Fred Bell, CEO of Elemental Altus Royalties (TSX.V:ELE) (OTCQX:ELEMF), joins me to review the key takeaways from news out on May 20th on their Q1 2025 financials, including record quarterly revenues, EBITDA, and cash flows. We also discuss the financial and development growth on tap for 2025, with updates at key royalty partner operations.

Q1 2025 Highlights

• Royalty revenue of US$11.6 million and adjusted revenue1 of US$13.3 million, up 179% on Q1 2024
• Attributable Gold Equivalent Ounces1 ("GEOs") of 4,606 ounces, up 102% on Q1 2024
• Adjusted EBITDA1 of US$11.5 million, up 259% on Q1 2024
• Operating Cash Flow plus Caserones dividends of US$3.3 million, up 182% on Q1 2024 with the majority of royalty revenue received post quarter end
• Final US$3 million of the Company's Revolving Credit Facility ("RCF") fully paid down in the quarter
• Over US$22 million cash on hand as of May 20, 2025 alongside the Company's US$50 million undrawn RCF2025 Outlook

2025 Outlook

• Company remains on track to meet record guidance of 11,600 to 13,200 GEOs, translating to record adjusted revenue of US$30.1 million to US$34.3 million, based on a gold price of US$2,600/oz and a copper price of US$4.00/lb. Production is anticipated to be weighted towards the first half of the year, driven by first gold sales from the Korali-Sud royalty
• This guidance represents a 38% increase in GEOs and 50% year-on-year increase in adjusted revenue at the mid-point of guidance, with full exposure to higher gold prices
• Elemental Altus is in a net cash position, with flexibility for new acquisitions utilising the $50 million RCF and the strong free cash flow being generated
• Elemental Altus has a Normal Course Issuer Bid ("NCIB") in place to purchase up to 12,288,129 common shares in the capital of the Company

Fred breaks down the financial strength of the company, and the leverage of it’s balance sheet to rising production and revenues in a higher metals price environment. He also highlighted with the roughly $20 million in cash on hand, the expected revenues over $30 million this year, a number of additional incoming $15 million in one-off payments, and the $50 million credit facility on hand, that the company is in a great position to keep reviewing acquisition transactions in the year to come.

Wrapping up we cover some of the anticipated growth of the projects at their key cornerstone royalty assets: Caserones, Karlawinda, Korali-Sud, Bonikro, and Wahgnion, the value in their one-off portfolio payments this year, and what types of assets are under consider for future acquisitions.

If you have any follow up questions for Fred regarding Elemental Altus Royalties, then please email them to me at Shad@kereport.com.

• In full disclosure, Shad is a shareholder of Elemental Altus Royalties at the time of this recording, and may choose to buy or sell shares at any time.

Click here to view recent news on the Elemental Altus Royalties website

In this KE Report daily editorial, we welcome back Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of Marc to Market, to unpack the market-shaking announcement from President Trump: a potential 50% tariff on European Union goods. This policy shift has reignited global trade tensions and is already sending shockwaves through equity, bond, and currency markets.

Marc provides a wide-ranging macro breakdown, covering:

• The market reaction to renewed tariff threats, including the sharp sell-off in European equities and rally in bonds.
• A detailed look at currency market trends, including strength in the euro, pound, Canadian dollar, and Chinese yuan… and a weakening U.S. dollar index.
• Why the dollar's recent weakness is more about the U.S. itself than foreign currency strength.
• How global capital flows are evolving, including surprising Q1 U.S. inflows and a nuanced view on the so-called "Sell America" narrative.
• An emerging trend: the U.S. dollar as a new global carry trade - a role once dominated by the Japanese yen.
• Big-picture risks in bond markets and the potential geopolitical realignment between the EU and China, as Europe grapples with economic and strategic pressure from both the U.S. and Russia.

Visit Marc to Market for more of Marc's analysis.

In this KE Report company introduction, we speak with Rana Vig, President and CEO of Blue Lagoon Resources (CSE:BLLG - OTCQB:BLAGF), a company on the verge of near-term gold production in British Columbia. With production expected to begin as early as July, the company is focused on generating cash flow through a toll milling agreement with Nicola Mining and using those proceeds to fund exploration across its land package.

