Cory Fleck

Craig Hemke - Previewing Fed Meeting, PCE Data, Newmont Earnings

• Top takeaway He argues the earnings news itself is mostly noise: investors follow the gold price, so if gold rallies toward $4,500 around Newmont's report the market reacts positively no matter the numbers.
• He assembles the soft Q2 case for Newmont: EPS seen at about 213 to 218 per share versus 290 in Q1, revenue down almost a billion dollars sequentially, lower gold output, and potentially significantly higher all-in sustaining costs.
• He questions whether too much emphasis is put on Newmont, noting about two dozen mid-tier and three dozen smaller producers, many of which printed money in Q2 at averages of about $4,300 gold and $73 silver with lower cost structures.
• On the Fed he expects little from next week's meeting — Warsh's second, with no one really expecting much — and he raises the debate over whether the Fed would rather hike now than close to the midterm elections.

Markets shrug off Iran war escalation; the guest argues traders have grown desensitized, with crude oil's overnight spike toward $85 quickly fading. The Fed's quiet period (a pre-meeting communications blackout) empties the calendar; markets price roughly 16% odds of a 25 basis point hike next week. PCE inflation should keep cooling like CPI and PPI did, but the guest expects war-driven energy costs to cloud the print. Newmont opens gold-miner earnings Thursday with output guided lower and AISC (all-in sustaining cost — the full cost to produce an ounce) rising. Miner shares have round-tripped to last November alongside gold and silver; the guest favors research-driven stock picking over ETFs for the rebound.

Sitka Gold- High Grade Dill Results: 164.0 Metres of 1.83 g/t Including 45.0 Metres of 3.49 g/t Gold

Sitka Gold's Hole 128 at the RC Gold Project returned 164 metres of 1.83 g/t gold, including 45 metres near 3.5 g/t. Grades climbing with depth matter because the deposit outgrows any open pit, pushing Sitka toward an underground mine. The first seven Rhosgobel holes extend mineralization below the current resource, and all of them are step-outs. Tungsten sits consistently alongside gold in core, and metallurgy will decide whether that byproduct is worth recovering. Over 24,000 of a planned 60,000 metres are drilled, and an updated mineral resource estimate is targeted for early 2027.

Newcore Gold - PFS Rundown & High-Grade Drill Results

• Top takeaway The host presses the CEO on why Newcore moved from heap leach to a costlier CIL flowsheet and on the roughly 25% share-price drop after the PFS release, a question he says was raised by listeners.
• He frames the economics as resilient at lower gold prices, noting the project still carries a 37% after-tax IRR at $3,800/oz gold alongside cash costs near $1,700/oz and all-in sustaining costs just under $2,300/oz.

Newcore Gold's PFS (pre-feasibility study) puts the Enchi project's after-tax NPV (net present value) at $647 million with a 45% IRR at $4,200 gold. Management shifted from heap leach to CIL (Carbon-in-Leach — tank-based gold recovery) for higher recoveries, accepting higher capital and operating costs. The untelegraphed flowsheet shift, landing in a broad gold-equity selloff, drove a 25% share-price drop despite economics the CEO calls robust. High grades front-load the mine plan: about 130,000 ounces annually over three years, cutting early AISC (all-in sustaining costs) to $1,970 per ounce. Only 28,000 of 80,000 planned drill metres made the study; new Niam step-out holes below the reserve pits point to unmodeled upside.

Banyan Gold - Expanding High-Grade Mineralization at AurMac & Drilling At Nitra

• Top takeaway Structures the update around the June 17 Powerline high-grade results, the just-started Nitra drill program, and the newly filed AurMac technical report ahead of the PEA.
• Presses on whether the 5.5 g/t over roughly 22 meters and 13 g/t over 9.2 meters intercepts are Banyan's longest high-grade widths yet, and asks about visible gold correlation, Nitra hole depths, and assay turnaround.

High-grade intercepts — over 5.5 g/t gold (grams per tonne) across nearly 22 meters — sit inside AurMac's conceptual pit but outside the current mineral resource. CEO Tara Christie says 2026 drill holes cannot enter the upcoming PEA (Preliminary Economic Assessment), which uses only drilling completed through end-2025. Infill drilling to roughly 100-meter spacing aims to move the pit's unclassified high-grade zones into Inferred (lowest-confidence) resources, adding ounces and grade. A 7,500-meter program now drilling ten regional targets at Nitra could add satellite deposits that extend future mill life at AurMac. Management sees Banyan undervalued at about US$50 per resource ounce versus peers, with the filed technical report and second-half PEA as catalysts.

