The KE Report

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to for a conversation around how he is navigating this low pricing, low sentiment, low news, and low volume Summer Doldrums period in his portfolio.   This includes how he is approaching advanced developers versus earlier stage developers, and the spectrum of different gold and silver exploration companies.

 

We start off discussing the overall sector sentiment is mirroring the bearish metals and miners pricing backdrop.  This is also evidenced in the very low volume levels in trading the last couple months from the large producers and sector ETFs all the way down to the junior PM stocks.  There has not been nearly as much newsflow as anticipated across the space, where some companies have either sat on some news or scaled down their anticipated work programs.

 

Erik discusses how he is still animated by companies that have work catalysts that can impact their valuations and create alpha in the sector, and prefers those over more mature companies that have work programs that may only move the needle incrementally, and get stuck moving with sector beta and metals price direction.

 

 

* 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

 

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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.

In this Monday Daily Editorial, we sit down with Craig Hemki, Founder and Editor of the TF Metals Report, to discuss the ongoing search for a bottom in precious metal, amidst low overall sentiment. Craig outlines the heavy slate of US economic data and high-profile central bank commentary on the horizon that could break the current trend.

The conversation highlights several critical factors shaping the markets this week:

Upcoming Inflation Indicators: How the latest CPI and PPI prints could alter current expectations for rate hikes and impact real interest rates.

Humphrey-Hawkins Testimony: A look at what the upcoming Federal Reserve testimony before Congress means for market direction and future monetary policy.

Monthly Treasury Statement: A breakdown of the latest fiscal data, deficit spending numbers, and the long-term implications for bond yields and debt servicing.

The Copper vs. Precious Metals Divergence: A compelling comparison explaining why copper remains resilient near all-time highs while gold and silver struggle to find near-term momentum.

 

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

This weekend's The KE Report Weekend Show provides a deep dive into the technical layout of the commodities sector and the shifting dynamics of the global currency markets. In two insightful segments, fund manager Dana Lyons shares his rigorous technical perspective on precious and red metals, while currency expert Marc Chandler breaks down recent dollar strength and the structural changes in global central bank reserves. 

 

Segment 1 & 2 - Dana Lyons, a fund manager and editor of the Lyons Share Pro, kicks off the show to discuss how seasonality, political cycles, and chart trends impact various financial markets. Dana provides a comprehensive technical analysis, sharing a bearish short-term outlook for precious metals and copper while explaining why his models remain structurally bullish on general equities despite a recent leadership rotation into health care, financials, and small-cap stocks. 

Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services - https://lyonssharepro.com/

 

Segment 3 & 4 - Marc Chandler, Managing Partner at Bannockburn Global Forex and editor of the Marc to Market website, joins the show to analyze global currency trends, specifically examining the fundamental drivers behind recent U.S. dollar strength. He also highlights the gradual shift in central bank reserves away from the dollar toward gold and alternative currencies like the Australian dollar, while discussing how recent political developments in Europe are impacting the market. 

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.

Jason Jessup, CEO and Director of Magna Mining (TSX: NICU) (OTCQX: MGMNF), joins me for a review of Q2 operations at the McCreedy West Mine and the expedited development pathway for the Levack and Crean Hill mines located in Sudbury, Ontario. We also unpack the C$140 Million Strategic Investment by Alpayana, coming in as a new 19.9% stakeholder.

 

 

Q2 Operational Highlights:

As of June 26, 2026, McCreedy West had shipped 91,724 tons of ore from the 700 Copper Zone to Vale Base Metals’ Clarabelle mill in Sudbury, with four days remaining in the second quarter. This surpasses the 84,953 tons of ore produced in the fourth quarter of 2025 and represents a new quarterly record for McCreedy West under Magna ownership.

The average grade of the 66,445 tons of ore shipped during April and May is 3.55% copper equivalent (“CuEq”), based on the commodity prices assumed in the Company’s 2026 production and cost guidance. Final assays are pending for ore shipped in June but average grades for Q2 are anticipated to be near the upper end of the full year guidance range.

Underground development at McCreedy West during the quarter is anticipated to exceed 2,350 feet, also a record under Magna ownership.

McCreedy West has achieved a Total Reportable Injury Frequency Rate (“TRIFR”) of 0.0.  

Numerous pieces of well-maintained underground equipment have been acquired from a nearby Sudbury operation that is moving into a state of closure for a total price of less than $1 million, well below market rates for equivalent used or new equipment. This equipment will be repurposed for use at the Company’s Levack Mine and to support other Magna projects in the Sudbury Basin with potential savings expected to be in the range of $9-12 million.

 

 

On July 6, 2026, the Company announced a non-brokered private placement financing with Alpayana S.A.C. to purchase 62,222,222 common shares of the Company at a price of C$2.25 per Share for aggregate gross proceeds of approximately C$140,000,000. At closing of the Offering, Alpayana is expected to hold approximately 19.9% of the issued and outstanding shares of Magna.  Jason unpacked how the transaction came together, the shared values and business approaches between the 2 companies, and how this capital accelerates a dual-track development of both Levack and Crean Hill into commercial production by 2028.

 

The Company is planning to release a Preliminary Economic Assessment (“PEA”) for the Levack Mine in parallel with work to re-establish ore and waste hoisting capabilities during Q3.  At present those economics will not include the high-grade drilling completed to date at the R2 Footwall Zone. We reviewed the continued high-grade drill results across copper, nickel, platinum, palladium, gold, and silver in more recent assays returned from the ongoing exploration and development work at the Levack Mine. Jason highlights that a development drift is being implemented to support ongoing underground exploration of this area, for the potential of future implementation into development plans.

 

Next we review the ongoing workstreams for Crean Hill that will be feeding into the upcoming PFS later this year.  He notes that the significantly higher precious metals today compared to back in 2022 will be a factor that plays into the updated economics, and maps out that the ramp up into production could commence as early as H2 2027.

 

We wrap up discussing that the prior-producing Poldosky Mine and the development-stage Shakespeare Project are still both permitted assets of merit and will feed the development cue as mines number 4 and 5 further down the road.

  

 

Click here to follow along with the news at Magna Mining

 

If you have questions for Jason regarding Magna Mining, then please email me at Shad@kereport.com.

 

In full disclosure, Shad is a shareholder of Magna Mining 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, we chat with Joel Elconin, co-host of the Pre-Market Prep Show and founder of the Stock Trader Network, to dissect a shifting market landscape where classic tech leaders are taking a backseat to broader sector growth and what actually drives markets between valuations, momentum, seasonality, and economic data. 

Key Discussion Points:

The Reality of Market Breadth: Discover why a widening market rarely signals a major top and what the rotation out of mega-cap tech means for the broader indices.

The AI CapEx Dilemma: Explore whether the massive infrastructure spend by hyper-scalers is finally hitting a wall of "too much compute" or if efficiency gains are just beginning.

Earnings and Valuation Disconnects: Examine the tension between strong fundamental earnings and growing street skepticism over future sustainability.

The Power of Momentum Over Macro: Learn why technical price action and underinvested market participants continue to override traditional economic warning signs.

 

Click here to visit Joel’s PreMarket Prep website - https://www.premarketprep.com/

 

Click here to visit the Stock Trader Network - https://www.stocktradernetwork.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.