The KE Report

Jordan Rusche, Founder of Mining Stock Monkey, joins me for an in-depth and nuanced discussion on the recent gold and silver price volatility, his approach to valuing precious metals mining stocks and royalty companies; along with which companies he is actively trading in his portfolio.

 

We start out reviewing where we are in this precious metals cycle, with Jordan pointing out that most prior bull markets lasted 7-10 years.  He highlights that the gold price has been heading higher ever since its major bottom at $1045 back in December of 2015:

“We are 10 years into this gold bull market already. That might suggest that we’re getting towards the end of things…. However, if the US dollar keeps heading lower, towards 0, then upside in how high the silver and gold prices can go is infinite.”

When asked if the move to triple digit silver was the blow off top, or if we’ll see silver back over $100 in this cycle – Jordan reiterated that he still believes we’ll see higher metals prices before this bull market runs its course.

 

 

Next we shifted over to some of the valuations in the gold producers in his portfolio.

He still will look at each company though the lens of spot gold and silver pricing, but also will present his subscribers with a more conservative case using $50 silver and $4,000 gold.

Jordan breaks down why he likes larger producers with growth on tap, highlighting the fundamental growth factors for Equinox Gold.

We discuss why he recently sold half his shares in B2Gold, due to the increasing risk profile and potential for disappointing market guidance in the near-term.

 

Wrapping up we dive into some of the valuations he is looking at with regards to both the smaller and larger royalty companies, and why he is generally favoring the larger royalty and streaming companies.

 

Initially we unpack the many advantages that the royalty and streaming companies have over traditional mining companies, and why can participate in long-term value creation, and pull back less during corrective moves.

He mentions that over a year ago he was more constructive on valuations of the smaller to mid-sized royalty companies, until they have since moved up to levels that seem more fairly valued, or even overvalued.

He wants to focus on royalty and streaming companies that can aggressively reinvest revenues in growth, and many of the junior companies use up large percentages of revenues and free cash flows paying general and administrative expenses, giving them less capital to invest in new acquisitions.

He discusses why he issued a sell alert recently to his subscribers with regards to the price-adjusted risk in Orogen Royalties, with regards to its valuation before it corrected down. 

In contrast larger companies like Franco Nevada, Wheaton PMs, and Royal Gold pay their G&A out of just 2%-3% of their incoming revenues, with a big portion funded by just the interest made on cash on their balance sheets.

Jordan highlights some large recent very large transactions executed by Royal Gold, Wheaton PMs, and Triple Flag as the kinds of value accretive growth that he is attracted to in the senior companies in this sector.

 

Jordan is extending a limited-time offer to KE Report listeners for those that would like to be become new Mining Stock Monkey subscribers.  Claim Your 10% Discount! (Limited to the first 10 users)

https://miningstockmonkey.com/products/vip?promo=KE10
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https://miningstockmonkey.substack.com/kereport10
 

Click below to follow Jordan's YouTube page, where he'll be putting up some new content soon:

https://www.youtube.com/@MiningStockMonkey/videos

 

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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.

Shane Williams, President and CEO of West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins me to highlight the major company milestone last month of declaring commercial gold production at their 100% owned Madsen Mine; located in the Red Lake Gold District of Northwestern Ontario, Canada.  Additionally, we discuss both the exploration and development upside to access new high-grade areas of Madsen, and also to incorporate the satellite Rowan deposit into the expanded growth in their production profile over the next couple of years.

 

The Company announced on January 12th that the Madsen Mine achieved commercial production as of January 1, 2026. The mill averaged 689 tonnes per day (“tpd”) in December 2025. This represents 86% of permitted throughput of 800 tpd and meets the Company’s internal commercial production requirement of 30 consecutive days of mill throughput at 65% or greater of permitted capacity. Operational stability, the other internal requirement, is also in place at Madsen. Consistent strong mill recoveries, which averaged 94.6% in December, enabled production of 3,215 ounces of gold.

