The KE Report

John Rubino, {Substack https://rubino.substack.com/}, joins us for another wide-ranging discussion around the strong financial health of the gold and silver producers and royalty companies as we head into Q2 earnings season later this week.   We also discuss his outlook on the potential for more mergers and acquisitions, what stage of developer he is animated by, his outlook on royalty stocks, and the copper sector.

 

While Q2 earnings are not going to be as big as the record underlying metals prices seen in Q1,  John believes the gold and silver producers will still report very solid revenues, because the average metals prices were the 2nd highest of any other quarter in history. 

The caveat is that with the overall sector trend having been lower for the last 6 months in the underlying gold and silver prices, that this is what ultimately affects investor sentiment and stock price direction. The metals price direction is seemingly more germane than strong fundamentals, earnings, or value creation.

We debate whether the valuations in PM producers, which are now down closer to where they were back in Q3 and Q4 2025 are at a mismatch, considering the margins were still much larger in Q2 than those quarters. Many PM producers crashed down 40%-60% during the exact same time that they still generated near-record revenues and cashflows on their balance sheets.

We discuss where all that cash piling up has been going over the last few quarters as a return of capital to shareholders in share buybacks, new or increasing dividends, and why we aren’t seeing even more merger and acquisition transactions in this kind of environment.

 

John then distinguishes between the boring versus the opportune time to accumulate quality PM developers, to maximize the 2nd leg of the Lassonde Curve. 

There is a typical lull in quality exploration stocks once they put out a resource estimate and put early-stage PEA economics on a project. Early-stage developers then face years of permitting, metallurgical and engineering studies, definition drilling, and the boring “orphan phase” of the Lassonde Curve; when speculators lose interest and rotate out to go chase other short-term catalysts.

John likes to focus on companies once they already have a compelling Feasibility Study in place and are closer to the construction decision, increasing their likelihood to become a takeover target by a larger company.

In general, John is more skeptical of explorers that become developers having the skillsets to build mines on their own, but he stresses that it really comes down to analyzing the management teams for their past track records, and the capabilities of their board and team.

Some select smaller to mid-tier producers, that bought divested mines from the majors, can also use those cashflows from operations at these higher metals prices to fuel and fund the progress on key flagship development projects.

 

 

Next, we point out how the royalty companies, that don’t have cost creep due to rising energy expenses or large labor costs, have still been chopped down by 30%-40% along with the rest of the PM sector; which makes little sense from a valuation standpoint.

John feels this is a prime example of an inefficient market where the fall in share prices and market caps creates a growing value proposition.

He’ll be using low-ball bids and weakness in the royalty stocks to keep accumulating.

His outlook is that we will continue to see a number of potential M&A deals in the royalty stocks, and this gives him comfort to go down the food chain into the mid-tier and smaller stocks, as they likely will be acquired by large companies with a better valuation multiple in the fullness of time.

 

Wrapping up we review the continued strength in the copper price, holding up near all-time highs, and why he remains longer-term bullish due to supply/demand fundamentals.

The caveat John mentions is that if there is a softening in AI data center buildouts, or if the Chinese AI platforms compete with domestic AI platforms, or if we see the lofty valuations in US equities roll over hard, in the near to medium-term, then this could also pressure copper and copper stocks to the downside.

 

Click here to follow John’s analysis and articles over at Substack

 

 

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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.

Terry Harbort, President and CEO of Talisker Resources (TSX: TSK) (OTCQX:TSKFF), joins me to review the continued success sampling high-grade gold over broad strike lengths from underground development on the 1045 Level at the Mustang Mine at the Bralorne Gold Project, British Columbia, Canada. We also discuss their recent loan for purchasing ore-sorting equipment, the acquisition of Ben Nevis property, and the big-picture vision for the company’s future growth into multiple mines and satellite areas across their district.

 

The Company has successfully developed at the 1045 level on a continuous 127-metre strike length of high-grade gold mineralization along the BK-9870 Vein, averaging 21.52 grams per tonne (g/t) gold across an average true width of 0.83 metres. 

Terry outlines that these encouraging results provide further validation of Talisker's geological model, demonstrating increasing grade and improved continuity of mineralized structures with depth within the Mustang Mine.

This was after the company had recently reported on previous results from the BK vein that returned a 60m strike length at 27g/t also on the 1045m level, and their team is pleased that lateral development at Mustang is returning results well beyond initial expectations.

He mentioned they are awaiting upcoming assays from development on the 1105m level above and from the new 1030m level, 15m below the 1045.

 

Next we discussed the news out July 17th which announced that the Company has entered into a loan agreement with Two Shores Capital Corp. for a delayed-draw term loan of up to $11.0 million to fund the acquisition of ore sorting and processing equipment.  Terry mentions that they’ve already purchased the equipment, and some of the front-end crushing machinery is already showing up to site and then walks listeners through the timeline of final on-site testing of the ore sorting in the latter part of this year, and that it may impact run-of-mine material and show a significant reduction in waste rock as soon as H1 2027.

 

Additionally, we discussed the news out on July 13th that announced their acquisition of a 100% interest in the Ben Nevis property located contiguous to the Company’s Bralorne Gold Project in southwestern British Columbia from Coast Copper Corp.

