The KE Report

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to review the key takeaways from both the Commodities Global Expo Conferences we just attended in Washington D.C. and Fort Lauderdale. He also highlights the value proposition that has his attention from 4 of the gold and silver developers which he met with at the conferences, that have put out compelling news in the recent past and that have key growth catalysts on tap in the medium-term.

 

The companies we discussed in the interview are:

 

Rua Gold Inc. (TSX: RUA) (NZX: RGI) (OTCQX: NZAUF) - On May 5, 2026, the Company announced the results of a positive Preliminary Economic Assessment (PEA) for its 100%-owned Auld Creek Gold-Antimony Project in the Reefton Goldfield, New Zealand.

The PEA — prepared in accordance with NI 43-101 disclosure standards and effective April 25, 2026 — highlights the potential for robust economics from a high-grade, shallow underground starter mine, supported by access to established Reefton infrastructure for efficient transporting to port.

 

Excellon Resources Inc. (TSXV: EXN) (OTC Pink: EXNRF) (FSE: E4X2) – On May 27, 2026, the Company provided a market update on operational activities at its 100%-owned Mallay silver-lead-zinc mine in central Peru.

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.

 

Highlander Silver Corp. (TSX, NYSE American: HSLV) – On April 07, 2026, the Company provides a portfolio update following the successful completion of its acquisition and combination with Bear Creek Mining.

Daniel Earle, President and CEO of Highlander Silver, commented:

“Highlander Silver is well positioned to fast-track project advancement across its portfolio of high-quality silver assets. This includes a focus on high-impact exploration, project optimization, and site preparation for development of Corani, the largest fully permitted primary silver project in the world, as well as permitting at San Luis, one of the highest M&I resource grade projects in both the gold and silver sectors.

As of March 31, the Company had an unaudited cash balance of approximately US$100 million and no debt.

The Mercedes gold-silver mine also made a positive cash contribution in its first month of operations following restructuring under our stewardship. We provide a summary of our baseline plans below and forecast a year-end cash balance of approximately US$60 million.

This reflects a disciplined approach to spending that delivers on our core objectives while preserving flexibility to scale up our exploration programs later in the year.”

 

Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) – On May 12, 2026, the Company announced that its wholly owned Mexican subsidiary, Minera Mar de Plata (“MMP”), has executed three binding Letters of Intent (the “LOIs”) with two residents of Sonora, Mexico to acquire a 100% interest in 24 mineral concessions, and up to a 51% interest in five additional mineral concessions, located adjacent to the Company’s Cerro Caliche gold project in Sonora, Mexico. The Vendors are at arm’s length to the Company and to its associates and affiliates.

Sonoro believes the acquisition is a strategic opportunity to potentially demonstrate the Cerro Caliche project as being part of a larger gold epithermal system, with wide-scale potential to host multiple mineralized zones.

 

 * 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.

Fred Davidson, President and CEO of Impact Silver (TSX.V:IPT) (OTCQB: ISVLF), joins us to outline the key takeaways from the Q1 2026 financial and operations, and provides an update on the current production and exploration upside at the Zacualpan Silver-Gold District, as well as the move-forward plan on the Plomosas Zinc-Lead-Silver Mine in Chihuahua, Mexico.

 

The Company has 4 underground mines and 1 open-pit mine all feeding into the Guadalupe processing plant in the Zacualpan Silver-Gold District; with a number of other past-producing silver and gold mines across their district-scale land package being explored for future development.

 

Q1 2026 Highlights:

 

The Company reported Revenue increased to $31.2 million, nearly three times $10.7 million in Q1 2025, driven by higher silver prices, higher grades, and increased mill throughput at the Zacualpan Silver Operation.

Gross profit grew almost ten-fold to $20.3 million, from $2.2 million in Q1 2025.

Net income for the quarter was $11.3 million, or $0.03 per share, marking a return to profitability following a net loss of $0.1 million in Q1 2025.

At quarter-end, IMPACT held $45.3 million in cash, $4.0 million in guaranteed investment certificates ("GICs"), working capital of $48.0 million, and carried no long-term debt.

 

Fred outlined that the company delivered their strongest quarterly net income in the history of the Company — all while continuing to invest in development and exploration. While the higher silver price environment is clearly part of the story, he pointed to the bigger story being what is happening on the ground at Zacualpan: higher grades, higher throughput, and the meaningful contribution from the newly developed Kena Vein at the Guadalupe Mine.

 

Next, we shifted over to all the ongoing exploration work across Zacualpan district, where their 2 rigs have been continually turning at various targets.  Fred reviewed the high-grade exploration targets intercepted at their newer Kena Discovery at the Guadalupe Mine, and how this higher grade was going to increase their overall grade profile, as seen in Q1 numbers.  Additionally, there has been drilling over the last year at the San Ramon Deeps and San Ramon South area at the San Ramon Mine, both a gold-rich and a silver-rich vein respectively at the Alacran Mine, some silver targets like San Antonio at the Mina Grande Mine, and most recently some solid higher-grade precious metals results from the Carlos Pacheco exploration area.

