Finally, the Junior Miners Are Outperforming

Q2 earnings will add fuel to the fire

The wait was long, but the payoff is big: Junior miners are finally driving the action in precious metals. KE Report just posted an interview with mining analyst Dave Erfle, who explains why this trend has legs. Here’s an excerpt:

Financing Surge, Juniors Outperforming, and a Bullish Setup in Precious Metals - With Dave Erfle

In this episode of the KE Report, I sit down with Dave Erfle, founder and editor of Junior Miner Junky, to unpack why the financing window for juniors is wide open and how market dynamics are setting up a textbook bull market. From strategic partner investments to copper’s tariff-driven rally, Dave shares why he believes the juniors are leading a powerful rotation.

💡 Key Highlights

🚀 Strategic Money Flows Into Juniors

“We’re seeing $30 million financings for higher-risk juniors with major strategic partners taking big positions.”
✅ Three financings this week alone in PEA-stage companies show majors hunting ounces.
✅ Strategic investment signals sector confidence and accelerates M&A potential.
✅ Actionable takeaway: Watch for juniors attracting majors as a leading indicator of momentum.

📈 Gold Miners Gearing Up for Q2 Earnings

“Newmont pumped out $1.2B free cash flow last quarter; I wouldn’t be surprised to see $1.5B this quarter.”
✅ Gold’s $400/oz higher average price in Q2 points to stronger margins and cash flow.
✅ Market is still pricing many miners as if gold is $2,000/oz, creating valuation gaps.
✅ Actionable takeaway: Position ahead of earnings; expect upgrades and reratings.

💥 Juniors Outperforming Majors

“The juniors are finally providing leverage - up over two times the gold price.”
✅ A shift from defensive majors to risk-on juniors is underway.
✅ GDX targeting $60 once consolidation resolves.
✅ Actionable takeaway: Add selective juniors while financing strength and upside momentum align.

⚡ Silver & Copper Momentum

“Silver hit a 14-year high and is holding bullish flags - while copper reacts sharply to tariffs.”
✅ Gold/silver ratio below 88; silver showing relative strength during gold’s consolidation.
✅ Copper rally driven by inventory draws and tariff uncertainty; bullish flag forming.
✅ Actionable takeaway: Monitor silver near $37.50 support and copper near $5 for breakout signals.

🛠 Sector-Wide Bullish Signals

“Financings are being bought, not sold - that’s what happens in a bull market.”
✅ Upsized financings, quick closes, and price strength post-finance = strong institutional demand.
✅ Actionable takeaway: Follow the money - juniors with no warrants or strategic buyers stand out.

Here’s the interview: