The KE Report

The companies we discussed in the interview are: Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to review the value proposition that has his attention in 3 gold junior resource stocks, that have put out compelling news in the recent past and that have key alpha growth catalysts on tap in the medium-term.

 

 

 

Integra Resources Corp. (TSXV: ITR; NYSE American: ITRG) – On June 25, 2026, the Company announced the results of its updated Technical Report Feasibility Study and Life-of-Mine Plan for the producing Florida Canyon Mine located in Nevada. Less than two years after acquiring Florida Canyon for $68 million, Integra has transformed the operation into a larger, longer-life asset with a 74% increase in Proven and Probable Mineral Reserves, a 17% increase in annual gold production and active mining extended through 2033.

 

Irving Resources Inc. (CSE:IRV)(OTCQX:IRVRF)(FSE:1IR) – On June 25, 2026, the Company announced receipt of strong assay results from newly discovered feeder style mineralization at its Omu Sinter epithermal gold-silver project located in Omu, Hokkaido, Japan. Diamond drill hole 26OMS-002, a 53m vertical hole drilled near the eastern margin of the sinter target earlier this year, intercepted 0.98 gpt Au and 68.96 gpt Ag (2.06 gpt AuEq) over 47.7m beginning at the top of bedrock and continuing to the end of the hole.

 

K2 Gold Corporation (TSXV: KTOV) (OTCQX: KTGDF) – On June 25, 2026, the Company announced that it has commenced its 2026 exploration and 5,650 metre drilling program at the 100%-owned Mojave Project in Inyo County, California.  K2 has commenced an initial drilling program with the approved Plan of Operations providing for up to approximately 14,000 metres of drilling across the Eastern Target Area and will be following up on prior compelling drill results from 2020 and 2021.

 

* In full disclosure, some companies mentioned by Erik in this interview, are positions held in his personal portfolio, and also may be site sponsors of The Hedgeless Horseman website at the time of this recording.

 

Click here to follow Erik’s analysis over at The Hedgeless Horseman website

 

In full disclosure, Shad is a shareholder of Integra Resources at the time of this recording, and may choose to buy or sell shares at any time.

 

 

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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.

Victor Cantore, President and CEO of Amex Exploration Inc. (TSX.V: AMX) (OTCQX: AMXEF) (FSE: MX0), joins me for a big picture update on their transition to development and near-term production at it flagship Perron Gold Project, located in Quebec, Canada.  The Company will be changing its name to Amex Gold Mining Inc. in early July to reflect this transition into a developer/producer over the next 2 years; but will also be maintaining a 100,000 meter drill program, so there is still the dual-focus on exploration as well.

 

On June 18th, the Company announced the completion of the final tranche of the oversubscribed "best efforts" private placement for C$80Million, where Eldorado Gold maintained their 27% stake, and they have received receipt of the key permits for the upcoming bulk sampling program.  We discussed how the bulk sample will achieve multiple goals of learning about the actual grade and metal recovery reconciliation measured against the metrics outlined in the positive Feasibility Study for the 5 years of commercial Phase 1 production at the project. The bulk sample will have an initial capital outlay of around C$50Million, but after processing ~40,000 tonnes via toll-milling at a nearby plant; and producing around 23,000-28,000 ounces of gold, this will generate revenues more than double that capex.

 

We discussed how the market does seem to fully appreciate or value that the Company will be mining and producing metals and revenues by the end of 2027.  Additionally, Victor points out that the portal and decline/ramp development utilized in this upcoming bulk sample is the exact same plan envisioned in their economic study, and will shave all that capital, development work, and time off the front-end of Phase 1 development, providing a faster organic natural transition in Phase 1 commercial mining in 2028 simply by extending that ramp further into the mine.

 

We then discussed the even larger strategy where the revenues generated from the bulk sample in 2027, followed by the 4-5 years of DSO toll-mining in Phase 1, will then fund the exploration and development work that feeds into the Phase 2 studies.  Phase 2 will envision the move into a larger production scenario building a processing plant on site, from the robust revenues projected during Phase 1.

 

In addition to all the development slated for this year, the company is pressing forward with an aggressive 100,000 meter drill campaign, continuing to delineate and expand resources at the main Perron Project; while also beginning to explore on their expanded land package across the provincial border into Ontario.  The company has substantially increased their land holdings through a combination of staking claims and the 2 recent acquisitions of the Perron West and the Abbotsford/Hepburn properties.

 

Click here to follow the latest news from Amex Exploration

 

If you have any questions for Victor regarding Amex Exploration, then please email them into me at Shad@kereport.com.

 

 

In full disclosure, Shad is a shareholder of Amex Exploration 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 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. 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, I sit down with Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, to provide a comprehensive, trading-desk perspective on the recent broad-based correction across the commodity complex. As the markets reach the half-year mark, Darrell breaks down the technical and fundamental forces driving recent sell-offs and what investors should watch heading into the second half of the year.

Key Discussion Points:

Broad-Based Market Correction: An overview of the recent sell-off across energy and metals, examining whether this indicates the end of the long-term commodity bull market or a healthy, constructive pause.

The Energy Complex & WTI Crude: A look at the bearish and bullish factors impacting oil as it tests key moving averages, alongside the market's reaction to regional conflicts and global supply disruptions.

Natural Gas Trends & Seasonality: Analysis of the current range-bound natural gas market, record temperatures in Europe, shifting US weather patterns, and the latest storage data.

Precious Metals & Gold's Psychological Floor: A deep dive into gold and silver's sharp corrections, the influence of a hawkish Federal Reserve, and how the $4,000 level is acting as a major technical support zone.

