The KE Report

In this Company Update, we are joined by Charles Funk, President and CEO of Heliostar Metals (TSX-V: HSTR, OTCQX: HSTXF, FRA: RGG1), to discuss the ongoing progress on the Ana Paula Project Feasibility Study in Mexico. Charles outlines how the team is transitioning the preliminary economic assessment into a formal construction blueprint targeting 100,000 ounces of gold per year.
Key Discussion Points:
Feasibility Study Progress and Baseline Economics: How Heliostar is advancing from its PEA and what upcoming quarterly updates will communicate about development milestones.
Resource Conversion and High-Grade Expansion: An update on the 25,000 meters of conversion drilling supporting reserve definition, alongside high-grade extension drilling indicating mine-life upside beyond the initial study.
Throughput Optimization and Scalability: Why the company is evaluating an initial daily mill rate expansion to 2,000 tonnes per day and building built-in optionality to scale up to 2,500 tonnes per day mid-mine life.
Engineering Trade-Offs and Cost Reductions: Strategic underground layout modifications..
Permitting Advantages and Underground Redesign: How modifying the historical open-pit permit to an underground operation and sets the stage for a mid-2027 construction decision.
Project Financing and Corporate Growth Pipeline: The funding strategy to build Ana Paula using operational cash flow and project debt while concurrently advancing other assets.
 
Please email me at Fleck@kereport.com with any follow up questions for the team at Heliostar Metals. 
 
Click here to visit the Heliostar Metals website to learn more about the Company - https://www.heliostarmetals.com/
 
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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 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.

Shane Williams, President and CEO Of West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins me to review the key metrics from Q2 production and financials which demonstrated substantially higher mined ounces and gold produced, higher revenues, and lower costs at their flagship Madsen Gold Project, in the Red Lake district of Ontario, Canada.   We also look ahead to development and exploration work on tap for H2, and the bigger picture vision for future growth.
 
Q2 2026 Highlights
 
Gold production increased 51% to 8,576 ounces, compared with 5,667 ounces in Q1.
Gold sales increased 34% to 8,260 ounces, compared with 6,165 ounces in Q1.
Revenue increased 17% to $49.0 million, generating $20.1 million of income from mine operations, a 31% increase from Q1.
Adjusted net earnings increased 98% to $12.6 million, compared with $6.4 million in Q1. 
Adjusted EBITDA increased 54% to $22.1 million, compared with $14.4 million in Q1.
Cash costs decreased 23% to US$2,000 per ounce sold, compared with US$2,594 per ounce in Q1.
All-in sustaining cost (“AISC”)  decreased 30% to US$3,284”  per ounce sold, compared with US$4,678 per ounce in Q1, bringing Q2 AISC within the Company’s 2026 guidance range of US$2,800 to US$3,600 per ounce.
The Company generated $9.7 million of positive free cash flow during Q2.
The Company ended Q2 with approximately $31.2 million in cash and cash equivalents.
 
  Shane reviewed that the development-focused strategy implemented during the first half of 2026 is now translating into measurable operating improvements as mine sequencing advanced to unlock multiple stoping fronts and operational flexibility continued to improve.  Additionally, all the exploration success had at the 4447 Zone is now factoring into mining and production here in H2, and he points to all the recent success at the 904 Zone having a similar trajectory with first mining anticipated in H2 of 2027.
 
Next we discussed the higher All-In Sustaining Costs (AISC) in Q4 and Q1 and how the ongoing ramp-up in production will steadily lower the costs over the next few quarters.  Shane highlighted that in the second half of this year that the shaft will be rehabilitated and begin hoisting ore, and this will further drive down costs over the next few quarters. The steady nameplate run-of-mine production and costs will likely be achieved in 2027 and beyond.  We also discussed that the higher oil and diesel prices were not a major cost input and have very muted effect on their underground mining operations where the site mostly runs on cheap hydroelectric power.
 
We then discussed the next phase of growth which will see satellite deposits like Fork, Starratt-Olsen, and eventually Rowan augment the production at Lower Austin and Austin South at Madsen.   The Company will be putting out a Pre-Feasibility Study in September wrapping updated economics around Madsen and factoring in how future production from Rowan would increase production growth and take the company to the next level of producer.
 
Wrapping up we discussed the many areas of focus for exploration and resource expansion, including greenfield surface targets, past producing brownfield areas like Starratt-Olsen and Mt Jamie, and underground targets as the company continues to dewater areas of Madsen that haven’t been touched by modern exploration or mining; with last mining occurring back in the 1960s and 1970s.
 
