The KE Report

Terry Harbort, President and CEO of Talisker Resources (TSX: TSK) (OTCQX:TSKFF), joins me to review the key metrics and takeaways from the 2026 Mineral Resource Estimate, along with a production and exploration update at the Mustang Mine at their 100% owned Bralorne Gold Project in British Columbia.  We also discuss the ongoing upsized 105,000 meter drill program, focused on the development towards Bralorne West and over into the Olympus Mine.
 
Highlights of the Bralorne Gold Project MRE:
 
Combined Measured and Indicated Mineral Resources are estimated at 0.72 Mt at an average grade of 8.91 g/t gold. The MRE includes Measured Mineral Resources of 21,900 oz of gold at an average grade of 10.04 g/t gold and Indicated Mineral Resources of 184,400 oz of gold at an average grade of 8.80 g/t gold.
Inferred Mineral Resources are estimated at 11.23 Mt for 3,151,000 oz at an average grade of 8.73 g/t gold.
A total of 141 orogenic veins that comprise the Project’s vein systems were included in the MRE. The MRE is exclusive of mined out material.
 
The Company successfully transitioned over to shipping ore to Ocean Partners in Q1, with over 5,000 tonnes currently being crushed for shipping.  To date in 2026 (through May 12, 2026), the Company has sold 2,675 ounces of gold, consisting of 770 ounces of concentrate and 1,905 ounces of Direct Shipping Ore (DSO), derived from 6,990 tonnes of mined material with an average grade of 8.48 g/t. Based on current estimates under the Ore Purchase Agreement, the Company expects estimated net proceeds of approximately $12.7 million, net of applicable deductions and adjustments, including transportation, treatment/refining under the Ore Purchase Agreement, and subject to final settlement.
 
Terry outlined the areas of ramp-up in production at the Mustang Mine, currently accessing about 6 ore faces at the 1040 and 1030 levels, with the plan to eventually get down to the 1015 and 980 levels later this year. The mining has been coming from the Alhambra Vein, BK Vein, and BK-9870 Vein, with plans to also begin accessing the Brumby Vein in the next couple of months. 
 
Development work is continuing from the main area of the Mustang Mine over towards Bralorne West, with about 150 meters to go to be able to start accessing ore faces over in that part of the deposit. 
 
As operations continue ramping up, expanding up to 500 tpd later this year, that the plan is then to keep developing over to increase mining from more areas including from Bralorne West to increase operations to 750-1,000 tpd about 2 years out.
 
Then further out the initiative is to put in a second portal into the historic Pioneer mining area to access the Olympus Mine to the southeast of the Mustang Mine, moving throughput up to the eventual target of 1,500 tpd.
 
Additionally, we explore how the mining process will be further upgraded utilizing ore-sorting technology by Q3 of this year. This ore-sorting will allow for shipping higher-grade material, with less associated waste, making it even more economical to be shipped to Ocean Partners.
  
On April 21, 2026, Talisker Resources announced that the Company has increased its diamond drill program from 30,000 metres to 105,000 metres. The program will consist of 83,000 metres of resource conversion drilling at the Mustang, Bralorne West and Olympus areas and 22,000 metres of exploration drilling targeting veins at Congress and Pioneer Deeps.  Terry further unpacks the goals of this largest drill program to date at each of these areas and how this will set the company up for its growth initiatives for years to come.
 
 
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.
 
Click here to follow the latest news from Talisker Resources
 
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, and companies profiled may be sponsors of the KE Report.

In this Company Update, I am joined by Roger Moss, President and CEO of Labrador Gold (TSX.V:LAB - OTCQX:NKOSF - FSE:2N6). The discussion centers on the company’s recent option to acquire 100% interest in the Mariposa and Eureka Dome Projects in the Yukon’s White Gold District. Roger explains the rationale behind this expansion and how it fits into the company’s broader hybrid model of exploration and investment.
Key Discussion Points:
Yukon Asset Acquisition: Roger provides a deep dive into the Mariposa and Eureka Dome projects, detailing why these "unloved" assets in a prolific district were the perfect fit for the company’s portfolio.
Strategic Hybrid Model: An exploration of Labrador Gold’s unique status as a hybrid explorer and investor, including the requirement to deploy $3 million in new investments by September.
2026 Exploration Plans: A look ahead at the upcoming work in the Yukon, including airborne geophysics, LiDAR surveys, and soil sampling designed to refine future drill targets.
Portfolio and Cash Position: An update on the Hopedale and Watson projects, alongside a review of the company's balance sheet, which boasts over $15 million in cash.
 
