The KE Report

• Weekend Show - Matt Geiger & Dan Steffens - Junior Mining Breakout and Energy Price Reset

  This weekend's KE Report dives deep into two pivotal commodity trends: Matt Geiger of MJG Capital outlines why it's “game on” for junior mining stocks with a breakout on the TSX Venture, while Dan Steffens of the Energy Prospectus Group unpacks the tug-of-war between fear-driven oil pricing and strong natural gas fundamentals. 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! Also check out our Substack where we email you summaries of Daily Editorials and the Weekend Show! Click here to check it out.   Segment 1 & 2 - Matt Geiger, Managing Partner at MJG Capital, kicks off the show to discuss the improving outlook for junior mining stocks, highlighting that while the TSX Venture isn’t as mining-heavy as in past cycles, rising capital flows and exploration activity suggest a potential early-stage bull market for juniors. He also unpacks selective M&A trends in gold and silver, why copper still needs higher prices to incentivize development, and how he's cautiously managing a strong-performing, junior-heavy portfolio amid growing market optimism. Click here to visit the MJG Capital website to learn more about Matt’s fund.    Segment 3 & 4 - Dan Steffens, President of the Energy Prospectus Group, joins us to unpack the fundamentals driving oil and natural gas prices, rig count trends, and where he sees near-term upside.He explains why U.S. oil production may have peaked, how LNG export growth is tightening the natural gas market, and highlights two Canadian gas-weighted companies, Spartan Delta and Journey Energy, as attractive plays amid rising gas demand and discounted valuations. Click here to visit the Energy Prospectus Group website for more energy market and stock analysis.  

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• Goliath Resources – Largest Ever 40,000 Meter Drill Program Set To Commence Next Month Along With Relogging Of Old Core With New Geological Understanding

  Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins me to review the news out May 28th that announced the Company is embarking on its largest drill program to date, totaling 40,000 meters with 9 rigs, that is 100% focused on the extensive Surebet high-grade gold discovery on the Golddigger Property located in the Golden Triangle of British Columbia.   This year’s exploration focus is based on the positive results from the 2024 drill season which has greatly improved the understanding of this large mineralized system that remains open for expansion in all directions.   As a first initiative, the team is also currently be mobilized to site to start the process of relogging prior year’s drill core, based on the conclusions from the Colorado School Of Mines geological study which confirmed a new interpretation of the ore forming process of high-grade gold mineralization at Surebet and confirms common causative Reduced Intrusion Related Gold (RIRG) source.   Armed with this understanding that dykes found on the Project have the potential to be mineralized with this intrusive style of gold, changes how to interpret prior drilling, and how to move forward now drilling through those dykes into other mineralized horizons instead of avoiding them. Roger highlights the tremendous untapped discovery potential at the Golddigger Project in the Golden Triangle of British Columbia.   Next we discussed the news released on May 5th that world renowned JDS Energy & Mining Inc. has been engaged to assess the viability, permitting and development of an underground exploration adit at Surebet. The Company has tasked JDS with an exploration adit to access a broad expanse of the gently-dipping, high-grade gold lode called the Bonanza Zone that sits approximately 200 meters above the valley floor, and also to consider the best location if a road was to be created into the property.   Wrapping up Roger shares the financial health of the Company after announcing yesterday a bought deal private placement of charity flow-through financing for gross proceeds of C$20,002,700, with Stifel Nicolaus Canada Inc. acting as the sole bookrunner and lead underwriter, together with a syndicate of underwriters. This was done at a slight discount to market, without traditional warrants, and provides the company with optionality on how to proceed with this year’s exploration program and possibly carrying over into next year’s work program.     If you have any questions for Roger about Goliath Resources, then please email me at [email protected] and then we’ll get those answered or covered in a future interviews.   In full disclosure, Shad is a shareholder of Goliath 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 Goliath Resources

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• John Rubino – Portfolio Management Strategies For Gold And Silver Stocks