Click here to follow the latest news from West Red Lake Gold
 
If you have any follow up questions for Shane or the team over at West Red Lake Gold please email me at  Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of West Red Lake Gold Mines at the time of this recording and may chose to buy or sell shares at any time.
 
For more market commentary & interview summaries, subscribe to our Substack reports:
 
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 Company Update, I sit down with Ryan O’Regan, Chief Executive Officer, and Roy Greig, Vice President of Exploration, of Getty Copper Inc. (TSX-V: GTC | OTCQX: GTCDF). The discussion centers on the company’s recent high-grade drill results from the Getty South target within British Columbia’s prolific Highland Valley copper district, alongside a significantly oversubscribed $15 million financing that dramatically alters the scope of the upcoming fall drill program.
Key discussion topics include:
High-Grade Intercepts at Getty South: An exploration of the latest batch of drill results, featuring standout intervals including 46 meters of 1.47% copper within 150 meters of 0.71% copper, and how these grades compare to earlier phases.
Geological Footprint and Lateral Expansion: Geological observations regarding vertical extent down to 300 meters below surface, strike continuity, and where the mineralization remains open for immediate follow-up.
Oversubscribed $15 Million Financing: The breakdown of the charity flow-through and equity components, the level of incoming institutional interest, and how this capital eliminates historical exploration constraints.
Mobilizing Two Rigs for Fall Drilling: Why management is accelerating its operational timeline to bring two drills to Getty South right away, effectively upsizing the planned meterage for the upcoming winter campaign.
Regional Pipeline Targets and 2027 Goals: Next steps for property-wide exploration across the broader Highland Valley land package, the timeline for remaining spring assays, and the roadmap leading to an updated Mineral Resource Estimate.
 
Feel free to email us with any follow up questions for the team at Getty Copper. My email address is Fleck@kereport.com.
 
Click here to visit the Getty Copper website - https://gettycopper.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.

In this Company Update, we sit down with Brian Martin, Senior Vice President of Business Development and Investor Relations at OceanaGold (TSX: OGC - NYSE:OGC), to review the company’s operating performance, financial strength, and expanding multi-asset production profile. Brian breaks down how the company is driving organic growth, integrating strategic acquisitions, and executing a disciplined capital allocation strategy that returns substantial value to shareholders.
Key discussion topics include:
Operational Performance and Production Outlook: An overview of year-to-date delivery across core assets, expectations for a stronger production profile in the second half of the year, and key factors driving margin resilience.
Free Cash Flow Generation and Balance Sheet Strength: A review of recent cash flow metrics, consensus expectations for the full year, and how a debt-free treasury supports ongoing capital flexibility.
Disciplined Capital Allocation Strategy: How management balances sustaining site investments and organic mine development with aggressive capital returns via dividends and share buybacks.
Unlocking Organic Pipeline Growth: Progress updates on key life-of-mine extensions and underground development projects, including Macraes Phase 4 and the high-grade Waihi North project.
Strategic Expansion via the Ausgold Acquisition: The rationale behind adding the Katanning Gold Project in Western Australia, including the expected development timeline and how it paves the pathway toward 650,000 ounces per year.
Valuation and Relative Market Opportunity: A look at how current cash generation, low-risk project sequencing, and jurisdictional safety position the company relative to intermediate gold producer peers.
 
Click here to visit the OceanaGold website and learn more about all the operations - https://oceanagold.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.

In this Company Update, I sit down with Mike Burke, Director and Vice President of Corporate Development at Sitka Gold Corp. (TSX-V: SIG, OTCQB: SITKF, FSE: 1RF), to review the latest round of diamond drill results from the RC Gold Project in the Yukon. We discuss the significance of deep intercepts beneath the Blackjack deposit, the expansion of near-surface gold at the Saddle Zone, and the geological evidence indicating that Blackjack and Eiger may connect into a unified deposit.
Deep High-Grade Hits at Blackjack: A breakdown of headline hole 133, which intersected broad intervals of high-grade gold at depth, and what these results indicate for potential underground continuity beneath the current pit shell.
Near-Surface Expansion at Saddle: How step-out drilling across 550 meters of strike is turning previously modeled waste rock into gold-bearing inventory within the conceptual pit outline.
Connecting the Blackjack and Eiger Deposits: An examination of the intrusive dykes and structural corridors suggesting these two zones may merge into a single, continuous mineralized system.
Impact on the Mineral Resource Estimate: Insights into how ongoing drilling, grade profiles, and low cutoff thresholds could influence the upcoming resource update.
Exploration Progress Across the District: What investors should anticipate next from the ongoing 60,000-meter program as seven drill rigs continue turning across Blackjack, Rhosgobel, Pukelman, and Bearpaw Breccia.
 