Base Metals Resilience & Copper Tariffs: An exploration of why copper remains the strongest major commodity despite broader base metal sell-offs, and what the upcoming tariff decisions mean for the market.

 

Click here to learn more about Bannockburn Capital Markets  - https://www.bannockburnglobal.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 Daily Editorial, Craig Hemke, Founder and Publisher of the TF Metals Report, joins me to analyze the peak hawkishness in the precious metals market since last week.  We dive into the macroeconomic backdrop as it relates to interest rates and Fed policy and the fallout after Kevin Warsh chaired his first FED meeting 2 weeks ago and addressed the markets focused on price stability.

 

Craig wrote an article last week titled: “Peak Hawk” outlining some of the topics we dove into during this discussion, and there is a link to that here:

 

https://www.tfmetalsreport.com/blog/13750/peak-hawk

 

 

Technical Levels to Watch:

 

Craig comments on the break-down in gold, silver, and PM ETF breaking below the 200-day moving average, and 50-week moving averages as just a ‘piling on’ effect from this peak hawkishness in the markets. 

He believes most of the corrective move has happened at this point, and is anticipating 2026 to end somewhere around flat on the year; which he notes wouldn’t be too bad after the outsized gains in gold and silver in 2024 and 2025 on a percentage basis. 

He points out we may need that last capitulation move this summer to wash out any remaining weak hands, and to then base and bring in the new buyers that cause shorts to cover and begin a new upleg.

Craig also points to the flattening yield curve, and where the 2-year and 10-year treasury yields have been trending as a factor worth paying attention to.

 

Kevin Warsh Will Be Speaking In Europe this Wednesday:

 

Kevin Warsh is participating in a policy panel at the European Central Bank Forum on Central Banking. Craig will be watching to see if he emphasizes the hawkish hold or dials it back a little at this meeting.

The Fed funds futures are now anticipating 1-2 rate hikes this year versus the initially market anticipated rate cuts, coming into this year.  We discuss the likelihood of the market has now swung so hawkish, that it may be excessive and misplaced.

Even if we see an initial hawkish rate hike, Craigs sees that as posturing, and doesn’t anticipate that we’d have long to wait after that before the economic data on inflation softens with lower energy prices now, and that monetary policy will adjusts course in the opposite direction, in a more dovish playbook… like it has over and over again historically.

 

We’ll Get The Jobs Data on Thursday This Week:

 

The June BLS jobs report will be released on July 2, 2026, which is expected to show the creation of 172,000 new jobs.  We are getting this data on Thursday, due to the observance of Independence Day on Friday.

Additionally, the Conference Board's Consumer Confidence Index and the Job Openings and Labor Turnover Survey (JOLTS) will also be reported this week.

 

The Macroeconomic Fundamentals Haven’t Changed:

 

Sovereign debt remains at record levels and most nations can not endure interest rates that go up to drastically.  Craig highlights that “The Math is the math.”

Throughout history, central banks have opted for printing more money and driving interest rates meaningfully lower, to inflate their way out of economic challenges, and to pay off higher interest debt with lower-rate debt. 

Overall, central banks continue to add gold to their balance sheets versus adding more US or foreign treasuries.

 

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

Graham Richardson, CFO of Faraday Copper (TSX:FDY – OTCQX:CPPKF), joins me to provide a big picture overview of the key exploration and development objectives and shifting workstreams now that Faraday has entered into a non-binding letter of intent for the proposed acquisition of BHP's San Manuel Property, adjacent to their Copper Creek Project in Arizona.

 

This is truly a transformational transaction, which once closed, consolidates two adjacent and complementary assets in the heart of the Arizona copper corridor, at a time when sourcing of critical minerals within the USA is essential. We discuss how combining the historic open pit San Manuel Mine and robust Kalamazoo underground assets with Copper Creek Project’s at-surface open pit breccias and underground porphyry assets at American Eagle and Keel creates a multi-asset copper district in the USA; and one of the largest undeveloped copper projects in North America.

 

Strategic Rationale

Significant resource potential: The combined project would have the potential to become a multi-generational copper district delivering made-in-America copper.

Accelerates pathway to production: Opportunity to leverage the private land position of San Manuel to facilitate the potential for expedited copper cathode production from the combined projects.

Flexibility through private land and infrastructure: Additional ~27,000 acres of private land for site facilities and access to existing regional infrastructure, including road, rail, gas and power.

Centralizes infrastructure and reduces environmental footprint: The proximity of Copper Creek and San Manuel allows for the potential to leverage existing infrastructure and for future facilities to be shared between the projects, reducing the overall environmental footprint while enhancing capital efficiency.

The combined assets offer potential for project staging: Prioritization of copper cathode production, followed by open pit sulphides before development of underground operations.

BHP to become a strategic shareholder: BHP to join the Lundin Group as a strategic shareholder of Faraday to deliver USA copper supply through a consolidated district.

 

Phase 4 drilling at Copper Creek will be factored into an updated copper Resource Estimate, which will be paired with upcoming confirmation drilling of the San Manuel historic resource.   This will set up a wrapping economics around the Phase 1 open pit development at both projects into a combined approach, and will be combined with other data-collection and metallurgical studies.  The Phase 1 open pits will then fund the eventual development into the underground resources at Kalamazoo, and eventually American Eagle and Keel.

 

The Company is well-funded to deliver on its key milestones and benefits from a growing management team and board of directors with senior mining company experience and expertise to deliver on the pathway from development into production.

 

If you have any questions for Graham regarding Faraday Copper, then please email them to me at Shad@kereport.com.

 

In full disclosure, Shad is a shareholder of Faraday Copper at the time of this recording, and may choose to buy or sell shares at any time.

 

Click here to view the latest news from Faraday Copper

 

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. 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.