The KE Report

Shawn Howarth, President and CEO of Excellon Resources (TSXV:EXN) (OTCQB:EXNRF)(FRA:E4X2), joins me to celebrate the milestone of initial concentrate revenues generated during pre-commissioning at its 100%-owned Mallay Silver-Lead-Zinc Mine in central Peru. During the quarter, the Company completed three test milling campaigns at the Mallay concentrator and has selected a new mining contractor to lead the next phase of the mine's ramp-up.  We go on to discuss those next phases of ramp-up process into commercial production during H1 of next year, the exploration targets at Mallay and Tres Cerros, and other corporate derisking initiatives.

 

Highlights:

 

First revenues received: US$4.4 million has been collected to date on the initial concentrate shipments under the Company's offtake agreement with Glencore.

Three Pre-Commissioning Milling Campaigns Completed: 19,884 tonnes processed and 52,860 ounces of silver recovered in concentrate since restart of the mill. Recoveries continue to improve, achieving 84% for silver, 84% for lead and 81% for zinc, reflecting ongoing refinements during the pre-commissioning period.

Target is to Achieve 600 TPD Ramp-Up by Mid-2027: The Company's objective is to reach the 600 tonne-per-day rated capacity of the mill by mid-2027, with the ramp-up schedule to be confirmed in the updated mine plan for year-end.

Updated Mineral Resource Estimate: SGS has been engaged to update its previous mineral resource estimate based on a new geological and resource model incorporating the calc-silicate and other previously unmodeled mineralized zones. The updated estimate, targeted for end of this year, will also include up to 27 new drill holes and all new mine channel sampling in the vicinity of the 4090 level.

Updated Mine Plan Expected for Year-End: SRK Consulting continues to incorporate the new modelling into an updated block model. The resulting plan will set out targeted mine production for the next two years.

DHEM Drilling Program Advancing: The first hole intersected a skarn-altered halo with anomalous copper at approximately 600 metres depth, indicating the presence of a mineralized skarn system below the currently drilled extent of the Isguiz vein. Assay results to date are anomalous in copper and silver. A second hole is currently at a depth of approximately 800 metres, and planned downhole electromagnetic survey will guide follow-up drilling. Results of this drilling will be reported separately as they are received.

400 Ramp: The main accessway below the 4090 Level is now dewatered to the point where rehabilitation can begin. Rehabilitation of the 400 Ramp is the next step toward providing access to areas of the Mine below the 4090 Level.

Drilling Underway: Three drill rigs are active, targeting confirmation drilling at depth and near-mine exploration.  Results will be reported separately.

 

 

We then briefly review the value proposition and optionality across their other 3 projects:  Tres Cerros, Kilgore, and Silver City.   Shawn points out there will be a lot of news to announce over the balance of this year and into early next year from exploration to operations at Mallay, the spin-out of Silver City, and exploration targeting at Tres Cerros and Kilgore.

 

Click here to follow the latest news from Excellon Resources

 

 

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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, we welcome Nick Appleyard, President and CEO of TriStar Gold (TSX-V: TSG | OTCQB: TSGZF). Nick joins Cory to break down the November 6th news release detailing an interim ruling from the Brazilian court concerning the preliminary environmental license (LP) for the flagship Castelo de Sonhos Gold Project. He clarifies what the court’s decision actually means for project development, addresses common market misconceptions, and outlines upcoming operational milestones.

Understanding the Brazilian Court Interim Ruling: Discover why management views this decision as an alignment of interests rather than a setback, and how it clarifies the legal framework required before construction permits can be issued.

Provisional Suspension vs. Cancellation: An essential distinction explaining why technical programs, baseline activities, and feasibility work can proceed without interruption while construction licensing is paused.

Indigenous Studies & Consultation Timelines: Insights into the planned Indigenous Component Study (ECI) and Free, Prior, and Informed Consent (FPIC) process, including expected timelines and community proximity.

Upcoming Infill Drilling & Feasibility Catalysts: A look at what to watch for in early Q1, including contractor bidding, site team expansion, and critical path items for the upcoming feasibility study.

Project Economics & Treasury Strength: A recap of the current resource base, post-tax economics from the last economic study, and the company's current cash runway to fund operations.

 

Click here to visit the TriStar Gold website to read over today’s news. 

 

Email me any follow up questions for Nick - Fleck@kereport.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.

In this Company Update, Cory chats with Mike Burke, Director and Vice President of Corporate Development at Sitka Gold Corp. (TSX-V: SIG | OTCQB: SITKF | FSE: 1RF). Mike breaks down the latest assay results from eight diamond drill holes at the RC Gold Project in Yukon, focusing on newly tested exploration targets, the Contact Zone and Bear Paw Breccia. He discusses the significance of these near-surface gold intersections, comparisons to established deposit areas, and the project’s development pathway as pending assays continue to roll in.

