The KE Report

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/
 
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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.

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.

A collision of tightening macroeconomic conditions and physical commodity deficits is reshaping global markets. While major equity averages struggle beneath heavy institutional selling and the bond market prices in structurally higher-for-longer interest rates, energy equities and physical oil are demonstrating explosive relative strength driven by historic inventory drawdowns and escalating geopolitical conflict. 
Segment 1 & 2 - Rick Bensignor, president of Bensignor Investment Strategies, assesses signs of near-term exhaustion and institutional selling across major equity indices while highlighting sustained upside potential for crude oil and the energy sector amid ongoing geopolitical conflict. He also maps out pivotal technical levels across gold, silver, and copper, while forecasting higher Treasury yields and advising investors to favor short-term Treasury bills over longer-duration bonds. 
Click here to visit the In The Know Trader website - https://intheknowtrader.com/
 
Segment 3 & 4 - Josef Schachter, founder and editor of The Schachter Energy Report, and Nathan Ritchie, the firm's VP of Energy Research, analyze how geopolitical tensions involving Iran, tightening global inventories, and strategic reserve dynamics are shaping oil and natural gas prices. They also evaluate corporate earnings outlooks, assess high-upside and dividend-paying energy stocks, and emphasize the importance of hedging and market diversification for natural gas producers navigating price volatility. 
Josef's Catch The Energy Conference - Oct 17th 2026 - special (Josef is offering free tickets) - enter promocode - SER26
 
If you enjoy the show, be sure to subscribe to our podcast feed (KER Podcast), YouTube channel, and follow us on X for more market commentary and company interviews. Don’t forget to subscribe and leave us a review!
 
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 am joined by Garrett Ainsworth, President and CEO of District Metals (TSX-V: DMX, OTCQX: DMXCF, Nasdaq First North: DMXSE-SDB). Garrett joins the show to provide insight into the recent tight Swedish election, evaluate what coalition negotiations could mean for domestic mining and uranium policy, and share operational updates across the company’s portfolio.
Discussion topics include:
Swedish Election Dynamics: An analysis of the razor-thin parliamentary results and what the anticipated multi-month negotiation period means for government stability.
Nuclear and Mining Policy: An overview of how major political factions view domestic uranium recovery, nuclear power, and the broader push for critical raw material independence in Europe.
Project of National Interest Designation: An update on the timeline for the Geological Survey of Sweden's decision on the Viken deposit and how that designation impacts future mine permitting.
Field Operations and Drilling Plans: Key takeaways from recent Alum Shale work, seasonal operational pauses, and the anticipated drill program scheduled for Viken.
Corporate Balance Sheet: Insight into the company’s working capital position, holding approximately $15 million CAD in cash against current market valuation.
 
If you have any follow up questions for Garrett please email me at Fleck@kereport.com.
 
Click here to visit the District Metals website to learn more about the Company - https://www.districtmetals.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 sit down with Charles Funk, President and CEO of Heliostar Metals (TSX-V: HSTR, OTCQX: HSTXF, FRA: RGG1), to review the company's expanding production profile, operational milestones, and ongoing exploration programs.
GDXJ Index Inclusion: Charles outlines what Heliostar’s formal addition to the VanEck Junior Gold Miners ETF means for market exposure, institutional visibility, and liquidity.
Transition to Open-Pit Mining: We explore the operational change at La Colorada from residual heap leaching to mining higher-grade open-pit ore at Veta Madre, highlighting expected margins and production timelines.
Regional Exploration Upside: The conversation turns to upcoming drilling across untested brownfield and regional targets in Mexico to support multi-year resource growth.
High-Grade Antimony in Utah: Charles discusses the opportunity uncovered at the Goldstrike Project, where critical mineral potential could alter project economics and permitting dynamics.
Advancing Flagship Ana Paula: An update on feasibility work and key milestones on the road toward the company's targeted 500,000-ounce annual production profile.
 
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/
 
-------------------------------
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, we welcome Brien Lundin, Editor of Gold Newsletter and host of the New Orleans Investment Conference, to dissect the latest market action across precious metals and the junior mining sector.
Echoes of 2015 in Today’s Gold Rebound: An analysis of the post-Fed bounce in gold and silver, drawing striking technical and sentiment parallels to the late-2015 cyclical bottom.
The Macro Trap and Sovereign Debt Risks: Why rising bond yields reflect escalating debt service concerns, creating an environment where monetary policy remains structurally supportive of gold.
The Evolving Dynamics of Mining M&A: Why senior producers are taking strategic minority stakes instead of paying full acquisition premiums, and what that means for developers.
Rewriting the Traditional Lassonde Curve: How juniors are avoiding dilutive equity financings by advancing directly into phased, high-margin production.
Key Catalysts and Stocks on Watch: Project developments, resource updates, and exploration catalysts driving value across several featured mining juniors.
 
Stocks Mentioned
VanEck Gold Miners ETF (GDX)
1911 Gold Corp. (TSX-V: AUMB / OTCQX: AUMBF)
Banyan Gold Corp. (TSX-V: BYN / OTCQB: BYAGF)
Delta Resources Ltd. (TSX-V: DLTA / OTCQB: DTARF)
Gladiator Metals Corp. (TSX-V: GLAD / OTCQB: GDMRF)
Luca Mining Corp. (TSX-V: LUCA / OTCQX: LUCMF)
Meridian Mining UK S (TSX: MNO / OTCQX: MRRDF)
 
Click here to learn more about the Gold Newsletter. - https://goldnewsletter.com/
 
Click here to learn more about the New Orleans Investment Conference on October 28-31. - https://neworleansconference.com/korelin/ 
 
---------------------------
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, we are joined by Joel Elconin, Co-Host of the PreMarket Prep Show and Founder of the Stock Trader Network, to unpack the market volatility the last couple days after the Federal Reserve hiked rates by 25 basis points this week.  We also dive into the continued winners and losers, as the artificial intelligence infrastructure build out presses on.
 
US Market Volatility: An analysis of which broad market sectors are more immune and which are more sensitive to rising interest rates.
Rate Sensitive Sectors: Joel highlights recent weakness leading up to this rate hike in consumer staples, utilities, and transportation.  He noted JB Hunt Transport (Nasdaq: JBHT) as a company slipping on the macro news.
Macro Headwinds and Rising Yields: Potential economic effects of the 10-year Treasury yield approaching 5%, the mounting pressure bond vigilantes are placing on Federal Reserve policy, and the continued decline in (Nasdaq:TLT) highlighting the ongoing weakness in long-duration bonds.
Hardware versus Software Rotation: There has been a revolving rotation from hardware and software with big moves in both directions over the course of this year. 
Joel points out that hardware appears to have rallied of the “Leo-bottom” but that some companies like Micron (Nasdaq: MU), Broadcom (Nasdaq: AVGO), and Nvidia (Nasdaq: NVDA) still look cheap after recent Q2 earnings reports and forward guidance.
The A.I. Trade Marches On: Despite all the recent industry warnings about the risks of A.I., and pushback from investors on the massive capex numbers for the buildout of datacenters, many companies are still benefiting by the circulation and capital spend.
Joel highlights the potential future knock-on effects of the AI buildout that may boost companies like Generac (NYSE: GNRC), Eaton (NYSE: ETN), and Quanta Services (NYSE: PWR).
Not all companies tied to A.I. are winning though, as highlighted by the multi-month sell-down in Oracle (NYSE: ORCL) on concerns of high debt loads.
 
Click here to visit Joel’s PreMarket Prep website – https://www.premarketprep.com/
 
Click here to visit the Stock Trader Network – https://www.stocktradernetwork.com/
 
 
 
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.