Please email me with any questions for Roger or Ian. My email address is Fleck@kereport.com.
 
Click here to visit the Labrador Gold website to learn more about the Company - https://labradorgold.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 am joined by Simon Dyakowski, President and CEO of Aztec Minerals (TSX.V: AZT / OTCQB: AZZTF), to discuss the latest drill results from the Tombstone Project in Arizona. Simon provides a comprehensive look at how recent step-out holes are expanding known mineralization and balance between RC vs core drilling means for the company's summer exploration program.
Key discussion points include:
Expanding the Oxide Footprint: An overview of the five recent step-out holes at the northern portion of the Contention Pit that successfully extended the gold-silver oxide zone to the west and at depth.
Deep Target Exploration: Insights into the core drilling program targeting deep CRD-style mineralization and large AMT conductive anomalies.
Maiden Resource Estimate: How the latest drill data is being integrated into the upcoming resource estimates for both the Tombstone and Cervantes projects.
Summer RC Drilling Program: Details on the transition to reverse circulation drilling to efficiently delineate the open-pit potential and further de-risk the project.
 
Please email me any questions you have for Simon. My email address is Fleck@kereport.com. 
 
Click here to visit the Aztec Minerals website - https://aztecminerals.com/
 
Figure 1. Plan map showing drill hole collars from the 2025-2026 drill campaign at the Tombstone Property, southeastern Arizona.
-----------------------
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.

Roger Rosmus, Founder, CEO, & Director of Goliath Resources Ltd (TSX-V: GOT) (OTCQX: GOTRF) (FSE: B4IF), joins us for a comprehensive exploration update reviewing the key takeaways from the 2025 exploration season and building towards the upcoming 2026 drill program at the the Surebet Discovery at the Golddigger Property; located in the Golden Triangle, B.C.
 
We started off reviewing the 64,000 meters (m) and 110 holes drilled in 2025, and the key geological lessons their team has learned at Surebet over the few drill seasons.  The Company is in a strong financial position with a fully funded large 50,000m expansion drill program lined up in 2026, that will be testing the limits of the mineralization, pushing the geological thesis and deposits and their understanding of the multiple types of gold mineralization. This year’s program will be mainly focused on expanding their 5 Main Mineralized Zones at the Surebet Discovery. Data compilation and interpretation is underway which will be used to vector in on the indicated Motherlode causative intrusive source to this extensive high grade gold system with widespread VG-NE.
 
Golddigger Property announced a transaction on March 10th, where it now holds a 100% interest in the property. In addition, Goliath has bought down 1% of the 3% Net Smelter Returns (“NSR”) reducing it to a 2% NSR held by the Optionors.  We also discussed the participation and investment in the B- ALL Syndicate and how this gives Goliath the option to receive 4% of the upside on the success of the syndicate and upside to companies held by it like Juggernaut Exploration (TSXV: JUGR) and Gold Runner Exploration Inc. (CSE: GRUN).
 
The exploration team will be mobilizing to the Golddigger Project later in the month of May, to begin drilling in June, and the results should start coming back in by July, so there will be a lot of work in the field and news from the company on tap for the balance of 2026.
 
 
If you have any questions for Roger about Goliath Resources, then please email them to me at Shad@kereport.com .
 
In full disclosure, Shad is a shareholder of Goliath Resources at the time of this recording and may choose to buy or sell shares at any time.
 
Click here to follow the latest news from Goliath Resources
 
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, and companies profiled may be sponsors of the KE Report.

[Recorded on May 14th, 2026]  Dave Cole, CEO of Elemental Royalty Corporation (TSX: ELE) (Nasdaq: ELE), joins me to unpack their news out on May 14th announcing that they have entered into a definitive agreement to acquire all of the issued and outstanding common shares of Vizsla Royalties Corp. (TSX-V: VROY; OTCQX: VROY) by way of a court-approved plan of arrangement.  We also review the Company’s Q1 2026 financials and their multiple strategies for continued royalty portfolio grow.
 
