 

Click here to follow the latest news from Dakota 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.

In this episode, we are joined by Dan Rodriguez, Co-Founder and CEO of Mercado Minerals (CSE: MERC). With a primary focus on silver in the prolific Western Silver Belt of Mexico, Dan provides an in-depth update on the company’s flagship Copalito Project. Following the recent announcement of a 3,000-meter diamond drill program, we discuss what’s possible with this initial program.

Key Discussion Points:

The 3,000-Meter Drill Program: An overview of the 25-hole inaugural campaign currently underway, focusing on known veins such as 5 Señores and El Agua.

Historical Data Integration: How the team is utilizing 81 historical drill holes to refine targets.

New Vein Discoveries: Insight into the recently identified extensions and entirely new mineralized zones.

Technical Advancements: The role of high-resolution LiDAR and drone magnetic surveys in pinpointing surface expressions and historical workings.

Corporate Outlook: A look at the company’s treasury of $5.5M and the timeline for initial drill results expected within the next 8 to 12 weeks.

 

If you have any follow up questions for Dan please email me at [email protected]. 

 

Click here to visit the Mercado Minerals website to learn more about the company. 

 

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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.

Jon Gilligan, President and CEO of Liberty Gold (TSX:LGD; OTCQX:LGDTF), joins me for a comprehensive update on 2 non-core project divestments, to focus on the development and derisking work leading to an upcoming Feasibility Study, engineering work streams, permitting, and other future value drivers; with a move towards a construction decision in 2 years at the open-pit, heap leach Black Pine Gold Project in the Great Basin in southeastern Idaho.

 

We start reviewing the divestment of both the Gage Project and Goldstrike Project both here in the month of March:

 

On March 18, 2026 the Company announced that it had entered into an asset purchase agreement with Blue Moon Metals Inc., to sell interests in certain unpatented critical minerals focused mining claims and School and Institutional Lands Administration (“SITLA”) leases in southern Utah (collectively, the “Gage Project”) for consideration of 420,935 common shares in Blue Moon plus a 2.0% net smelter return royalty.

 

On March 23, 202613 the Company announced that it had entered into a definitive share purchase agreement to sell the issued and outstanding shares of the subsidiary, Specialty American Metals Inc., that owns Goldstrike Project in Utah to Heliostar Metals Ltd. for $72.5 million in total consideration.  This is comprised of 1.6 million Heliostar common shares valued at approximately $2.5 million on closing of the Goldstrike Transaction, and then series of cash payments over different times and stage-gate achievements.   

 

Key updates at the flagship Black Pine project in Idaho:

 

On February 10, 2026 the Company announced an update to the independent Mineral Resource Estimate (the “MRE”) for Black Pine, conducted by SLR Consulting Ltd. and suitable for use in a Feasibility Study (“FS”).

Indicated Resource of 502.7 million tonnes (“Mt”) at an average grade of 0.30 g/t Au totalling 4,882,000 ounces (“oz”) Au; and

Inferred Resource of 157.1 Mt at an average grade of 0.21 g/t Au totalling 1,050,000 oz Au.

On March 23, 2026 the Company announced that a coordinated federal and state permitting schedule has been posted to the United States government permitting dashboard, pursuant to the U.S. Federal Permitting Improvement Steering Committee Council FAST-41 federal permitting framework, which provides transparency on permitting milestones and timelines.

 

 

The team at Liberty Gold is working towards a Feasibility Study as a next key catalyst, but has multiple development and derisking workstreams underway. 

The mining strategy will be open pit, run-of-mine material (with no crushing required) onto a heap leach operation with a one-year construction period.

There is ongoing metallurgical column testing underway, with results that will be released in a couple of months demonstrating the recovery rates of this method.

There is engineering work underway based on the updated MRE that will feed into the Feasibility Study later this year.

After the F.S., the capital stack of debt/equity/royalty/streaming will be decided upon and that will finalize in H1 2027.

Initial stages of permits will arrive in late 2027, with the final record of decision expected in Q1 2028. At that point construction will begin.

 

 

If you have any questions for Jon regarding Liberty Gold, the please email me at [email protected].

 

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

 

Click here to follow the latest news from Liberty 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.

In this Daily Editorial, we sit down with Dana Lyons, Fund Manager and Editor of The Lyons Share Pro. As a focused technical trader, Dana joins us to cut through the geopolitical noise and provide an unemotional, data-driven look at the current market landscape. Following a significant week for the metals, we explore whether the current price action represents a buyable bottom or the beginning of a deeper bearish trend.

