The KE Report

In this Daily Editorial, we welcome Craig Hemke, founder and editor of the TF Metals Report, to dissect a highly volatile session across the commodities landscape. Amid shifting headlines out of the Middle East and a see-saw reaction in traditional stock indices, Craig breaks down why hard assets are reacting inversely to standard war-narrative headlines and what it means for macro-investors moving forward.

Key Discussion Points

Geopolitical Headlines vs. Market Reality: Why the reopening of tensions in Iran initially triggered a pullback in precious metals, and why theater often drives early-morning price action over baseline fundamentals.

The Copper and Silver Correlation: An analysis of Copper’s push toward new all-time highs and how this powerful industrial demand component is acting as a safety net to keep Silver well above its key technical baselines.

Fiat Currency Dilution & Global M2 Money Supply: How a 17% explosion in global M2 money supply over the last two years forces a structural re-pricing of hard assets across the board.

Historic Lows in Commitment of Traders (COT) Open Interest: A look into why futures market open interest is sitting at 20-year lows during a commodities boom, and what happens when institutional money inevitably rushes back in.

Navigating Liquid Air Pockets and Volatility: Why thin market liquidity is causing staggering single-day moves in Silver and Gold, and how investors can brace for near-term technical decisions around the 50-day and 200-day moving averages.

 

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

 

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.

Shawn Howarth, President and CEO of Excellon Resources (TSXV:EXN) (OTC:EXNRF)(FRA:E4X2), joins us to outline all the development work building towards mill pre-commissioning and trial mining ramp up into production over the next few quarters at their flagship Mallay silver-lead-zinc mine, located in the Cerro de Pasco area of Peru. We then review the value proposition and optionality across their other 3 projects: Tres Cerros, Kilgore, and Silver City. 

 

Mallay Development Highlights:

 

Mill ready for pre-commissioning. All critical refurbishment and wet commissioning milestones completed; bulk-sample campaign targeted for June 2026.

~15,000 tonnes stockpiled from Isguiz vein and Footwall Zone. Surface stockpile provides representative feed for the pre-commissioning bulk-sample campaign.

Infill drilling informing updated restart planning. Results from the ~2,500-metre program are being integrated into the geological model; the Company expects to have an updated restart plan and schedule in early Q3/26.

Drilling underway to test mineralized extensions: Two rigs active at site targeting extensions of the Isguiz system at depth, the Pierina gold target and Mallay Deeps — a downhole electromagnetics ("DHEM") exploration target; a third rig is expected at Shafra in June.

Operational team strengthened. New Operations Manager appointed at Mallay; technical capacity expanded in the resource modelling, mine planning, and contract management areas.

Dewatering of the 400-ramp advanced. Rehabilitation of the 400-ramp is now underway, providing access to Isguiz below the 4090 level.

 

The work completed over the last several months, includes finishing the mill refurbishment, assay lab upgrades, completion of the initial infill drill program and the expansion to three drill rigs.   This positions the Company to begin testing the process plant in a measured way. Shawn outlines that their operations team is treating June as a bulk-sample exercise, which is designed to validate metallurgy, grades, recoveries, and concentrate quality.   There will then be a steady commissioning of the mill via underground mining and surface stockpiles for the second half of the year, ramping up towards nameplate capacity at 600 tpd by year end.

 

There is also an systematic exploration program underway with the goal of further resource definition and expansion testing extensions of the Isguiz system at depth, the Pierina gold target, and the exploring along the broader Shafra Zone.  With current silver prices materially above the US$30/oz assumptions used in their February 2026 Mineral Resource Estimate, they believe there are footwall areas and expansion areas that can convert into economic ore and then come into the future mine plan.

 

In 2025, Excellon secured an off-take agreements with Glencore for their lead and zinc concentrates, Shawn outlined that their internal studies project a run-rate of 600 tonnes per day of production, producing approximately 2-2.5 million silver equivalent ounces per year, and with a target All-In Sustaining Cost (AISC) of US$17 per AgEq ounce.  They are also open to eventual expansion of the plant once more mineral resource growth and data comes back in from all the drilling underway and on tap for the for the foreseeable future.

 

The Tres Cerros Project is a highly prospective gold-silver exploration project approximately five kilometers northwest of the Mallay Mine. The project’s prime area of interest is a 2.5 kilometer by 500 meter corridor of gold-silver mineralization and coincident IP/resistivity anomalies, indicative of a bulk tonnage, high sulfidation epithermal system.  Numerous historical grab samples were taken across the 2.5 kilometer fault, which are being analyzed to determine further follow-up exploration work.

 

Kilgore, is an advanced gold project in Idaho with over 1 million ounces of gold delineated in all categories, and the Company is considering bringing in a JV partner to assist with moving this project forward in exploration and further derisking.

 

Silver City, a high-grade epithermal silver district in Saxony, Germany, with a long history of almost 800 years of silver production.  Shawn has stated publicly that they are looking at spinning out this asset into a new European-focused silver exploration vehicle. There was just $2million raised in the private holding company for data compilation and for presenting the market with a more defined value proposition and drill program.