Vizsla Royalties Acquisition Transaction Highlights:
 
Combination of Vizsla Royalties’ silver-gold Panuco royalty with Elemental’s high-quality, diversified portfolio creates a platform of cash-flowing and near-term development royalties with long-term growth potential
Opportunity to gain exposure to a high-quality royalty over an advanced development project
Vizsla Royalties is projected to add approximately 7,500 GEOs[1] per year once in production, providing future revenue uplift as a new cornerstone asset in the Elemental portfolio, and material exposure to silver
Life of mine 2.0%-3.5% net smelter returns (“NSR”) royalty, uncapped with no buy-backs or step-downs
Substantial exploration upside across a large, under-explored and highly prospective land package
Improved trading liquidity and enhanced capital markets profile, further strengthening Elemental as a leading intermediate royalty peer
 
 
Q1 2026 Financial Highlights
 
Record quarterly revenue of US$24.3 million, up 83% over revenue plus attributable share of Caserones in Q1 2025;
Gold Equivalent Ounces (“GEOs”) of 4,983 for Q1 2026 (4,606 in Q1 2025), driven by significant contributions from Karlawinda, Bonikro, Timok, and Caserones;
Record adjusted EBITDA of US$17.7 million, up 55% over adjusted EBITDA in Q1 2025, reflecting increased operating leverage and portfolio performance;
Operating cash flow of US$14.5 million, up 340% over adjusted operating cash flow1 in the comparative period demonstrating strong cash flow conversion; and
Cash and cash equivalents as of March 31, 2026of US$69.1 million and working capital of US$92.5 million, demonstrating financial flexibility for growth.
 
Next, we touched upon some of the key gold and silver cornerstone assets within their royalty portfolio of 18 producing royalties, 30 advanced development assets, and ~200 total mineral royalties globally; diversified across multiple jurisdictions and across precious metals, critical minerals, and battery metals.
  
Dave points to 4 different approaches to continue to grow future value in Elemental Royalty Corp.  Beyond the organic development growth still on tap within their portfolio of royalties, there is the future upside of their continued royalty generation strategy, the potential for larger future royalty acquisitions and/or royalty financings to create new royalties, and they are always reviewing the potential for accretive M&A opportunities.  The company has plenty of firepower to pursue accretive transactions; with near ~$200Million in combined cash and working capital plus a revolving credit facility, with an accordion feature.
 
We also discuss the new dividend optionality of being paid in either cash or Tether Gold tokens, (which are backed by physical gold); and the corresponding value of having Tether Investments S.A. de C.V as their key stakeholder.   Dave believes their Company is on the cutting edge of marrying the value of hard assets anchored in commodities and royalty instruments, with the interest from investors in the utility of digital assets.
 
 
 
If you have any follow up questions for Dave or the team at Elemental Royalty Corp, then please email those to me at  Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Elemental Royalty Corp at the time of this recording, and may choose to buy or sell shares at any time.
 
Click to follow the latest news from Elemental Royalty Corp
 
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, and companies profiled may be sponsors of the KE Report.
 

This week’s Weekend Show features Josef Schachter and a KER Market QuickTake analyzing the significant price action across energy and metals. The conversation focuses on the "NACHO" trade in oil, the historic prices for copper, why certain mid-tier producers are outperforming the majors and a couple major M&A deals in the gold and silver space.  
 
Segment 1 & 2 - Josef Schachter, founder and editor of the Schachter Energy Report, joins us to analyze the volatility of the oil and natural gas markets amid geopolitical tensions. Josef discusses the potential for parabolic price spikes if the Iranian conflict persists, the shifting dynamics of global energy supply and demand, and specific growth opportunities within the Canadian energy service sector. 
Click here to learn more about The Schachter Energy Report - https://schachterenergyreport.ca/
Click here to follow Josef on Substack at his Eye One Energy Report. - https://josefschachter.substack.com/ 
 
Segment 3 & 4 - We wrap up the show with a KER Market QuickTake. We share insights on the resource sector, noting a muted sentiment at the recent Metals Investor Forum in Vancouver compared to earlier in the year. We discuss key technical levels for gold, silver and GDX, the breakout in copper prices and outperforming copper stocks, while also analyzing the significance of major M&A activity (Equinox Gold bid for Orla Mining and Elemental Royalty buying Vizsla Royalty).
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.

Tim Shearcroft, CEO and Co-Founder of BP Silver Corp. (TSXV: BPAG), joins me for a review of the fully-funded work programs and pathway to upcoming road construction, channel sampling, MAG Survey, Phase 2 Drilling, IP Survey, and Phase 3 Drilling at the Cosuño Silver Project in Bolivia. We discuss all the levels of exploration data that will collected at each step of all these processes, building upon the successful proof of concept from the initial Phase 1 drill program.The 2026 work program consists of the following key components:
 