  John Rubino, [Substack https://rubino.substack.com/], joins us for a wide-ranging discussion on the macroeconomic factors driving gold and silver, along with strategies for portfolio management in the precious metals stocks.   We start off discussing how the higher underlying metals environment has started allowing for more investor confidence in the gold producers maintaining healthy margins and valuations, which is attracting more generalist investor capital flows. Additionally, now the gold development projects economics are starting to look more and more attractive.  John discusses how he is still striking a balance between have exposure to the larger PM producers and royalty companies, but also have exposure further down the risk curve into the exploration stocks as “lottery tickets.”   This leads into a discussion about some of the developers with large resource bases delineated, like Seabridge Gold, and whether or not they will be acquired or built in this cycle; after sitting available for development since the prior cycle.  We dig in to if the reservation from other companies to acquire them is due to jurisdiction, capex requirements, or if it is simply a lack of human capital. John weighs in on what aspects he would describe as “high quality,” and the importance of limiting the amount of portfolio positions to the companies one can really do proper due diligence on.     Wrapping up we circle back to macroeconomic factors that may drive gold prices even higher.  We start of focusing in on the rising sovereign debt levels in countries all over the world, and the changes in the Basel III demarcation for gold as a Tier 1 reserve asset that more banks will be buying to gain more exposure to and diversify their asset mix.  We talk about BRICS countries continuing to reduce down US dollar exposure and mitigate potential trade wars by increasing their gold holding. Lastly we reflect on the increased retailing buying, using the example of new limits on gold purchases from Costco as another tailwind for gold, that may spill over into more sympathetic investment in silver.   https://rubino.substack.com/

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• Equinox Gold - Insights On The Merger With Calibre Mining to Form Canada’s 2nd Largest Gold Producer

  In this KE Report company update, we speak with Rhylin Bailie, VP of Investor Relations at Equinox Gold (TSX: EQX - NYSE-A: EQX), following the shareholder-approved merger with Calibre Mining. The newly combined company is on track to produce nearly 1 million ounces of gold in 2025, with a clear path to surpassing that milestone through 2026 and beyond. Rhylin walks us through: Equinox’s rapid growth since 2017, driven by M&A and organic mine builds across five countries. The strategic rationale for the Calibre merger, including enhanced scale, diversification, and the potential for a valuation re-rating as a senior producer. Flagship Canadian assets Greenstone and Valentine, which are ramping toward 600,000 oz/year combined production. Development-stage upside at Castle Mountain (CA), Aurizona (Brazil), and multiple optimization projects across the portfolio. Outlook on debt reduction, potential for dividends, and disciplined capital allocation amid strong gold prices. An update on the Los Filos mine in Mexico and how it remains a long-term upside wildcard. Key near-term catalysts: closing the merger (expected mid-June), consolidated 2025 guidance, and first gold pour at Valentine (Q3 2025). As Rhylin emphasizes, this is not just a merger of assets, but a merger of teams - combining two strong operators to build a resilient, cash-generating, growth-focused gold producer. 📩 For follow-up questions, reach out directly or leave comments. We’ll continue tracking the ramp-up progress and future updates from Equinox Gold. Our email addresses are [email protected] and [email protected].  To learn more about Equinox Gold visit the Company’s website - https://www.equinoxgold.com/

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• Brian Leni - Junior Gold Stocks: Rotation, Valuation, M&A

  The momentum in the gold sector continues to build, and it's now filtering into the juniors. In this episode of the KE Report, we speak with Brian Leni of Junior Stock Review to unpack what he sees as a true shift in sentiment and market behavior toward gold exploration and development companies. "We're finally seeing good news get rewarded." Brian discusses the shift from bearish sentiment to bullish action as gold prices remain strong and financing picks up across the junior space. Topics covered include: - Why this market feels different from past cycles, and how it compares to 2016 and 2020 - Brian’s portfolio strategy: holding vs. trimming, and rotating into new names - Standout companies and valuation gaps, including Thesis Gold - His views on M&A as a key exit strategy in a rising market - Whether other commodities like copper, nickel, or lithium are offering enough value right now   Brian also shares how he identifies high-probability takeover candidates and why the best opportunities still lie in companies where value hasn't caught up to price. Follow Brian’s work at Junior Stock Review and sign up for his newsletter to track his top picks.

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