Sitka Gold - Drill Results Expand High-Grade Mineralization At Blackjack Deposit On RC Gold Project

• Top takeaway As host, he drives the interview: recaps the June 23 Blackjack drill results, presses Burke on infill vs expansion, deep-drilling goals and resource growth, and relays a listener question on how visible gold correlates with high-grade sections.
• Cites Blackjack figures of just over 2.3 million ounces combined indicated and inferred (per his reading of the latest estimate) when asking whether there is a corporate size goal before the focus shifts to development.

Six new holes blend infill and expansion drilling, hitting better than 1 g/t (grams per tonne) gold, some starting shallow for quicker capital payback. Oriented core shows a structural control that tightens mineralization at depth, guiding deep holes and feeding open-pit versus underground trade-off studies. Visible gold in core confirms drillers are in the right veins in real time, but it does not map one-to-one to assay grades. The guest frames Sitka's 5 million combined ounces against roughly 10 million ounce intrusion-related systems like Fort Knox and Eagle.

Heliostar Metals - Ana Paula and La Colorada Drill Results, Including 99.8 Metres of 10.9 g/t Gold

• Top takeaway The host argues that if Heliostar can self-fund its growth it ranks among the higher-growth companies he has seen, and calls the new drill results impressive despite the ongoing sector correction.
• He presses on what the gold price pullback means for strategy, noting that at roughly $2,000 all-in sustaining costs the company is still making money easily at prevailing prices.

Ana Paula infill drilling delivered about 100 metres at roughly 11 g/t gold, confirming a million-ounce high-grade panel that keeps mining costs low. Step-out holes below the panel show the expansion zone is open, and management sees potential to rival neighbouring 15-20 million ounce deposits. A newly identified North Zone linkage is forming gold pods, with 21 metres at 10 g/t hinting at satellite ore for the underground mine. Permits for La Colorada's Veta Madre Plus pit expansion are secured, targeting about 20,000 extra ounces from mid-2027 beyond its six-year mine life. Gold near $4,000 against all-in sustaining costs (AISC, the real cost to produce an ounce) near $2,000 lets management self-fund growth without new equity.

KER QuickTake - Summer Doldrums or Structural Shifts? Precious Metals, Copper, Oil

• Top takeaway Cory declares himself in the bearish camp on precious metals as of the June 18 recording, arguing the weight of indicators (BPGDM below 50, broken charts) shows this is not a bull market, though he has not sold all his positions and has tightened his portfolio and moved money into other sectors.
• He highlights over $2 billion Canadian of newly free-trading stock from four-month hold expiries (C$622M across 57 companies last week, C$1.44B across 62 this week per CEO.ca) as downward pressure, especially on juniors.
• He argues the gold bull did not 'just start' — a decade in gold, eight years in the majors, three-to-four years in mid-tiers, two-to-three in developers/silver — and worries the January parabolic top may have ended it, though he sees opportunities for a year to 18 months past the metals peak.
• He expects a strong Q2 reporting season for gold and silver stocks (likely their second-best quarter ever) that could spark a bounce, and a fall rally after a boring summer, citing Jeff Christian's view of a pickup starting August-September.
• On the Fed he sees roughly a 100% chance of a rate hike by year-end under Warsh, with inflation still high and no recessionary data, calling the neutral-to-hawkish Fed another bearish headwind for precious metals; on copper he is firmly bullish, seeing the copper market a year or two behind gold with stocks set to catch up, and on oil he is considering lightening up but leaning toward higher-for-longer alongside Schachter, Steffens, and Broderick.

Gold, silver, GDX, and SILJ have broken below their 200-day moving averages, and the hosts argue the intermediate-term trend has turned bearish. The BPGDM (the share of gold miners in bullish point-and-figure uptrends) hit an ultra-rare zero reading, a contrarian signal that has since faded to neutral. Over $2 billion Canadian of recently financed junior stock came free-trading in two weeks, adding sell pressure to an already weak tape. Copper is the standout: near all-time highs in a textbook bull market, with equities yet to fully price the metal and hyperscaler demand. Oil shows structural damage and depleted strategic reserves; the case made is for higher-for-longer prices even if Strait of Hormuz shipping normalizes.