1. Construction of access roads to all principal Cosuño targets.
 
2. Systematic channel sampling of the principal vein and breccia structures exposed across the property.
 
3. Completion of a property-wide airborne magnetic ("MAG") survey.
 
4. A Phase 2 drilling program designed to follow up on the success of the Phase 1 campaign (see news releases dated February 2 and February 27, 2026). The Phase 2 program is budgeted for approximately 2,000 metres of drilling and will focus on:
• Testing extensions of high-grade silver intercepts encountered in DH CO-0008 and CO-0009 at Pocañita Chica • Hole # CO-0008 returned 38 m @ 116.39 g/t Ag; including 5 m @ 660.40 g/t Ag; and including 1 m @ 1,655.00 g/t Ag• Hole 3 eCO-0009 returned 58m @ 46.23 g/t Ag; including 6 m @ 147.10 g/t Ag; and including 1 m @ 526.00 g/t Ag.• Initial testing of newly discovered targets by drilling shallow holes ranging from 50 to 100 metres in length. The 1,000-metre-long vein recently discovered at Jalsuri North East is anticipated to be one of these targets.
5. An induced polarization ("IP") geophysical survey over the principal Cosuño targets.
 
6. Completion of a Phase 3 drilling program. The Phase 3 program will benefit from the integration of geological mapping, channel sampling, MAG and IP geophysical surveys, and prior drilling results.
 
7. Together, these datasets are expected to improve significantly the Company's understanding of the geometry, continuity, scale, and tenor of the vein and breccia systems across Cosuño.If you have any questions for Tim regarding BP Silver, then please email those into me at Shad@kereport.com.
 
Click here to follow the latest news from BP Silver Corp
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, and companies profiled may be sponsors of the KE Report.
 
 

In this Daily Editorial, we are joined by Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of the Marc to Market website. Marc provides a comprehensive breakdown of a volatile week characterized by a sea of red on Friday across equities and metals, contrasted by a significant rally in the US dollar.
Key discussion points include:
The G2 Summit and Geopolitical Friction: A look at the conflicting reports following the summit regarding Iran and how these tensions are impacting energy markets and market sentiment.
Global Bond Market Sell-Off: An analysis of the sharp rise in the US 10-year yield and why international debt instruments, particularly UK Gilts and German Bunds, are seeing similar pressure.
US Economic Reacceleration: Why recent data points to a strengthening US economy, causing a dramatic shift in Federal Reserve rate cut expectations for the remainder of the year.
The Surge of the US Dollar: Marc explains the technical drivers behind the dollar’s recovery and why "US Exceptionalism" is creating a divergence between the greenback and other G10 currencies.
Commodity Volatility and Hard Assets: A discussion on the recent record highs in copper and the subsequent reversal, alongside the outlook for gold and silver in an inflationary environment.
 
Click here to visit Marc’s site - Marc To Market - https://www.marctomarket.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 am joined by Mike Burke, Director and Vice President of Corporate Development at Sitka Gold (TSX.V: SIG | OTCQB: SITKF | FSE: 1RF). Mike provides a comprehensive breakdown of the May 14th news release regarding the updated Mineral Resource Estimate at the Rhosgobel Gold Deposit within the RC Gold Project.
The conversation covers the following key developments:
Expanded Mineral Resource Estimate: Mike discusses the official addition of tungsten and silver to the resource at the Rhosgobel deposit, enhancing the overall value of the asset.
The Strategic Value of Tungsten: A look at how Sitka Gold’s tungsten grade compares to existing mines and the potential for this critical metal to provide non-dilutive funding and government interest.
Silver as a Value Add: An overview of the newly defined silver resource and how it contributes to the bulk-tonnage potential of the project.
2026 Exploration Drilling: Details on the massive 60,000-meter drill program currently underway, including progress at the Rhosgobel and Blackjack deposits.
Permitting and Infrastructure Advantages: How the inclusion of critical metals might streamline permitting processes and attract federal infrastructure grants.
 
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, we are joined by Dan Rodriguez, Co-Founder and CEO of Mercado Minerals (CSE: MERC). Following the commencement of the 3,000-meter drill program in late March, Mercado Minerals has released the first set of results from their flagship Copalito Project in Sinaloa, Mexico. Dan provides a detailed look at the initial high-grade intercepts and how these results align with the company’s broader exploration strategy.
Key discussion points include:
Initial Drill Results at Copalito: Dan breaks down the first three holes from the 5 Señores vein, highlighting the significant silver and gold grades encountered.
Validation of Historic Data: How the recent re-assaying of historical drill holes confirms the reliability of previous work and strengthens the current geological model.
Expansion and New Target Generation: Insights into the discovery of new targets as well as the 250-meter extension of the Cinco Señores vein.
Strategic Outlook and Financial Position: A look at the company’s current cash position and the planned approach for interpreting data before launching future exploration phases.
 
If you have any follow up questions for Dan please email me at Fleck@kereport.com. 
 
Click here to visit the Mercado Minerals website to learn more about the company. 
 
-------------------
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.