New Target Exploration: An overview of the initial eight drill holes testing the Contact Zone and Bear Paw Breccia targets.

High-Grade Near-Surface Intercepts: Drill highlights featuring broad mineralized zones alongside high-grade intervals, including 53.1 g/t Au over 1.2 metres within the Contact Zone.

Footprint and Scale Potential: The physical footprint and geologic structure of these new discovery zones situated within the Clear Creek Intrusive Complex.

Resource Growth Strategy: How these newly drilled zones compare to the core multi-million-ounce deposit areas and what they mean for the upcoming mineral resource update.

Program Momentum and Upcoming Catalysts: Progress on the remaining drill program, with approximately 27,000 metres across 82 holes still awaiting assay results.

 

If you have any follow up questions for the team at Sitka Gold please email me at Fleck@kereport.com. 

 

Click here visit the Sitka Gold website to learn more about the Company - https://sitkagoldcorp.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 Daily Editorial, we are joined by Howard Klein, Founder and Partner at RK Equity, and Matt Fernley, Partner at RK Equity, who also co-host the Rock Stock Channel. They delve into the sharp sell-off across the critical minerals space, comparing near-term cyclical turbulence to long-term secular demand fundamentals.

The Market Disconnect: Why spot prices and equity valuations have severed ties with strong underlying physical market realities.

Contrasting Commodity Risk Profiles: Where secular upside is emerging in select energy transition metals versus why near-term macroeconomic risks could spark downside in copper.

Macro Volatility and Liquidity Competition: How geopolitical events, interest rate shifts, and the AI capital expenditure race are vacuuming capital out of natural resources.

Post-Election Washington and Bipartisan Policy: What recent shifts in Congress mean for permitting reform, trade policy, and domestic supply chain security.

Timing the Turnaround: The critical indicators investors must monitor to distinguish between a genuine market bottom and a falling knife.

 

Click the following links to keep up to speed with Howard and Matt: 

RK Equity website - https://rkequity.com/ 

Rock Stock YouTube channel - https://www.youtube.com/watch?v=UchoS9EZvak 

Howard Klein on X @LithiumIonBull - https://x.com/LithiumIonBull

Matt Fernley on X  @matt_fernley - https://x.com/matt_fernley 

 

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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.

Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Underground Alpha, joins us for our monthly longer-format discussion on macroeconomic factors moving the markets, his key takeaways from the New Orleans Investment Conference, and his outlook and portfolio management strategies in select gold, silver, copper, and uranium stocks.

 

We start off reviewing the investing themes that had his attention after attending last week’s New Orleans Investment Conference.

 

Nick addresses the encouraging trend of meeting new generalist entrants into the resource sector and seeing outside capital rotating into the sector

We review the typical talking points from the conference of US dollar debasement, sovereign debt, Fed policy, bonds and interest rates, along with the impact of US mid-term elections and weakness in the AI trade

Investor sentiment and pricing trends have remained bearish, which he sees creating opportunities to accumulate during this tax-loss selling season.

He remains more short-term bearish than bullish on many metals due to the background noise from macroeconomics and geopolitics, but reiterates that he is far more bullish for 2027 in gold, silver, and uranium.

With regards to his focus on private placements in junior resource companies Nick remains more focused on solid management teams and execution of their key workstreams, versus worrying about every price adjustment in their underlying commodity.

 

Next we pivoted to his fundamental and technical outlook in key metals for 2027:

 

He had warned that we could see gold break below $4,000 again and head down to test $3,900, which we just saw play out over the last week.

He had warned that we could see silver down below $55 again, in a washout move, before moving back higher again; which we also saw play out over the last couple weeks.

Nick outlines that he expects to see the recent Q3 GDP print of 3.4% as the high-water mark for growth, and that inflation is close to peaking when considering year-over-year rates of change.   As growth and inflation peak and start rolling over in 2027, he anticipates the Fed will shift from hawkish to dovish, which may bring in the bottom and next upleg in gold, silver, and the precious metals stocks.

At the last NOIC at this time last year Nick had picked copper as the contrarian play for 2026, and it has had an undeniably great year.  Having said that, Nick remains bullish on copper longer-term, but expects more potential short-term weakness tied to macro factors like a potential popping of the AI bubbl, and expects it to be stuck in sideways range trading in the $6s for the medium-term. 

Nick is most constructive on uranium equities heading into 2027, as there is a “head-scratching” disconnect between the solid fundamentals for traditional nuclear power and where the uranium stocks are trading.  Power utilities have started signing term contract at ~$100, and the spot price has been advancing to the high $80s - $90, and yet the uranium stocks have been essentially chopped in half during the course of this year.

 

 

Click here to follow Nick’s analysis and full suite of offerings at Digest Publishing

 

 

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.