The KE Report

Jack Henris, President and COO, and Shawn Campbell, CFO of Dakota Gold (NYSE American: DC), both join me for a visual exploration and development update on their Richmond Hill Oxide Heap Leach Gold Project; located in the historic Homestake District of South Dakota, near existing mining infrastructure. We review all the drill results from 2025 and 2026 that will be incorporated into the upcoming resource estimate and Pre-Feasibility Study (PFS) in Q4, and the timeline of key development studies that will feed into updated Feasibility Study economics in 2027. We also highlight the upcoming drill program at their Maitland Gold Project, which will lead into a maiden resource estimate.

 

We start off with Shawn reviewing the existing site and regional infrastructure advantages along with the resources at Richmond Hill that were defined in prior years drilling, while Jack outlined the key economic metrics as outlined in the existing SK-1300 Internal Assessment of Cash Flow (IACF).  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.

 

The 2026 Drill Campaign is now complete, and it totaled 17,273 meters of infill, expansion, and geotechnical drilling across 112 holes. Results from the 2025 and 2026 drill campaigns at Richmond Hill are being incorporated into a Pre-Feasibility Study (“PFS”) in the fourth quarter of 2026.

The exploration team has been encouraged by the series of solid results from the northeast expansion drilling, which continues to identify higher-grade zones that complement the large heap-leachable resource at Richmond Hill.

This data will support an updated mineral resource estimate, refine the geo-metallurgical model, and deliver a single optimized mine plan with sequencing.

Jack highlighted that the results being intercepted in the Northeast Project area contain much higher grades than the average overall resource grade. These results have encouraged 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.

These trade-off studies that will factor into the upcoming PFS will be analyzing the fine-tuning of the project economics around the grade optimization, mine optimization, amount of material processed, and run-of-mine streamlining.

 

Supported by their $107 million cash position as of March 31, 2026, Shawn pointed out that this strong capital position has allowed the Company to announce that they’ve secured the electrical substation build slot and are advancing engineering, site layout, and operational readiness along the project’s critical path. These workstreams will go above and beyond reporting reserves in 2026 PFS, and metallurgical test results and engineering studies will then inform the Feasibility Study to be completed in the first half of 2027.

 

Shawn reviews the maps of where the key site build-out will go on the private land, but also highlighted the potential to expand the Richmond Hill Project out beyond into the forest service lands in the fullness of time.  There was information shared that there is also opportunities in the future for the sulphide material underneath the oxide material at Richmond Hill.

 

Wrapping up, Jack shares that the drill program for this year just got underway at the Maitland Gold Project, with 5,578 meters (18,300 feet) planned over 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.

There may be some additional work into the JB Gold Zone which has iron formation mineralization similar to the Homestake Mine style of gold mineralization.  

 

 

If you have any questions for Jack or Shawn regarding Dakota Gold, then please email those to me at Shad@kereport.com.

 

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

 

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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.

In this Company Update, I am joined by Eric Roth, President and CEO of Capella Minerals (TSXV: CMIL / OTCQB: CMILF), to discuss the company’s latest exploration advancements across northern Finland under their earn-in joint venture with Tümad. Eric shares critical insights from the recently completed winter drill program at the Killero East project, detailing what the high-grade copper mineralization and newly defined structural corridors mean for the system's overall scale. He also introduces the newly launched diamond drilling program at Killero West, where the team is actively targeting promising new gold-copper anomalies.

Key Topics Discussed:

Killero East Drill Results: What the high-grade copper, silver, and zinc intervals reveal about a potentially larger massive sulfide system.

Killero West Diamond Drilling Launch: Insights into the targets and goals behind the newly initiated scout drill program in northern Finland.

Tümad Earn-In Joint Venture Update: Where Capella stands with its Year 1 funding and drilling commitments under the joint venture.

Regional Pipeline Progress: An overview of upcoming results and permitting progress across the Company’s project portfolio. .

 

If you have any follow up questions for Eric please email me at Fleck@kereport.com. 

 

Click here to visit the Capella 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.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to for a conversation around how he is navigating this low pricing, low sentiment, low news, and low volume Summer Doldrums period in his portfolio.   This includes how he is approaching advanced developers versus earlier stage developers, and the spectrum of different gold and silver exploration companies.

 

We start off discussing the overall sector sentiment is mirroring the bearish metals and miners pricing backdrop.  This is also evidenced in the very low volume levels in trading the last couple months from the large producers and sector ETFs all the way down to the junior PM stocks.  There has not been nearly as much newsflow as anticipated across the space, where some companies have either sat on some news or scaled down their anticipated work programs.

 

Erik discusses how he is still animated by companies that have work catalysts that can impact their valuations and create alpha in the sector, and prefers those over more mature companies that have work programs that may only move the needle incrementally, and get stuck moving with sector beta and metals price direction.

 

 

* In full disclosure, some companies mentioned by Erik in this interview, are positions held in his personal portfolio, and also may be site sponsors of The Hedgeless Horseman website at the time of this recording.

 

Click here to follow Erik’s analysis over at The Hedgeless Horseman website

 

 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 Monday Daily Editorial, we sit down with Craig Hemki, Founder and Editor of the TF Metals Report, to discuss the ongoing search for a bottom in precious metal, amidst low overall sentiment. Craig outlines the heavy slate of US economic data and high-profile central bank commentary on the horizon that could break the current trend.

The conversation highlights several critical factors shaping the markets this week:

Upcoming Inflation Indicators: How the latest CPI and PPI prints could alter current expectations for rate hikes and impact real interest rates.

Humphrey-Hawkins Testimony: A look at what the upcoming Federal Reserve testimony before Congress means for market direction and future monetary policy.

Monthly Treasury Statement: A breakdown of the latest fiscal data, deficit spending numbers, and the long-term implications for bond yields and debt servicing.

The Copper vs. Precious Metals Divergence: A compelling comparison explaining why copper remains resilient near all-time highs while gold and silver struggle to find near-term momentum.

 

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

This weekend's The KE Report Weekend Show provides a deep dive into the technical layout of the commodities sector and the shifting dynamics of the global currency markets. In two insightful segments, fund manager Dana Lyons shares his rigorous technical perspective on precious and red metals, while currency expert Marc Chandler breaks down recent dollar strength and the structural changes in global central bank reserves. 

 

Segment 1 & 2 - Dana Lyons, a fund manager and editor of the Lyons Share Pro, kicks off the show to discuss how seasonality, political cycles, and chart trends impact various financial markets. Dana provides a comprehensive technical analysis, sharing a bearish short-term outlook for precious metals and copper while explaining why his models remain structurally bullish on general equities despite a recent leadership rotation into health care, financials, and small-cap stocks. 

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

 

Segment 3 & 4 - Marc Chandler, Managing Partner at Bannockburn Global Forex and editor of the Marc to Market website, joins the show to analyze global currency trends, specifically examining the fundamental drivers behind recent U.S. dollar strength. He also highlights the gradual shift in central bank reserves away from the dollar toward gold and alternative currencies like the Australian dollar, while discussing how recent political developments in Europe are impacting the market. 

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

 

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!

 

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.