Graphene Manufacturing Group - EPA Updates, & Battery, SUPER G®, THERMAL-XR®, G® Lubricant Questions

• Top takeaway Fleck framed the call as a Q&A on the June 2 US EPA application and pressed on the commercial numbers his audience asks about — orders, US market penetration and the revenue timeline — which the guest deferred, saying sales results should be shown shortly.
• He carried the subscriber questions on battery energy density, de-gassing of the oxide-free electrodes, third-party testing interest, SUPER G® per-kilogram pricing, THERMAL-XR® corrosion protection and G® Lubricant fleet results and go-to-market.

US EPA approval is the gate: G® Lubricant sign-off is expected by end of June 2027, with no US production before then. Production will be sited near low-cost natural gas, the guest says, because energy feedstock cost drives graphene manufacturing economics. Battery cells are only now reaching end customers for testing, four years into development, with substantial revenue still ahead. The guest claims a zero-to-100% charge in six minutes; rivals' faster claims often cover only 30% to 80%. Trial data stays unpublished until enough fleet and coating results accumulate; proof, not product, is the bottleneck.

District Metals - Details On The Swedish Parliament Passing Permitting Reform

• Top takeaway As host he frames the update around what Sweden's June 15, 2026 permitting vote changes and whether it alters District Metals' work plans and permitting outlook.
• He asks the CEO to quantify the programme — annual budget and cash position — and says he will bring the CEO back as company news and the September election approach.

Sweden's parliament voted 280-66 to remove a 50-year municipal veto on uranium processing, cutting a late-stage permitting risk. The change levels uranium permitting with other metals, but only binds when a project seeks the final environmental permit to build. Ainsworth argues Sweden should make Sami and landowner consultation a legal requirement, mirroring First Nations consent rules in Canada. The reform does not move District Metals' near-term plans: drilling, an airborne survey, and an economic impact study all run through year-end. About C$5 million of spending is backed by roughly C$17 million cash, with drilling paced to keep landowner relations comfortable.

Banyan Gold - Multi-Project Yukon Acquisition and Aggressive 70k Meter Drill Program Update

Banyan Gold acquired a multi-project portfolio from Generic Gold, adding strategic land positions adjacent to existing Yukon properties with no near-term spending commitments. Over 26,000 meters of a planned 70,000-meter drill program are complete, with multiple rigs actively turning to expand the resource base. The company is advancing toward a Preliminary Economic Assessment (PEA) using the 2025 resource model, while high-grade silver veins may add future economic upside.

Sitka Gold - 1st Drill Hole Yields 94.0 m of 1.79 g/t Au including 19.3 m of 5.04 g/t Au

Sitka Gold's first 2024 drill hole at RC Gold returned 94.0m of 1.79 g/t Au, including 19.3m of 5.04 g/t Au, demonstrating high-grade mineralization at depth. The significant intercept in hole 121 extends mineralization well below current open-pit boundaries, suggesting strong potential for a future underground mining scenario. The company is actively scaling its massive 60,000-meter drill program across multiple zones, with a steady flow of assay results expected throughout the year.

Brien Lundin - Precious Metals Corrections, Copper’s Resurgence, and Strategic Resource Picks

Gold and silver are experiencing a normal technical correction with supportive macro fundamentals, presenting a buying opportunity for long-term investors. Capital is beginning to rotate from precious metals into critical minerals like copper and tungsten, driven by strategic government funding and shifting economics. Portfolio management is crucial in a target-rich environment; Brien Lundin advises cutting underperforming junior stocks to fund high-conviction exploration stories.

Headwater Gold - Jake Creek Drill Program & Lodestar Targeting; Partners OceanaGold & Newmont

Headwater Gold commences an 8-10 hole drill program at Jake Creek, partnered with OceanaGold, targeting historic high-grade gold intercepts. Scout drilling at the Lodestar project identified the new Meridian alteration zone, with an IP geophysics survey planned to define targets at depth. The company strategically expanded its land position by staking additional claims north of Jake Creek to capture the full mineralized trend.

