The KE Report

Justin Huhn, Founder and Publisher of the Uranium Insider, joins us for yet another very comprehensive macro update on the supply and demand fundamentals for uranium and the nuclear fuel sector.   We discuss the primary investment case for the uranium sector contrasted against the flashy headlines of the last 2 years around the secondary demand from AI datacenters and small modular reactors (SMRs). Then we dive into how the longer-term contracting cycle is setting up with utility companies, different bottlenecks in the nuclear fuel cycle, and how he is positioning in the uranium equities that feed the front-end of that supply chain.

 

Key topics of discussion:

 

We start off reviewing the Primary Demand drivers for uranium from the existing global fleet of nuclear reactors, which is augmented by the many reactor life extensions and restarts, as well as all the new reactors coming online over the next decade that are under construction or planned.  The investing case for uranium bulls is compelling even with conservative modeling on this primary demand out for the next 5-10 years.

 

Next we layer on the various aspects of Secondary Demand that are harder to model,  but will definitely have an additive effect on overall global uranium demand:

 

Sovereign stockpiles and strategic reserves from hedgefunds

Utility companies inventory stockpiles

Miscellaneous demand from Small Modular Reactors (SMRs), military, etc…

 

Next we transition over the supply side of the equation focusing on the uranium mining companies. We’ve seen a flurry of news the last couple years out of the U308 producers, many of which have been struggling to ramp up production. 

 

Justin unpacks his outlook on mined supply from Kazatomprom, the largest uranium swing producer in Kazakhstan, the slow ramp up of Uzbekistan production, guidance last year from Canadian senior uranium producer Cameco (CCO.V) (CCJ), African producer Paladin, and the slow but steady ramp up of US producers.

Each country and the producing entities have had a series of setbacks and challenges to hit their annual guidance, which has kept supply and inventories tight.  

 

Next we point out that large development projects in the Athabasca Basin of Canada, like the Phoenix Project held by Denison Mines (TSX: DML) (NYSE: DNN), and in specific the importance of the Arrow Project from NexGen Energy (TSX: NXE) (NYSE: NXE), seeing their production timelines get pushed back to 2030 or later. There is very little new supply coming online globally, with the exception of some smaller production out of the US, Namibia, and Australian producers. All of this points to a much more constrained output from global uranium producers, even in face of growing uranium demand.

 

Justin weighs in on the importance of seeing more developers and explorers move their projects forward, and that the exploration stocks in particular have been left for dead by investors and represent compelling value propositions in this current environment.

 

 

Click here to visit the Uranium Insider website.

 

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 Daily Editorial, we welcome back Dave Erfle, Founder and Editor of The Junior Miner Junky, to evaluate the ongoing correction across precious metals and resource equities, share tactical adjustments for portfolio positioning, and dissect the latest corporate buyout in the gold sector.

Precious metals market divergence: An overview of gold and silver price trends during this prolonged consolidation and why major mining equities continue to show notable relative strength against bullion lows.

Selective pivot to early-stage drill plays: The rationale behind reallocating capital into pre-PEA, discovery-stage exploration assets and the exact technical and corporate criteria required before buying speculative positions.

Strategic tax-loss rotation and portfolio pruning: A disciplined look at cutting laggards ahead of the standard year-end window to fund fresh opportunities, along with rules for locking in gains on core multi-bagger winners.

M&A dynamics and in-situ valuation spreads: Key insights into SSR Mining’s acquisition of Roxmore Resources and the Converse project, examining why buyout prices range widely from low double-digit ounces to premium high-grade assets.

Producer balance sheets vs. generalist appetite: An assessment of corporate cash reserves, capital return programs, and the market catalysts needed to bring institutional and generalist investors back into mining equities.

Companies and Stock Symbols Mentioned:

SSR Mining Inc. (TSX: SSRM | NASDAQ: SSRM)

Roxmore Resources Inc. (TSX: RM | OTCQX: GARLF)

Montage Gold Corp. (TSX-V: MAU)

Osisko Development Corp. (TSX-V: ODV | NYSE: ODV)

Rupert Resources Ltd. (TSX: RUP)

G Mining Ventures Corp. (TSX: GMIN)

G2 Goldfields Inc. (TSX-V: GTWO)

Probe Gold Inc. (TSX: PRB)

Northern Star Resources Ltd. (ASX: NST)

Gold Fields Ltd. (NYSE: GFI)

 

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter - https://www.juniorminerjunky.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 KE Report Company Update, we are joined by Sage McCallum, Vice President of Exploration at Q2 Metals Corp. (TSX-V: QTWO | OTCQB: QUEXF | Frankfurt: 458), for a detailed exploration update on the flagship Cisco Lithium Property in Quebec.

Record Drill Results: Why hole 93 delivered the project's strongest intercept to date and what its exceptional widths and grade profiles indicate about the core deposit.

Near-Surface Economic Drivers: How recent hits starting from surface could significantly reduce early payback periods and improve open-pit economics in the upcoming Preliminary Economic Assessment (PEA).

De-Risking vs. Resource Expansion: The multi-pronged strategy balancing infill drilling to upgrade resource categories against step-out drilling along the primary strike corridor.

District-Scale Upside: What early reconnaissance across the broader 25-kilometer greenstone corridor reveals about prospective targets outside the defined deposit area.

Fully Funded Multi-Rig Campaign: The timeline and news flow expectations for the five active drill rigs turning through the winter season backed by a robust treasury.

 

If you have any follow up questions for the team at Q2 Metals or would like more information on any aspect of the Company please email us at Fleck@kereport.com and Shad@kereport.com.  

 

Click here to visit the Q2 Metals website - https://www.q2metals.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, 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 price action in the gold, silver, and precious metals stocks.

 

Key Discussion Points:

 

Upcoming Inflation Metrics: Later this week we’ll get both the CPI and PPI readings, which may adjust expectations about future Fed rate hikes.

Kevin Warsh Media Appearance: At the banking conference in Thailand, Kevin Warsh will react to economic data on Friday morning in Asia, which will be Thursday night in North America. This could cause a market reaction on Friday.

Geopolitical Escalation and Energy Shocks: Continued conflict has kept crude oil and diesel prices higher, tweaking inflation expectations moving forward.

Precious Metals Price Action Channeling Sideways: After a volatile last few months, gold is still above $4,000 and silver has been oscillating on either side of $60.  Considering where we started the year in the PMs, they aren’t down to the degree that investor sentiment has dropped.  Craig looks back on the big advances in gold in 2024 and 2025 and points out a sideways year to close up 2026 wouldn’t be that bad.

Gold Is Moving Into Better Seasonality:  The seasonal patterns for gold, caused by Indian festival season, holiday jewelry purchases, and year-end and Q1 positioning, are about to hit the more constructive performance months of November, December, and January.

Q3 Earnings Season For PM Stocks:  Metals prices were still historically robust during Q3, and while margins may not have been as large as the prior 2 quarters, gold and silver companies should still should be reporting a positive earnings season.

US Mid-Term Elections Will Be A Wildcard:  As the media begins to amp up the political divide in the US, and all the typical mudslinging and outrage, it is hard to predict how the elections will go, and more importantly, how the markets will react.  We are only 3 weeks away from the elections, so this will be just another outside factor pressuring all markets.

 

Click here to visit Craig’s website – TF Metals Report – https://www.tfmetalsreport.com/

 

 

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.

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/

 

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.