 

Click here to follow the latest news from Excellon Resources

 

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

 

The KE Report: https://kereport.substack.com/

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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.

John Rubino, {Substack https://rubino.substack.com/}, joins me for another wide-ranging discussion around the strong financial health of the gold and silver producers and royalty companies parsing the Q1 financial data.  We review all of the revenue and cashflow being generated on their balance sheets, and where all that cash is going as a return of capital to shareholders.  We also touch upon the ongoing geopolitical uncertainties and macroeconomic catalysts that are leading to volatility in gold, silver, oil, critical minerals, and the related resource stocks.

 

We start off reviewing the various return of capital approaches to entice investors of PM stocks through share buybacks, by paying dividends, and through looking for accretive merger or acquisition targets.

 

Next we focus on if we are still in a bull market for the precious metals complex, after the parabolic move higher earlier in the year.

 

John points out that the reasons for the prior PM bull markets topping out were for different macroeconomic reasons, from Fed policy and central bank policies, to interest rates, currency pairs, and global trade frictions.

He goes on to unpack the reasons this bull market is still on very sound footing, where global financial uncertainty is ever-present, and the desire for nations to print more money, force lower interest rates, and inflate their way out of the current challenges. These  will underpin higher gold and silver prices.

 

 

Turning to the extreme volatility in both directions in the precious metals equities thus far in 2026 – John sees opportunities for placing low-ball bids in quality gold and silver stocks that have corrected by 30%-50% off their January and February highs, or using dollar-cost averaging to position in to a good cost-basis over the fullness of time.

 

He also points to using option strategies to make profits on the way down to eventually buying a stock one already wants to accumulate at a lower pre-determined strike price.

We note again that PM stocks have responded positively to Q1 earnings, but that are still not fully factoring in these higher metals prices, which is giving investors an edge to accumulate existing positions or initiate new positions in stocks that had previously run away to the upside into the current weakness.

 

Beyond the precious metals, we then broadened out the discussion beyond all the monetary policy trends and fiat money units sloshing around the markets, to discuss all the government fiscal policy initiatives to encourage mineral development, extraction, and processing around the world.

 

This has had noticeable impacts on critical minerals pricing and awareness in commodities like lithium, nickel, silver, and the more niche specialty metals.

Additionally, we review how large manufacturers and end-users of all these raw materials are getting more involved in partnering upstream with the mining companies for securing sourcing for their supply chains.

 

Wrapping up we spend some time getting John’s outlook on the subsector of royalty companies, their financial health as evidenced by Q1 earnings, and the ongoing M&A cycle within this group of resource equities.

 

Click here to follow John’s analysis and articles over at Substack

 

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 episode, I sit down with Simon Dyakowski, President and CEO of GSP Resource Corp (TSXV: GSPR), for an in-depth company introduction focused on the Alwin-Mer Project located in the heart of British Columbia's prolific Highland Valley. Simon shares insights into the company’s tight share structure, recent financing, and the upcoming summer drill program.

Key discussion points include:

The Alwin Mine Project History: Discover the background of this past-producing high-grade copper mine and how it fits into the shadow of giants like Teck Resources’ Highland Valley mine.

The Mur Project’s Porphyry Potential: An overview of the historical work that points toward an expansive, shallow copper system ripe for modern, deeper drilling.

The Summer Phase 1 Drill Strategy: Insight into the specific targets the company will drill, including the western gold zone at Alwin.

Untapped Precious Metal Credits: Why historic data overlooked potentially significant gold and silver values, and how GSP plans to capture this hidden value.

Distressed Valuation & Market Tailwinds: A breakdown of GSP’s tight share structure and the regional momentum driving a major camp renewal.

 

Click here to visit the GSP Resource website to learn more about the company and project - https://gspresource.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, Alicia Milne, President and CEO of Q2 Metals (TSXV: QTWO | OTCQB: QUEXF | FSE: 458) joins me to share insights into the commencement of the 20,000-meter drilling program at the Cisco Lithium Project in Quebec, the strong institutional interest backing the recent C$70million financing, and the highly anticipated winter drill results on the horizon.

Key Discussion Points

The $70M Summer Drilling Blitz: An overview of the 20,000-meter summer drill program and how the team plans to split the budget between critical infill drilling and high-upside expansionary targets.

Geological Consistency at Cisco: Insights into why the wide, high-grade spodumene pegmatite intervals discovered so far are lowering risk and changing the infill drill spacing requirements.

Testing New Horizons: A look into unexplored regional targets, including mysterious outcrops to the east and under-drilled zones to the south that could signal a district-scale play.

The Road to Feasibility: A breakdown of how ongoing metallurgical testing, baseline environmental studies, and the upcoming Preliminary Economic Assessment (PEA) might feed into a definitive feasibility study by late 2026 or early 2027.

 

Click here to listen to our last interview with Alicia, recapping the maiden Resource Estimate for the Cisco Lithium Project. 

 

If you have any follow up questions for Alicia or would like more information on any aspect of the Company please email me at [email protected]. 

 

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.