Kingfisher Metals – 15,000m Drill Program To Commence, 3-Pronged Approach to Copper-Gold Exploration

Kingfisher Metals is launching a fully-funded 15,000m drill program using three rigs to expand its copper-gold discoveries in British Columbia's Golden Triangle. The three-pronged approach targets the large-scale Hank Porphyry Cu-Au discovery, high-grade structural gold zones, and new regional porphyry targets like Turquoise and Rainbow. Investors should note the compelling geological similarities between the Hank discovery and the nearby Mitchell deposit, Canada's largest undeveloped copper-gold asset.

Firefox Gold - Mustajärvi Drilling Update: Results From The East & Northeast Zones & New Targets

Firefox Gold reports high-grade intercepts at Northeast Zone, including 11.0m at 4.9 g/t gold, indicating substantial mineralized body growth at depth. Company targeting undrilled Gap Zone between East and Northeast zones, representing significant exploration upside potential for resource expansion. Second drill rig planned to accelerate maiden mineral resource estimate timeline, signaling strong commitment to advancing Mustajärvi Project in Finland.

Great Pacific Gold - Testing the High-Grade Core and Beyond at the Wild Dog Project

Hole 5 results revealed a lower-grade halo surrounding the high-grade core at the Wild Dog project, confirming the geological model for the Kavasuki area. The company is actively drilling Holes 6 and 7 to track the high-grade core across a identified fault offset, aiming to prove continuity of the mineralized structure. An aggressive 18-month exploration plan includes 900 meters of step-out drilling at Kavasuki and testing high-priority regional targets like Morgan and Magiabie.

Headwater Gold - Highest Gold Grades To Date At TJ Project, Expanded Land Package, New Gold Project

Headwater Gold reports highest-grade gold intercepts to date at the TJ Project in Nevada, with increasing vein widths at depth suggesting a robust epithermal system. The company has strategically expanded its land position by 88% around the TJ Project and staked the new Jupiter Project in the Walker Lane belt. A hybrid business model balances 100%-owned assets with funded earn-in agreements from major partners, creating a pipeline of upcoming exploration catalysts.

Sitka Gold - 60,000 Meter Drill Program Update, Metallurgical Recoveries 94.3% Gold & 84.7% Tungsten

Sitka Gold is advancing a massive 60,000-meter drill program at its RC Gold Project in the Yukon using a four-drill setup to expand open-pit and underground resources. Exceptional metallurgical test results from the Rhosgobel deposit demonstrate robust economic potential with 94.3% gold recovery and 84.7% tungsten recovery via flotation. Investors should anticipate a steady flow of material catalysts, with the first batch of visual and assay results from the Blackjack deposit expected as early as May.

Kingfisher Metals – District-Scale Copper-Gold Exploration - HWY 37 Project In The Golden Triangle

Kingfisher Metals is advancing its fully-funded 2026 exploration program with 15,000 meters of drilling targeting copper-gold porphyry and epithermal mineralization in BC's Golden Triangle. The company recently raised CAD$30 million, with over 50% institutional ownership and top 20 shareholders controlling ~58%, indicating strong financial backing and tight share structure. A substantial pipeline of regional targets across the 933 km2 HWY 37 and 202 km2 Forrest Kerr projects provides significant discovery upside beyond the primary Hank-Mary district.

Founders Metals - Antino Project: Expanding Gold Mineralization & The Project To 100,000 Hectares

• Top takeaway As host, Fleck frames Antino as a generational-scale asset and draws the audience's attention to a ~50 g/t gold sample on the western expansion ground, signaling that the area directly west of Upper Antino is a high-priority target on investors' minds.
• He pushes the CEO on the 3.5 km gap between Upper and Lower Antino and on ownership terms for the newly acquired southern land package, prompting the disclosure that much of the new southern ground sits in a 70-75% option agreement versus a 100%-owned 10-year mining license.

High-grade 'kicks' within Lower Antino's broad 90-meter intercept at 1.02 g/t gold signal a bulk-tonnage target with significant room to grow. Antino's expansion to 100,000 hectares consolidates an entire Suriname greenstone belt (ancient volcanic rock that hosts large gold systems), giving Founders Metals district-scale optionality. A $55 million treasury and $35–$37 million 2026 exploration budget let Founders Metals drill aggressively across the expanded district. Founders ranks Upper Antino first for resource work, then Lower Antino, then a 5 km northern auger anomaly (a soil-sampling target) — the property's largest.