If you have any follow up questions for the team at Sitka Gold please email me at Fleck@kereport.com. 
 
Click here visit the Sitka Gold website to learn more about the Company - https://sitkagoldcorp.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 Company Update, I welcome back Mike Konnert, President and CEO of Vizsla Silver Corp. (NYSE: VZLA | TSX: VZLA), to provide an in-depth operational update on the flagship Panuco silver-gold project in Sinaloa, Mexico. Mike discusses the tangible steps taken to position the project for long-term operational success, outlining site security collaborations, major pre-construction engineering contracts, key executive hires, and the roadmap toward bringing this primary silver assets into commercial production.
Discussion highlights:
Site Security Framework and Return Timeline: Insight into the standards required to resume on-site activities by late 2026.
Production Horizon and Permitting Milestones: An updated operational outlook toward initial silver production.
Major Engineering and Procurement Awards: The significance of partnering with M3 for EPCM delivery and FLSmidth for primary mill equipment packages to enhance capital cost certainty.
Strategic Additions to Executive Leadership: How recent management appointments across Mexican operations, government affairs, and underground mine development strengthen execution capacity.
Underground Development and Exploration Upside: Near-term objectives to re-enter the underground workings at Copala, conduct high-grade conversion drilling, and resume exploration across a district where less than 5% of known veins have been drill-tested.
Treasury vs Development Costs: Cash reserve exceeding $400 million to provide full construction funding.
 
If you have any follow up questions for Mike please email me at Fleck@kereport.com. 
 
Click here to visit the Vizsla website to learn more about the Company - https://vizslasilvercorp.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, Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, joins the show to provide a comprehensive trading desk perspective on the macro drivers across the resource complex. With broad commodity indices sustaining multi-year highs, Darrell breaks down the distinction between paper price volatility and persistent physical market tightness, the structural headwinds facing base metals, and why commodities continue to show resilience in the face of ongoing central bank tightening.
Long-Term Commodity Supercycle Durability: Why multi-year index highs and historical cycles suggest the broader bull market in real assets still has substantial runway ahead despite short-term fluctuations.
Physical Crude Realities and Steep Backwardation: How physical cash market pricing, refined product constraints, and longer-dated futures curves diverge from headline-driven daily swings in oil.
Energy Equities and Free Cash Flow Profiles: An examination of whether recent pullbacks in major energy equities signal underlying commodity weakness or healthy consolidation following strong performance.
Structural Copper Shortages and Extended Lead Times: What 15-year mine development cycles and tightening physical supply mean for the future of copper pricing, regional warehouse flows, and mining sector M&A.
Precious Metals Positioning: Key support levels and macro catalysts dictating gold's current consolidation phase, along with silver’s divergence as an industrial co-product.
Monetary Policy, Deglobalization, and Supply Securitization: How the broad commodity complex is decoupling from conventional interest rate correlations as global supply chain realignment accelerates.
 
Click here to learn more about Bannockburn Capital Markets  - https://www.bannockburnglobal.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.
 

Drew Clark, President and CEO of Summit Royalties Ltd. (TSX.V: SUM) (OTCQX: SUMMF), joins us for a comprehensive update on their portfolio of assets, that now includes: 48 royalties and streams, anchored with four producing assets, two assets expected to enter construction in 2026 which are targeted to begin production in 2027, and 42 additional royalties expected to add additional cash flow growth and optionality for years to come.
 
Drew starts off taking us through the growth on tap for 2026 and beyond at their 4 producing royalties and streams.
 
Madsen – 1% NSR Royalty focused on gold and operated by West Red Lake Gold Mines in Ontario, Canada
Bomboré – 50% Silver Stream; operated by Orezone in Burkina Faso
Zancudo – 0.5% NSR Royalty; operated by Denarius Metals in Colombia
Keysbrook – 2% minerals royalty on a producing mineral sands mine in Western Australia
 
 
Next we reviewed 3 of their key development royalties:
 
Copperstone project - 4% gold stream on Mining Americas Inc.'s (formerly Minera Alamos Inc.) in Arizona. This provides exposure to a fully permitted Arizona gold development project where Mining Americas recently announced a positive Pre-Feasibility Study (“PFS”) and a formal construction decision. Based on the PFS results and current estimates, project construction is expected to take approximately one year, with initial production of 46,000 oz of gold per year anticipated by mid-2027.
Pitangu – $80/oz until 250 Koz produced – 1.5% NSR thereafter; operated by Jaguar Mining in Brazil. Development is expected to commence in 2026 with first gold production targeted in 2027
AurMac – 0.5% – 2.0% NSR Royalty Coverage; operated by Banyan Gold in the Yukon, Canada.  The upcoming PEA for AurMac could be a major rerating catalyst for Banyan and for the value of this royalty package within Summit Royalties.
 