Key topics covered:

• Roadmap to production and the significance of the recently granted permit - one of only seven hard rock mining permits issued in B.C. in the past decade.
• Toll milling strategy to avoid heavy CapEx and environmental liability.
• Initial production forecast of 15,000 oz gold in year one, ramping up to 20,000 oz annually.
• The company’s 218,000 oz M&I gold resource and why a PEA has been deferred until production cash flow validates the asset.
• Exploration potential from over 50,000m of recent drilling, new high-grade hits below the current resource, and several untested veins across a 22,000-hectare property.
• A look at the insider ownership and key strategic shareholders, including Crescat Capital and Nicola Mining.

Visit the company website: https://bluelagoonresources.com/

Have questions? Leave a comment or email us (Fleck@kereport.com). I will follow up directly with Rana.

Terry Harbort, President and CEO of Talisker Resources (TSX: TSK) (OTCQX:TSKFF), joins me to review the renewed the milling agreement with Nicola Mining Inc. in connection with processing run of mine material from the Mustang Mine, at the Bralorne Gold Project, over to Nicola’s Craigmont Mill located in Merritt, British Columbia. The company announced on May 15th that as of Sunday, May 11th, Talisker initiated the trucking of run of mine vein material extracted from the 1060 and 1075 development levels. We unpacked this major positive milestone for the Company, and what the ramp up in to production will look like for the second half of this year.

To date, a total of 640 tonnes of run of mine material from along the Alhambra Vein has been transported to the Craigmont Mill. A processing stockpile will be developed at the Craigmont Mill over the next month to allow operational continuity. Milling is expected to proceed soon thereafter. We discuss the development work underway on the pathway to near-term gold production at the Mustang Mine over the next few months.

We review that main area of focus for the development declines and work up until this point in time has been in the unmined area, between the historically mined Bralorne and King mines, now referred to as the Mustang Mine. To date, a total of 286.6 metres of development has been completed at the Mustang Mine including waste development on the 1090, 1085, 1100, 1105 and 1120 levels and development on mineralized vein material on both east and west fronts on the 1060 and 1075 levels.

We shift over to the measured ramp-up of throughput from mined ore at the Mustang Mine with throughput starting at 100 tonnes per day (tpd) in the next 2 months, then moving up to 175 tpd after that, and then up to 250 tpd by year-end. Moving into next year it is anticipated that throughput can rise from 300 tpd, up to 500 tpd, and then eventually 750 tpd in the years thereafter. That will involve pulling in material from the unmined areas between the historic Bralorne and Pioneer mines as a second eventual area of focus.

In addition to being amenable to toll mining at nearby processing centers with spare capacity, there have been studies underway looking at upgrading the ore on site using ore-sorting technology, so that higher-grade material, with less associated waste would make it more economical to be shipped to additional processing centers. An economic study is slated for later this year that will explore some of these concepts in more detail. Wrapping up we discuss the health of their treasury, the strength of the management and operational teams, and the key milestones and news on tap for the balance of this year.

If you have any follow up questions for Terry then please email me at Shad@kereport.com.

Click here to follow the latest news from Talisker Resources

In this KE Report Daily Editorial, we reconnect with Brien Lundin, Editor of the Gold Newsletter and Host of the New Orleans Investment Conference (Nov 2–5), to break down the shifting dynamics in the precious metals equity sector, especially the rising tide lifting junior mining stocks. A wave of capital is moving down the food chain, from majors to juniors.

Topics covered include:

• A broad rotation into juniors, with many financings being upsized or quickly closed.
• The psychological impact of gold’s price stability and its role in driving resource stock revaluations.
• The divergence in valuations for ounces in the ground - and why some juniors are still deeply undervalued.
• Why silver stocks are suddenly attracting attention, despite higher prices earlier this year.
• Brien’s top silver picks: Vizsla Silver, Aftermath Silver, Hawthorne Resources, Silver Tiger.
• Exploration-focused drill stories Brien is following this summer: Prospector Metals, K2 Gold, Dryden Gold.

Plus, a reminder to join us at the New Orleans Investment Conference in November. Click here to follow Brien’s Gold Newsletter and learn more about this year’s conference.