The Property is strategically located south of the current Bralorne Gold Project and comprises 16 mineral tenure claims totaling 10,404.15 hectares.

The expanded land package lies southeast along the strike of the Cadwallader fault system which hosts the Bralorne deposits.

The new property expansion adds seven historic mineral occurrences and strengthens the Company’s exploration position by increasing the Bralorne Gold Project to 24,000 hectares spanning a 40-kilometre long mineralized district.

 

 

If you have any follow up questions for Terry regarding Talisker Resources, then please email me at Shad@kereport.com.

 

In full disclosure, Shad is a shareholder of Talisker Resources 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 Talisker Resources

 

 

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, I sit down with Mike Spreadborough, Executive Co-Chairman, and Rohan Williams, General Manager of Exploration at Novo Resources (TSX: NVO | ASX: NVO | OTCQX: NSRPF), for a deep dive into the company's recent exploration developments across their Australian portfolio. Mike and Rohan break down the maiden RC drilling program at the Wyloo Project in the Pilbara, outline new high-grade surface targets, and discuss the scale potential of their Toolunga Copper-Gold project.

Key discussion points include:

Wyloo Project Maiden RC Drilling: An intro to the preliminary results from the 16-hole RC program, proving the hydrothermal mineralization concept for silver and antimony.

Emerging Vera & Kavira Prospects: A quick look at recent high-grade rock chip sampling east and west of Wyloo and what it means for upcoming drill target generation.

Understanding Antimony & Economic Intersects: Clarifying how antimony grades are evaluated and what thresholds define an economic deposit.

Toolunga IOCG Copper-Gold Target: An overview of the 1,200 sq km land package, historical high-grade copper hits, and the three primary geophysical targets setting up early 2027 drilling.

Corporate Strategy & Near-Term Catalysts: How Novo is prioritizing capital across its extensive portfolio and what news flow investors should expect in the coming weeks.

 

Please email me with any follow up questions for Mike and the team at Novo Resources. My email address is Fleck@kereport.com.  

 

Click here to visit the Novo Resources website to learn more about all the projects and exploration programs. 

 

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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.

Dustin Perry, Founder and CEO of Kingfisher Metals Corp. (TSXV:KFR) (OTCQB:KGFMF) (FSE:970), joins me to outline the news out today announcing that it has entered into an agreement with Barrick Mining Corporation; whereby Barrick has agreed to purchase 15,470,934 units of Kingfisher in a non-brokered private placement at a price of C$1.35 per Unit for gross proceeds of C$20,885,761.

 

Each Unit consists of one common share of Kingfisher and 0.5 of a common share purchase warrant. Each Warrant will have a term of two years and each whole Warrant will entitle the holder thereof to purchase one Kingfisher Share for a price of C$1.70 per Kingfisher Share. 

The Placement will result in Barrick owning approximately 9.9% of the issued and outstanding Kingfisher Shares on a non-diluted post-transaction basis and 14.1% of the outstanding Kingfisher Shares on a partially diluted post-transaction basis, assuming exercise of all Warrants. 

The Company has agreed to use at least 80% of the proceeds from the Placement for exploration and development of the HWY 37 Project, located in the Golden Triangle, British Columbia; with the balance for general working capital and other purposes. 

Closing of the Placement is expected to occur on or before July 27, 2026, subject to customary closing conditions, including receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

 

Dustin highlights the benefit of having some of the top-tier Barrick geologists to share ideas with their solid exploration team moving forward; and reiterated their technical bench-strength and the systematic approach that their team was already taking.  The company already commenced a fully-funded 15,000 metre drill program earlier this month; and has 3 drill rigs currently turning in a three-pronged approach to various copper-gold porphyry and epithermal targets throughout the Hank-Mary district of the Hwy 37 Project. 

 

Click here to follow the latest news from Kingfisher Metals

 

Click here to view the site visit video to the Hwy 37 Project

 

 

If you have questions for Dustin regarding Kingfisher Metals, then please email those to me at Shad@kereport.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. 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, Simon Dyakowski, President and CEO of Aztec Minerals (TSX.V: AZT / OTCQB: AZZTF), joins me to discuss the recent extremely long width and high-grade drill results from the Tombstone Project in Arizona, highlighted by one of the thickest intersections ever recorded at the property. We discuss how advanced drilling techniques, deep targets, and improved assay turnaround times are positioning the company for its upcoming maiden Mineral Resource Estimate (MRE).

Key topics covered include:

Record-Breaking Drill Intersections: A look at hole TR26-30 (155.4 m averaging 1.08 gpt Au and 30.23 gpt Ag (1.63 gpt AuEq) within 198.1 m averaging 0.86 gpt Au and 24.52 gpt Ag (1.30 gpt AuEq)) and why the thickness and gold-silver grades mark a major milestone for the Tombstone property.

Expanding Beyond the Main Pit: How current reverse circulation (RC) drilling is pushing mineralization to the east and north, unlocking new exploration potential.

Testing Deep CRD Potential: Insights into the core drilling program, downhole geophysics, and what early observations reveal about deeper mineralized systems.

Timeline to Maiden Resource Estimate: An update on total meterage completed, improved lab turnarounds, and the expected target date for the initial MRE.

 

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.