Key Discussion Points:

Precious Metals Support Levels: A detailed look at the Fibonacci confluence and the "lines in the sand" for Gold (GLD) and Silver (SLV) as they test critical support.

The Gold Miners Outlook: Analyzing why GDX and GDXJ showed strength in February and what the recent reversal means for the intermediate-term bull narrative.

Copper’s Relative Strength: Why the base metal is currently trading in a more "orderly" fashion compared to the frothy blow-off tops seen in other parts of the complex.

Broad Market Corrections: Dana explains his model’s current stance on the tech sector, semiconductors, and international markets as they navigate a corrective phase.

Risk Management & Cash Positions: Insights into why holding a higher cash position and fading "tape bombs" is essential during periods of high volatility.

 

Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services - https://lyonssharepro.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.

Dave Cole, CEO of Elemental Royalty Corporation (TSXV: ELE) (Nasdaq: ELE) joins us to review their record full-year 2025 financial metrics, and to look ahead to 2026 guidance.  2026 will be the first full year of results from the pro-forma combination of Elemental Altus Royalties with EMX Royalty Corporation last year, to form an emerging intermediate royalty company.  We discuss a number of key royalty partner project updates, details of the new dividend policy, and the ability of the company to grow both organically and externally with 4 different business transaction approaches. 

 

2025 Financial Highlights

 

Record full year revenue plus attributable share of Caserones of US$49.2 million, up 128% over prior year, exceeding 2025 updated guidance of US$42 million;

Gold Equivalent Ounces (“GEOs”) of 14,285 for 2025 (compared to 8,987 in 2024), driven by contributions from Karlawinda, Bonikro, Korali Sud, and Caserones, and the completion of the merger with EMX Royalty Corporation;

Adjusted EBITDA of US$34.9 million, up 131% over prior year, demonstrating strong cash flow conversion;

Adjusted operating cash flow of US$33.9 million, up 288% over prior year;

Cash and cash equivalents, as of December 31, 2025, of US$53.1 million and a working capital of US$80.1 million, demonstrating financial flexibility for growth.

 

Next, we go on a global tour of their royalty portfolio of 18 producing royalties, 29 advanced development assets, and ~200 total mineral royalties globally; diversified across multiple jurisdictions and across precious metals, critical minerals, and battery metals

 

Dave touched upon their key cornerstone producing royalty partner projects like: Leeville, Timok, Caserones, and Karlawinda, as well as a number of other solid producing royalties on Gediktepe, Balya, their suite of West African royalties (Korali-Sud, Wahgnion, and Bonikro), and the announcement by Quilla Resources on March 2nd of the successful production of first copper cathode from the Chapi Copper Project in southern Peru. 

 

Dave also flagged a few key large development projects with compelling royalty upside, as those projects move further down the pipeline towards future production, like Diablillos in Argentina, Viscaria in Sweden, Cactus in Arizona, and Laverton in Australia.

 

In addition to growing royalties year over year, there are also a number of one-off incoming payments on pre-production royalties, that are still generating revenues via lease-option payments, stage-gate payments to advance properties, advanced minimum royalty payments; that come in by way of cash and/or shares in partner companies.

 

We also discuss the new dividend optionality of being paid in either cash or Tether Gold tokens, (which are backed by physical gold); and the corresponding value of having Tether Investments S.A. de C.V as their key stakeholder.   Dave believes their Company is on the cutting edge of marrying the value of hard assets anchored in commodities and royalty instruments, with the interest from investors in the utility of digital assets.

 

Dave points to 4 different approaches to continue to grow future value in Elemental Royalty Corp.  Beyond the organic development growth still on tap within their portfolio of royalties, there is the future upside of their continued royalty generation strategy, the potential for larger future royalty acquisitions and/or royalty financings to create new royalties, and they are always reviewing the potential for accretive M&A opportunities.  The company has plenty of firepower to pursue accretive transactions; with near ~$200Million in combined cash and working capital plus a revolving credit facility, with an accordion feature.

 

 

If you have any follow up questions for Dave or the team ate Elemental Royalty Corp, then please email them to us at [email protected] or [email protected].

 

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

 

Click to follow the latest news from Elemental Royalty Corp

 

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.