In this KE Report Company Update, we’re joined by Terry Lynch, CEO of Power Nickel Mines (TSX.V:PNPN - OTC:PNPNF - FRA:1VV), to discuss the company’s aggressive and fully funded 100,000-meter drill program at the polymetallic NISK Project in Quebec.

Key Highlights from the Interview:

• Exploration Strategy: A six-rig program focused on expanding the Lion Zone at depth, exploring new polymetallic targets, and connecting a 5+ km corridor between Lion and NISK East.
• Resource Growth Path: Early-stage modeling efforts are enabling analysts and investors to build their own interpretations of scale, while metallurgical studies are underway to confirm high recovery rates.
• Financing & Market Volatility: Terry explains the timing behind the capital raise, recent market headwinds triggered by tariff fears, and how investor sentiment impacted the stock despite strong news flow.
• Name Change Rationale: Rebranding from Power Nickel to Power Metallic better reflects the polymetallic nature of the discovery, which includes high grades of copper, nickel, PGEs, gold, and silver.

Click here to visit the Power Metallic website for more information on the company.

📬 Send in your questions - we’ll follow up with Terry as more drill results come in. Fleck@kereport.com and Shad@kereport.com

Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us for a longer-format discussion on and the macro and micro themes that are continuing to create volatility in the general equities, bonds, and commodities market, and how he has been using these moves to both prune winning positions and plant new positions in the gold, silver, copper, rare earths, and uranium stocks.

We start off reviewing the cooling of the extreme market volatility we witnessed a little over a month ago, where general US equities have rebounded strongly, but instead of being concentrated into just mega-cap tech, capital has broadened out into other sectors like consumer staples, real estate, and industrials. Nick reiterated his stance that these factors are not demonstrating an economy going immediately into a recession or depression and he is anticipating a reflationary trade for the second half of this year. When the pause comes off the tariffs they will be less extreme than many envisioned, but will still likely cause an uptick in inflation and this will be a net positive for the commodities sector.

Nick remains bullish on gold, silver, and copper for fundamental reasons as well as recent pricing strength momentum. In addition to solid portfolio positions in ETFs like (GDXJ) and (SLVR), or playing domestic copper and base metals production through Freeport-McMoRan Inc. (NYSE: FCX); he was also active last year and early this year putting capital to work in junior exploration companies like Kingsmen Resources Ltd. (TSXV: KNG) (OTCQB: KNGRF), Hannan Metals Limited (TSXV: HAN) (OTC Pink: HANNF), and Quartz Mountain Resources Ltd. (TSXV:QZM)(OTC PINK:QZMRF).

We the weave in other commodities, such as how he is playing rare earths recycling through a position in CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF), or investing in junior uranium stocks using the ETF (URNJ) or positions in Energy Fuels Inc. (TSX: EFR) (NYSE American: UUUU) and Denison Mines Corp. (TSX: DML) (NYSE American: DNN). This leads to a deeper dive into the overall demand drivers for nuclear power, small modular reactor stocks, uranium supply constraints as the utility contracting picks up the pace, and how that should continue to benefit uranium equities.

Click here to follow Nick’s analysis and publications over at Digest Publishing

In this KE Report company update, we welcome back Cameron Tymstra, President and CEO of Targa Exploration (CSE:TEX - OTCQB:TRGEF - FRA:V6Y), to discuss the company’s evolving gold exploration strategy in the James Bay region of Quebec.

Targa is gearing up for its first drill program at the Opinaca Gold Project with a larger financing, share consolidation, and airborne geophysics planned to refine high-priority targets.

Key discussion points include:

– Why Targa cancelled a smaller $500k raise in favor of a $2.6 million financing, supported by strong investor interest – How proceeds will fund airborne geophysics and a ~3,000m maiden drill program targeting a 7-km gold anomaly – Details on the 5-for-1 share consolidation and rationale behind the capital structure reset – Comparables and context: proximity to Newmont’s former Eleonore Mine and Patriot Battery Metals’ Corvette project – Cost estimates for drilling and expectations around permitting and pad selection before the planned August/September drill mobilization – Potential for future portfolio expansion into additional gold assets

The Opinaca project presents a greenfield opportunity in a region with very limited historical exploration.

Visit the Targa Exploration website for more details.

Be sure to subscribe for follow-up interviews and market commentary. YouTube, Spotify, Apple Podcasts, and X