The KE Report

In this Daily Editorial, I am joined by Craig Hemke, Founder and Editor of TF Metals Report, to analyze the shifting macro landscape, key central bank catalysts, and the latest technical action in the gold and silver markets.

FOMC Expectations and the Yield Curve: A look into shifting market expectations for Wednesday’s Fed decision, how the bond market has moved ahead of policy makers, and what the latest Summary of Economic Projections could mean for market direction.

Geopolitical Escalation and Energy Shocks: How widening conflict and major Middle Eastern pipeline infrastructure damage are supporting crude oil prices and altering the inflation narrative.

Precious Metals Price Consolidation: Why the pullback from the August highs resembles a healthy, multi-month base-building process rather than the start of a deep breakdown.

Plunging COMEX Open Interest: The structural impact of near-record low open interest and changing exchange margin rules, leaving thin order books that create volatile air pockets in both directions.

Gold Versus Silver Performance: Technical divergence across the metals space as gold maintains relative strength near major moving averages while silver works through an extended technical digestive phase.

 

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.

In this Company Update, we welcome Alistair Waddell, President and CEO of Inflection Resources (CSE: AUCU, OTCQB: AUCUF), to provide an exploration update from the Trangie Project and across the company's copper-gold portfolio in Australia. Alistair breaks down the air-core drilling program nearing completion at the Trangie Project in New South Wales under the exploration agreement with AngloGold Ashanti, followed by geophysical progress and drill planning at the 100%-owned Endurance Project in the Northern Territory.

Trangie Project Exploration Strategy: The methodology and objectives behind the ongoing 92-hole, over 16,000-meter air-core program through cover, and when the market can expect the full batch of assay results.

Geochemical Vectoring and District Potential: How multi-element assaying and alteration footprints are being used to map prospective alkalic porphyry clusters analogous to the nearby Northparkes deposit.

Target Definition at the Endurance Project: Recent gravity and induced polarization survey results over the Big Eye and Barrel Eye anomalies, paving the way for maiden scout drilling of large-scale IOCG targets.

Non-Dilutive Capital and Project Generation: How co-funding grants from the Northern Territory government support ground geophysics, alongside the broader prospect generator strategy and ongoing technical work.

 

If you have any follow up questions for Alistair please email us at Fleck@kereport.com and Shad@kereport.com. 

 

Click here to visit the Inflection Resources website to learn more about the Company - https://inflectionresources.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.

Keith Bodnarchuk, President and CEO of Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU), joins me to review the 6,700+ meter 13-hole summer drill program along the Cyclone Trend at the Company’s Murphy Lake North (“MLN”) project.  We also discuss the upcoming drill mobilization for their Darby Project, and for the Aurora Project in the near future.

 

Murphy Lake North and Darby are both joint venture projects between Cosa and Denison Mines Corp. (TSX: DML) (NYSE American: DNN). Cosa is the project operator and holds a 70% interest with Denison holding a 30% interest on both properties. MLN is located three kilometres east of IsoEnergy’s Hurricane deposit, in the eastern Athabasca Basin, Saskatchewan, and was the focus of this summer program’s drill results.

 

Highlights

 

Multiple zones of structurally controlled alteration and elevated radioactivity remain open along strike for several hundred meters and on multiple sections

Drilling evaluated multiple structures over 650 metres of strike length with all 13 drill holes intersecting strong structure and/or alteration

Summer 2026 drilling prioritized unconformity targets with significant room for basement-hosted mineralization remaining

With $16 million in the treasury, Cosa remains fully funded for a significant follow up drilling campaign

 

The 13-hole, 6,752 metre drill program followed up winter results at the Cyclone trend highlighted by 5.0 metres averaging 0.55% U3O8 (308.5-313.5 metres) in MLN26-013 including a 0.5 metre subinterval of 1.70% U3O8 (310.5-311.0 metres). Summer drilling targeted the Cyclone trend over a 650-metre strike length extending 400 metres west and 250 metres east of MLN26-013.  All 13 summer drill holes intersected moderate to strong alteration and/or structure, and several drill holes intersected intervals of elevated radioactivity.

Drilling identified two prominent faults, the N- and S-faults, which are generally located along the northern and southern edges of the Cyclone graphitic basement unit. The N-fault is the most prominent basement structure intersected on the project and hosts the zone of strong basement alteration intersected by winter 2026 drill hole MLN26-017. 

