The KE Report

In this Daily Editorial, we welcome back Marc Chandler, Chief Market Strategist at Bannockburn Capital Markets and editor of the Marc to Market website. Marc breaks down a volatile week across macro markets, reconciling surprising economic releases with muted market reactions and evaluating where global monetary policy is headed next.

Deconstructing the Labor Data: Why a blowout headline payroll number might be masking underlying household vulnerability, five-year lows in wage growth, and persistent seasonal distortions.

The Energy and Yield Disconnect: How crude oil surged over 9% in a single week while long-term Treasury yields barely budged, challenging standard inflation and demand assumptions.

The Truth About the Yen and Carry Trades: An analysis of whether Bank of Japan rate moves are genuinely shifting global capital flows or if U.S. fiscal deficits and interest rate spreads remain the true drivers.

Global Monetary Divergence: What to expect from the European Central Bank and regional central banks as they weigh stubborn inflation against shifting sovereign reserve allocations.

Political Fault Lines in Europe: Why upcoming German state elections and French political positioning could spill over into currency markets and ECB policy.

 

Click here to visit Marc’s site - Marc To Market - https://www.marctomarket.com/

 

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For more market commentary & interview summaries, subscribe to our Substacks: 

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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 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 sit down with David Stein, President and CEO of Kuya Silver (CSE: KUYA | OTCQB: KUYAF | Frankfurt: 6MR1). David discusses the latest drill results from the Umm Hadid Project in the Kingdom of Saudi Arabia, the structure of the joint venture with Sumo Holding, and the near-term catalysts awaiting investors at the flagship Bethania mine in Peru.

Umm Hadid Drilling and Discovery Potential: Drill results from the Saudi Arabian joint venture reveal both high-grade silver narrow intercepts and wide, lower-grade halos that could open the door to multiple mining concepts.

Path to a Maiden Resource Estimate: Ongoing exploration across extensive vein systems at Target 1 continues to build the geological model toward a potential initial resource calculation following the current 10,000-meter campaign.

Joint Venture Terms: The earn-in structure allows Kuya to increase its ownership interest from 5% to 45% by April of next year under dollar-for-dollar reimbursement terms.

Near-Term Bethania News Flow: Beyond Saudi Arabia, Kuya has a pipeline of upcoming announcements from Peru, including quarterly production updates, Carmelita plant closing progress, and multiple exploration releases.

 

If you have any follow-up questions for David, please email me at Fleck@kereport.com.
 

Click here to visit the Kuya Silver website – https://kuyasilver.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 chat with Roy Greig, Vice President of Exploration at Getty Copper (TSX-V: GTC, OTCQX: GTCDF), to review recent drill results from the Getty South target within British Columbia's prolific Highland Valley copper district.

High-Grade Intercepts at Getty South: An initial look at headline results featuring shallow, high-grade copper mineralization alongside broad, bulk-tonnage intervals.

Porphyry vs. Breccia Dynamics: How Getty South's breccia-hosted system contrasts with the classic porphyry style at Getty North and what that means for overall grade potential.

Modern Geophysics Meets Historic Data: The exploration strategy behind integrating decades of historical data with modern induced polarization chargeability anomalies to target deeper mineralized zones.

Assay Catalysts and the Fall Drill Campaign: What to anticipate next as pending assays arrive from the remaining Getty South drill holes and planning advances for a multi-target fall program.

 

Feel free to email us with any follow up questions for Roy. Our emails are Fleck@kereport.com and Shad@kereport.com. 

 

Click here to visit the Getty Copper website - https://gettycopper.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 Company Update, we are joined by Simon Dyakowski, President and Chief Executive Officer of Aztec Minerals (TSX-V: AZT | OTCQB: AZZTF), to break down the latest high-grade drill results from the North Extension target, on the Tombstone Property in Arizona.

Key discussion topics include:

Expanding the Strike Length at Tombstone: An overview of recent step-out drilling from the North Extension target and how it significantly lengthens the continuous mineralized footprint beyond earlier limits.

High-Grade Intercepts and Structural Trends: Insights into the continuity of mineralization, emerging structural patterns across the district, and the geological implications of the latest assay batch.