 

Shane outlines how diligently the operations team has worked to achieve commercial production only seven months after completion of the bulk sample.  While they are not at full production capacity here in early 2026, the plan it to continue to ramp up from this strong base, and then reach sustained permitted capacity by mid-2026.  For this first quarter (Q1) of 2026, the mill feed will come predominantly from the 4447 area, the high-grade zone in South Austin that the Company defined in 2025. Mill feed is expected to average in excess of 6 grams per tonne gold (“g/t Au) in Q1.

 

Next we review all the development work in their underground operations that led up to gaining the confidence mining at Madsen since the middle of last year, opening of stopes in multiple areas like Austin and South Austin in addition to McVeigh.  Then we look ahead to other areas of growth like the new 904 high-grade zone in Lower Austin, the potential to drift over to Fork for 2027, as well as the potential to supplement mill throughput with ore from the satellite Rowan deposit in the next couple years. There has been ongoing drilling at these areas over the last few months which will continue moving forward, further defining the areas for expanded resources and future production growth.

 

 

If you have any follow up questions for Shane regarding West Red Lake Gold, then please email me at [email protected].

 

In full disclosure, Shad is shareholder of West Red Lake Gold Mines 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 West Red Lake Gold Mines

 

Click here to watch the Corporate Video showcasing the move into commercial production at the Madsen Mine.

 

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.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review the value proposition that has his attention in the corporate news and strategies from 4 earlier-stage copper exploration companies that are near other significant projects, or that have the types of large targets that would attract the interest of senior producers.

 

  >> The companies we discussed in the interview are:

 

Mogotes Metals Inc. (TSX.V: MOG) (OTCQB: MOGMF) (FSE: OY4)

Andina Copper Corporation (TSX.V: ANDC) (OTCQB: PMMCF) (FSE: FIR)

Tribeca Resources Corporation (TSX.V: TRBC)

BCM Resources Corporation (TSX.V: B) 

 

 

* 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

 

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 company update, I chat with with Alain Lambert, CEO of Prismo Metals (CSE: PRIZ | OTCQB: PMOMF | FSE: 7KU), to discuss their first-ever drill program at the Silver King project in Arizona.

Key Discussion Points:

The Silver King Drill Program: Alain details the upcoming 1,000-meter phase one drill program, which marks the first time this high-grade past producer has been tested with modern drilling techniques.

Targeting Near-Surface Mineralization: The initial phase focuses on shallow holes (25 to 175 meters) to define high-grade mineralization left behind by historical mining operations in the late 1800s.

Copper Porphyry Potential: Beyond silver, the project is situated near the massive Resolution Copper deposit, and the team is investigating potential porphyry-style mineralization that may lie beneath the silver-rich veins.

Operational Budget and Timeline: With an all-in drilling cost of approximately $315 per meter, the company is fully funded for its current objectives and expects to release comprehensive assay results in the coming months.

Update at Hot Breccia: Alain provides an update on the Hot Breccia copper project, where Prismo recently increased its interest to 95% to streamline potential partnerships with major industry players.

 

Click here to visit the Prismo Metals website 

 

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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.

The start of 2026 has been defined by a dramatic shift in market leadership. While the AI-driven tech giants face increasing pressure over massive capital expenditures and industry disruption, a "Great Rotation" is underway. This weekend, we explore the cooling of the tech sector and the heating up of the "Real Economy", specifically the precious metals and energy sectors, where structural supply issues and fiscal stimulus are creating a powerful floor for prices.

 

Segment 1 & 2 - Kicking off the Weekend Show is Mike Larson, Editor-in-Chief at MoneyShow. Mike discusses recent market trends including the rotation from big tech and AI stocks into real-economy sectors like energy and materials, as well as the ongoing volatility and long-term bullish outlook for precious metals.

Click here to learn more about the upcoming MoneyShow in Las Vegas - February 23-25 - https://www.lasvegasmoneyshow.com/?scode=066529

 

Segment 3 & 4 - Richard Postma (aka "Doc"), wraps up the show to provide a technical analysis of current precious metal charts, forecasting a healthy corrective phase for gold and silver before a continued long-term move higher. Doc highlights specific opportunities in major producers and mid-tier developers like Equinox Gold, Coeur Mining, and Integra Resources, while also discussing his shift toward energy and infrastructure stocks.

 

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.