 

Next Steps:

 

With C$16 million the treasury, the Company remains well-funded for a significant follow up winter campaign at Murphy Lake North. Immediate follow up targets include the uranium pathfinder element enriched basement alteration zone intersected by MLN26-017 and MLN26-020C1, the S-fault, and the strike extensions of the N-fault.

Additionally, the Company expects to announce commencement of drilling at the Darby and Aurora projects in the coming days.

 

 

If you have any questions for Keith or Andy regarding Cosa Resources then please email them into me at Shad@kereport.com

 

* In full disclosure, Shad is a shareholder of Cosa 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 Cosa Resources

 

 

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.

Brad Rourke, Executive Chairman of Scottie Resources Corp. (TSXV: SCOT) (OTCQB: SCTSF) (FSE: SR80), joins me to review the first drill results, at the Blueberry Contact Zone, from the fully-funded 50,000 metre 2026 drill program at the Scottie Gold Mine Project; located in the Golden Triangle of British Columbia. We also expand on the pathway forward into development of the Project, and eventual production in 2028.

 

On September 9th, the company released the first assays from its 2026 drill program, including multiple high-grade gold intercepts on its Blueberry and Lemoffe vein zones.

 

Highlights:

 

Blueberry Contact drillhole SR26-492 intersected 9.7 grams per tonne (g/t) gold over 18.00 metres (m), including 40.4 g/t gold over 2.0 m at the Lemoffe vein zone. The hole also intercepted an additional Lemoffe vein grading 15.9 g/t gold over 2.0 m (Table 1, Figures 1,2).

Blueberry Contact drillhole SR26-489 intersected 26.2 g/t gold over 2.45 m at the Lemoffe vein zone (Table 1, Figures 1,3).

Blueberry Contact drillhole SR26-490 intersected 14.6 g/t gold over 2.45 m at the Blueberry vein zone (Table 1, Figures 1,4).

More than 40,000 m of drilling this season has been completed in 160 holes, with an additional 12,000 to 16,000 m forecasted to be completed within the existing budget due to better-than-expected drilling productivity. Four drill holes are reported in this news release with assays pending, results will be reported throughout the remainder of the year as received.

Eight diamond drills are currently turning; seven on the Scottie Gold Mine Project and one on Cambria Project.

 

 

Brad highlighted that the 2026 drilling program is focused on three key objectives: upgrading inferred ounces to indicated through infill drilling, expanding known vein zones, and testing major step-outs and new targets. This year’s exploration program is expected to be in the order of 52,000 to 56,000 total metres. We discussed some holes testing expansion targets like Wolf, P-Zone, C&D veins, and Domino.  

 

After all the 2026 data comes in the Company will then update the Resource Estimate and complete the workstreams to announce the Feasibility Study in 2027, with first production anticipated in 2028.

 

 

If you have any questions for Brad regarding Scottie Resources, then please email me at Shad@kereport.com.

 

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

 

 

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.

As macro fault lines widen from Treasury intervention to global reserve diversification, markets are flashing sharply conflicting signals across commodities and headline equities. This Weekend Show brings together macroeconomic asset manager Axel Merk to assess precious metals valuations and fiscal policy crosscurrents, alongside technical analyst TG Watkins to dissect alarming breadth breakdowns and unprecedented volume shifts in leveraged funds. 

Segment 1 & 2 - Axel Merk, President and Chief Investment Officer of Merk Investments, joins the program to discuss the macroeconomic factors driving the precious metals sector, including Federal Reserve monetary policy, Treasury actions, and rising global debt. Throughout the discussion, he analyzes the durability of the current gold bull market and central bank demand while emphasizing the importance of strong management teams when evaluating undervalued mining equities. 

Click here to learn more about Merk Investments - https://www.merkinvestments.com/

 

Segment 3 & 4 - TG Watkins, Director of Stocks at Simpler Trading and editor of Profit Pilot, provides a technical chart analysis evaluating commodities, energy, and broad equity markets. He outlines anticipated pullbacks toward key moving averages for gold, silver, and copper, while warning that frothy crude oil prices and underlying weakness in equal-weight and small-cap indexes indicate an impending seasonal market correction before another leg higher. 

Click here to visit TG’s site - Profit Pilot - https://www.profit-pilot.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.