Aggressive Follow-Up and Exploration Strategy: Details on active drilling plans through the autumn months, targeting parallel structures, and assessing regional high-grade silver prospects.

Funded for Key Milestones: Discussion on the recently closed and upsized bought-deal financing, pending warrant proceeds, and the planned path toward a maiden resource estimate and future economic study.

 

Please email me any questions you have for Simon. My email address is Fleck@kereport.com. 

 

Click here to visit the Aztec Minerals website - https://aztecminerals.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.

We are joined by Michael Rowley, President & CEO of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF), to provide the key metrics and takeaways from updated and expanded Mineral Resource Estimate (MRE), over double the prior resources, for its flagship Stillwater West Ni-PGE-Cu-Co + Au project in Montana, USA.   We also unpack the larger value proposition at the Stillwater West project as far as what it would mean to a major metals producer and potential suitor in a development scenario, and what it would mean for both the state of Montana and the USA overall as a domestic supply of critical minerals.

 

The updated estimate includes 805.1 million tonnes of Inferred Mineral Resources grading 0.34% total nickel equivalent (“NiTEq”) containing 4.8 billion pounds of nickel, copper and cobalt, and 7.4 million ounces of platinum, palladium, gold and rhodium in a base-case model using a 0.20% NiTEq cut-off grade.

The resource also includes a further 29.4 million tonnes of Indicated Mineral Resources grading 0.38% NiTEq containing 190 million pounds of nickel, copper and cobalt, and 0.359 Moz of platinum, palladium, gold and rhodium.

Higher cut-off grades at 0.35% and 0.50% NiTEq are also presented as a sensitivity representing higher-grade zones.

 

The 2026 MRE reflects a substantial advancement in the Company’s understanding of the Stillwater West mineral system, incorporating additional drilling, robust verification of historical data, refined geological and structural interpretations supported by comprehensive geophysical survey coverage, and an updated geologic and resource model. The updated estimate provides a stronger technical foundation for continued resource expansion, planned metallurgical testing and mining studies to support the advancement of one of North America’s largest undeveloped polymetallic critical mineral systems.

 

2026 Mineral Resource Estimate Highlights

 

Resource estimate comprises 29.4 million tonnes of Indicated and 805.1 million tonnes of Inferred Mineral Resources containing 3.01 Blbs nickel, 1.52 Blbs copper, 283 Mlbs cobalt, 2.28 Moz platinum, 3.97 Moz palladium, 864 thousand ounces gold, and 310 Koz rhodium at 0.20% NiTEq cut-off.

First definition of an Indicated Mineral Resource, marking an important milestone in the advancement of the Stillwater West project and reflecting substantially increased geological confidence.

Significantly expanded resource estimate for priority critical minerals including nickel, copper, cobalt, and rhodium, making Stillwater West the largest known rhodium deposit in North America and the largest nickel and cobalt deposit in an active US mining district.

Expansion of Inferred chromium resource to 6.6 Blbs confirming the Stillwater complex as one of the only past-producing and current significant resources in the United States. No economic or recovery assumptions have been made about chromium which co-occurs with the other metals, and it is not included in the NiTEq calculations.

Four zones are modeled across the central 10-kilometers of the project area, with the updated geological model combining the previously separate CZ and Central deposits at Iron Mountain.

Stillwater West is uniquely positioned to become a primary source of 10 commodities now listed as critical, given their location immediately adjacent to Sibanye-Stillwater’s operating mine complex in Montana.

 

Mike shares how the geological model is holding together precisely as expected, using the South African Bushveld Igneous Complex as analog, and how their five “Platreef-style” (or contact-type) Ni-Cu-Co-PGE+Au deposits may tie together in a larger sense.  3 drill rigs have been turning at both Iron Mountain and Chrome Mountain, and assays are pending from fresh drill core still coming off the mountain during the 2026 program.

 

 

If you have any questions for the team at Stillwater Critical Minerals, then please email them into me at Shad@kereport.com.

 

In full disclosure, Shad is a shareholder of Stillwater Critical Minerals 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 Stillwater Critical Minerals

 
Stillwater Critical Minerals-Visual Update Of The 2026 Exploration Strategy & Upcoming Key Catalysts
https://youtu.be/-06207Rlk-Y

 

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.