 
The portfolio is focused mostly on gold and silver, and spans across 3 core jurisdictions – Canada, USA, and Australia.  Summit is now the fastest growing company in the precious metals royalty sector; having completed their first royalty and stream transaction in May 2025, and just went public in the 2nd half of last year. 
 
 On July 27th, the Company reported that it has entered into a credit agreement with National Bank of Canada for a revolving credit facility with an initial commitment of US$25 million. The Facility includes an accordion feature providing for up to an additional US$25 million, subject to the satisfaction or waiver of certain conditions, for total potential availability of US$50 million.
 
Summit Royalties has continued to demonstrate its ability to identify and execute accretive transactions, and intends to build on that momentum with discipline, to become the next mid-tier streaming and royalty company.  Drew outlines that they are reviewing a few key term-sheets to keep making future actionable and accretive acquisitions to increase production and cash flow growth.
 
 
Click here to follow the latest news from Summit Royalties
 
 
If you have any follow up questions for Drew about Summit Royalties, then please email them into me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Summit Royalties 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 Substack reports:
 
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 Company Update, Wendell Zerb, Chairman and CEO of Red Canyon Resources (CSE: REDC | OTCQB: REDRF), reviews the latest exploration results across the company's portfolio, centering on the Osiris Copper-Gold Project within the Inzana Project area in Central British Columbia.
Auger Drilling: How a 31-hole auger program successfully sampled bedrock beneath glacial till to identify geochemical signatures across five distinct zones.
The Nautilus Porphyry Target: Why intersecting altered rocks and chalcopyrite-bearing quartz veins has elevated this newly evaluated area into an immediate priority for geophysics and fall drilling.
Expanding Mineralization at the Camp Target: A look at the pending assays from summer core drilling and how 313 new soil samples extended the copper footprint two kilometers northward.
Testing the High-Consequence EV Conductor: The technical rationale for testing a large, sub-vertical electromagnetic anomaly representing a compelling target for massive sulfides.
Exploration Updates at Kendal and Scraper Springs: Ongoing vectoring work, including 3D IP surveying at the Kendal project in British Columbia and 3D geophysical modeling at Scraper Springs in Nevada.
 
If you have any follow up questions for Wendell please me at Fleck@kereport.com. 
 
Click here to visit the Red Canyon website - https://www.redcanyonresources.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.

[Recorded Sep 18, 2026]  Terry Harbort, President and CEO of Talisker Resources (TSX: TSK) (OTCQX:TSKFF), joins me for a comprehensive operations, development, and exploration update a the Bralorne Gold Project, British Columbia, Canada.We start off discussing production results at the Bralorne Mine along with the development and early-stage production from Bralorne West to augment production in H2 and moving forward.  In addition to the Mustang Mine saw development over to the key veins contribute first production in Q3, and will ramp-up more in Q4 and Q1. 
 
There has quite a bit of ongoing infill and definition drilling which led to an increased Mineral Resource Estimate, and this work will factor into the imminent PEA, set release in Q4.
 
The Company has received more encouraging  results from its final test program completed at the Saskatchewan Research Council (“SRC”), in collaboration with TOMRA Mining and Stacy Freudigmann P.Eng from Canenco Consulting Corp. The program evaluated TOMRA’s X-Ray Transmission (“XRT”) sorting technology and TOMRA’s laser sorting technology as part of the Company’s ongoing efforts to optimize the planned sorting circuit for the Bralorne Gold Project.
 
The test results demonstrated that the XRT sorter alone delivered strong performance by:
– Rejecting 57% to 67% of waste material;
– Increasing gold grades by 2.0x to 2.5x respectively; and
– Recovering 87% to 84% of total contained gold respectively.
 
 
We wrap up with the big-picture vision for the company’s future growth into multiple mines and satellite areas across their district, and with the aim to build their own mill and processing plant on site over the fullness of time. 
 
 
Click here to follow the latest news from Talisker Resources
 
 
If you have any follow up questions for Terry regarding Talisker Resources, then please email me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Talisker Resources 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.