The KE Report

Global financial markets are grappling with rising interest rates, shifting central bank dynamics, and widening currency misalignments. On this week’s Weekend Show, Richard "Doc" Postma and Marc Chandler analyze how surging long-term yields are reshaping asset classes, from gold and silver targets to foreign equities and global capital flows. 

Segment 1 & 2 - Kicking off this Weekend’s Show, Richard Postma (AKA "Doc") argues that rising interest rates and bond market deterioration will weigh heavily on broader equities and prolong a multi-year downturn in precious metals, projecting potential bottoms around $3,500 for gold and 40–50 for silver that could stretch into 2028. To navigate this environment, he outlines a defensive strategy centered on holding significant cash reserves while selectively eyeing long-term buying opportunities in beaten-down sectors such as gold and silver equities, uranium, and oil. 

 

Segment 3 & 4 - Marc Chandler, Chief Market Strategist at Bannockburn Capital Markets and editor of Marc to Market, discusses global bond yield trends, inflation expectations, and the persistent strength of the U.S. dollar. He highlights how corporate debt for the AI build-out competes with Treasury supply, evaluates heavily undervalued foreign currencies like the Yen and Euro, and advises dollar-based investors to consider diversifying into international equity markets. 

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

 

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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.

Dan Barnholden, CEO of Luca Mining (TSX.V:LUCA) (OTCQX:LUCMF) (FSE:TSGA), joins me to review the strategy and benefits of their 2 recent acquisitions, that expand and transform Luca beyond their 2 currently producing assets – the Campo Morado and Tahuehueto mines, located in the prolific Sierra Madre mineralized belt in Mexico.

 

On September 21, the Company announced it had entered into a definitive share purchase agreement with Capstone Copper Corp., to acquire 100% of the Cozamin Mine in Zacatecas, Mexico for total upfront consideration of $290 million, and up to an additional $95 million in deferred and contingent consideration.

 

Transaction Highlights:

 

More than doubles near-term production, with the combined company expected to generate net revenue of approximately $598 million in 2027(1), versus Luca’s 2025 net revenue of $177 million and operating cash flow of approximately $223 million in 2027(3), versus Luca’s 2025 operating cash flow of $37 million. 

Highly accretive to Luca’s operating cash flow per share (“CFPS”), with consensus estimates indicating a 93% increase from $0.22/sh(2) to $0.42/sh(2, 3) with the addition of Cozamin. 

Increase in free cash flow per share, with consensus estimates indicating an approximate $139 million(2), or $0.28/sh(2), improvement in unlevered free cash flow in 2027, from ($12 million)(2), or ($0.04/sh)(2), to $127 million(2), or $0.24/sh(2), with the addition of Cozamin(3).  

Adds a proven, cash-generating operating asset with 20 years of continuous production and a historical reserve-based mine plan extending to 2030. 

Established and permitted operation with longstanding community agreements and significant existing infrastructure, including the recently completed paste backfill and filtered tailings systems. 

Strategic fit in Luca’s existing Mexico focused portfolio with opportunity to leverage existing local Mexican operating expertise, permitting knowledge, and stakeholder relationships. 

Potential for mine life extension, resource upside, and operational optimization supported by a large historical resource base, extensive exploration opportunities across known mineralized systems and multiple underexplored targets, increased use of longhole mining, and Luca’s planned increased investment in exploration and resource definition following closing. 

Expands Luca’s exposure to copper, positioning the Company to benefit from anticipated long-term copper demand growth while retaining significant exposure to silver and precious metals. 

Potential to restart the existing zinc flotation circuit, providing operational flexibility to respond to improving zinc market conditions. 

Strengthens Luca’s ability to internally fund growth, with incremental cash flow from Cozamin expected to support future investment in the recently announced El Barqueño project, the Campo Morado Expansion, and other strategic initiatives. 

Enhanced scale and capital markets presence backed by strategic investors, supported by greater scale, stronger cash flow, and addition of several key strategic equity shareholders including Capstone ($15 million), Wheaton Precious Metals Corp. ($25 million), and Taurus Mining Finance Fund No.3 ($15 million), with a $75 million equity, initially backstop provided by Trafigura Pte Ltd., but transferred over to Goldgroup Mining Inc.

Goldgroup Mining will have a 19.9% ownership interest in Luca on a non-diluted pro forma basis, after this transaction closes in late October.

 

On September 17, the Company announced a definitive asset purchase agreement with Agnico Eagle Mines Limited, to acquire 100% of the El Barqueño property. An initial payment of $10 million on closing of the Transaction to be satisfied through the issuance of common shares of Luca, and a deferred consideration of up to $30 million through milestone-linked payments.

 

The El Barqueño property covers over 32,000 hectares, is accessible by paved and secondary roads, and is located in the State of Jalisco, Mexico approximately 100km west of Guadalajara city and proximate to the municipality of. The Project is host to a historical (2025) mineral resource estimate of 399,265 ounces of gold equivalent at 1.47 g/t AuEq classified as indicated, with an additional 650,046 ounces of gold equivalent at 1.43 g/t AuEq inferred.

 

Click here to follow the latest news from Luca Mining

 

If you have any question for Dan regarding Luca Mining, then please email those into me at  Shad@kereport.com.

 

In full disclosure Shad is a shareholder of Luca 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, I sit down with Garrett Ainsworth, President and CEO of District Metals Corp. (TSX-V: DMX | OTCQB: DMXCF | Nasdaq First North: DMXSE SDB). Garrett provides a comprehensive overview of the newly launched drill program at the company’s flagship Viken Property in Sweden, reviews regional exploration results, and unpacks the key regulatory and political catalysts shaping the company’s path forward.