 

Shifting over to the Plomosas Mine: They reduced expenditures in Q1 by making the decision to temporarily suspend underground mining, while they conduct more exploration and modeling of the mineralization.  After sufficient drilling and interpretation is completed, then the plan is to work towards a more efficient and sustainable mine plan of operations for the longer-term.  He also mentioned that the Company is currently in advanced-stage discussions on toll-milling arrangements at their Plomosa plant with a few nearby third-party operators; which they believe could generate cash flow during the current suspension of mining at Plomosas.

 

 

If you have any follow up questions for Fred about Impact Silver, then please email us at [email protected] or [email protected].

 

In full disclosure, Shad is a shareholder of Impact Silver 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 Impact Silver

 

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 sit down with Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, for a deep dive into the shifting dynamics across the broader commodities complex. Darrell provides an insider’s look at what is currently driving activity on the trading desk, breaking down the major macroeconomic and geopolitical themes influencing critical resource markets.

Key discussion points include:

CRB Index Resilience: An overview of the index's ongoing strength, current consolidation patterns, and how today's macro environment compares to multi-year highs.

Geopolitical Pressures on Crude Oil: A look into the supply-demand fundamentals, the quickening drawdowns of the U.S. Strategic Petroleum Reserve (SPR), and why the future curves tell a deeper story than current spot prices.

Natural Gas Stability: Why the natural gas market remains highly neutral despite localized shifts, alongside an outlook on how expanding LNG export capacity will impact long-term pricing differentials.

Base Metals Outperformance: The structural demand drivers behind copper’s massive run, code-driven regional arbitrage, and why the global push for artificial intelligence and power infrastructure is transforming the sector.

Securitization of Supply Chains: A broader analysis of why nations are aggressively moving to secure domestic resource pipelines and what this new era of resource nationalism means for the future of metal prices.

Precious Metals Consolidation: An assessment of the current corrective phase in gold and silver, and what key economic factors are needed to spark the next leg higher.

 

Click here to learn more about Bannockburn Capital Markets  - https://www.bannockburnglobal.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 Daily Editorial, I sit down with TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website and YouTube channel, to parse through the noise of the current macro headlines and focus strictly on what the charts are telling us. As geopolitical tensions, interest rate speculation, and inflation data continue to flood the news cycle, this conversation digs deep into price action to uncover where the real momentum is hiding and where the next big shifts are likely to occur.

Here is a summary of the key topics discussed in this episode:

Precious Metals Consolidation vs. Copper Strength: An overview of the current sideways movement in gold and silver as they test critical moving averages, contrasted with the undeniable structural strength and underlying demand driving copper and copper equities.

Interest Rates, Bond Support, and Oil Dynamics: A technical look at the critical support levels for TLT and bonds, combined with an analysis of why cooling oil prices could soon alleviate the pressure on interest rates.

The S&P 500 Equal-Weight Breakout: Why the recent all-time highs in the equal-weight S&P (RSP) reveal a much healthier, broader market breadth than the bearish headlines suggest.

AI-Driven Power Generation and Tech Rotations: A discussion on the shifting opportunities within tech, specifically focusing on energy infrastructure, small modular nuclear reactors, and under-the-radar financial stocks.

The Airlines and Oil Pairs Trade: How a distinct technical divergence between airline stocks and crude oil reveals a compelling pair-trade opportunity for savvy investors.

 

Stocks and Symbols Mentioned: S&P 500 Equal-Weight ETF (RSP), Gold Miners ETF (GDX), SPDR Gold Shares (GLD), iShares 20+ Year Treasury Bond ETF (TLT), United States Oil Fund (USO), U.S. Global Jets ETF (JETS), Navitas Semiconductor (NVTS), SoFi Technologies (SOFI), Robinhood Markets (HOOD), B. Riley Financial (RILY), Generac Holdings (GNRC), Iris Energy (IREN), Wolfspeed (WOLF), Hut 8 (HUT), Riot Platforms (RIOT), Oklo Inc. (OKLO), NuScale Power (SMR), Delta Air Lines (DAL), Southwest Airlines (LUV). 

 

Click here to visit TG’s site - Profit Pilot - https://www.profit-pilot.com/

 

Click here to visit the Profit Pilot YouTube page - https://www.youtube.com/@Profit-Pilot 

 

-------------------------

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 for the KE Report, I sit down with Dave Erfle, founder and editor of the Junior Miner Junky, to break down the latest technical trends and sentiment shifts in the precious metals sector.

Key topics discussed in this episode:

Gold and GLD Technical Levels: An overview of the critical $4,500 level on gold and the 414 benchmark on GLD, exploring what the recent tight trading range tells us about a potential bottom.

Understanding Sector Sentiment: A look at the commercial open interest and the bullish miners’ percentage index, revealing why high retail boredom often signals an ideal accumulation phase.

The Dynamics of Market Corrections: Dave explains how healthy bull markets shake out latecomers and "weak hands," offering a masterclass on why investors should buy the boredom and trim on strength.

M&A Activity and Corporate Shifts: A breakdown of the massive new consolidation headlines, including Equinox Gold’s latest moves and what rising corporate acquisition tells us about the broader market cycle.

Copper and Critical Minerals Performance: A comparison of the physical copper market against the COPX ETF, identifying divergence patterns that could hint at short-term corrections.

 

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter - https://www.juniorminerjunky.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.