Key discussion topics include:

Drilling Commences at Viken: An overview of the newly mobilized drill program targeting two large, highly conductive anomalies (Target Areas A and B) identified by airborne MobileMT surveys.

Drilling Strategy and Target Geometry: Insight into the planned meterage, hole depths, and why the exploration team is prioritizing shallow, thick zones to optimize future strip ratios.

Regional Alum Shale Validation: A review of recent drilling across the Österkälen and Malgomaj licenses, where all 15 holes intersected graphitic black shale to validate the regional geophysical model.

Work Across Non-Alum Shale Assets: A progress report on ongoing field mapping, geochemical sampling, and prospecting at Svärtjärn, Nianfors, and Ardnasvarre.

Swedish Political Climate and National Interest Status: An update on the post-election landscape in Sweden, broad parliamentary support for domestic energy metals, and the timeline for the Geological Survey of Sweden’s National Interest decision.

 

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

 

Click here to visit the District Metals website to learn more about the Company - https://www.districtmetals.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.

In this Company Update, I sit down with Luke Alexander, President and Chief Executive Officer of Newcore Gold (TSXV: NCAU / OTCQX: NCAUF). Luke provides an exploration and corporate update on the company’s Enchi Gold Project located in southwest Ghana. With an 80,000-meter drill program ongoing and several rounds of high-grade assays recently delivered, we discuss how recent drilling success feeds into mine plan optimization, project de-risking, and the substantial disconnect between current equity valuations and project fundamentals.

Key discussion topics include:

80,000-Meter Drill Campaign Progress: An update on the pace of drilling, with roughly 30,000 meters of results still pending.

Exceptional 98% Drill Hit Rate: What this continuity metric indicates about the broader mineralized system across the Enchi property.

High-Grade Intercepts at the Boin Deposit: Insights into high-grade shallow results, including 2.59 g/t gold over 69 meters and 1.16 g/t gold over 41 meters, highlighting shallow plunging shoots.

Mine Plan Optimization Strategy: How bringing higher-grade, near-surface oxide mineralization into the early years of the mine schedule could significantly bolster project economics.

District-Scale Strike and Expansion Potential: The geological significance of Boin’s six-kilometer strike length and the open-ended potential across existing pits.

The Valuation Disconnect and Market Dynamics: A look at the gap between the company's C$100M market cap and its post-tax PFS NPV, alongside share turnover since the study's release.

Fully Funded Status and De-Risking Milestones: Treasury visibility into 2027 and the ongoing geotechnical, metallurgical, and environmental programs advancing Enchi toward future development decisions.

 

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

 

Click here to visit the Newcore Gold website. - https://newcoregold.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.

Jason Jessup, CEO and Director of Magna Mining Inc. (TSX: NICU) (OTCQX: MGMNF) (FSE: 8YD), joins me to review the key takeaways from the Preliminary Economic Assessment (“PEA”) released after the market close on October 7th, for the restart of the fully-permitted Levack Mine, located in the North Range of the Sudbury Basin, northeastern Ontario, Canada.   We also discuss the potential for the dual-track development of 2 mines, because the Company plans to release the PFS on Crean Hill in the next few weeks.

 

 Levack PEA Highlights: (All amounts are expressed in Canadian dollars)

 

Solid production profile and short time frame to commercial production: The Levack PEA contemplates underground mining of 5.75 million short tons with 7.3 years of commercial production and average annual payable copper equivalent (“CuEq”) production of 36.8 million pounds (“lbs”) at all-in sustaining costs (“AISC”) of US$3.71 per CuEq payable pound and commercial production anticipated in mid-2028. 

Low initial capital and robust pre-commercial production operating cash flows: Initial capital costs from January 1, 2027 to the start of commercial production are estimated to be $70.1 million, after incorporating equipment financing timing effects. This initial capital is estimated to be offset by refundable tax credits of approximately $5.6 million and expected pre-commercial production operating cash flow of approximately $55.9 million using base case price assumptions1, leaving a calculated net initial funding requirement of $8.6 million. 

Rapid payback and robust base case economics: Assuming base case commodity prices, the Levack PEA estimates payback in 0.6 years with a base case after-tax Internal Rate of Return (“IRR”) of 92.4% and an after-tax NPV7% of $227.0 million. Pre-tax cash flows in 2028 and 2029 are estimated to be approximately $96.5 million per year. Using September 2026 average commodity prices, the after-tax NPV7% increases to $313.6 million and the IRR improves to 115.8%, with average pre-tax cash flows of approximately $120.6 million per year in 2028 and 2029. 

Positive potential impact from the recently announced Productivity Mega Deduction:  Incorporation of the Productivity Mega Deduction (“PMD”) could reduce the estimated federal taxes payable over the life of mine. The Levack PEA after-tax NPV7% improves by $5.1 million to $232.1 million and the IRR increases to 99.2%, by reducing total federal taxes paid by $1.6 million and accelerating the utilization of certain tax deductions. 

 

Jason goes on to discuss the exploration upside at Levack to expand resources and future mine life well above what was released in this more conservative economic study. As a reminder, all of the recent high-grade copper, nickel, platinum, palladium, and gold results from the R-2 Zone are not included in the current resources or this PEA.  There are also a number of other areas that will be getting drilling, and initiative to make another discovery at Levack.

 

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.   The Company will be releasing a Pre-Feasibility Study (PFS) in October for Crean Hill, and the board will evaluate the final construction decision at that time.

 

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.