The KE Report

In this Weekend Edition of The KE Report, fund manager Dana Lyons joins Cory and Shad to unpack a tale of two markets: while mega-cap tech stumbles and commodities undergo a painful digestion phase, underlying breadth in the broader stock market is quietly surging. In the second half of the show, Cory and Shad deliver a candid KER Market Quick Take from the New Orleans Investment Conference, dissecting rising mining costs, the labor shortage, tax-loss selling strategies, and their top contrarian picks for 2027. 

Segment 1 & 2 - Dana Lyons, fund manager and editor of The Lyons Share Pro website, kicks off the show and discusses a market rotation out of mega-cap tech and growth stocks into value sectors, healthcare, and financials, while maintaining a bullish outlook on the broader market. He also shares his technical perspective on long-term rising interest rates, a bullish stance on the U.S. dollar and Bitcoin, and a period of consolidation for precious metals and copper 

Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services - https://lyonssharepro.com/

 

Segment 3 & 4 - KER Market QuickTake wraps up the show with Cory and Shad recapping their takeaways from the New Orleans Investment Conference and the recent sharp pullback across precious metals, copper, and critical minerals. Emphasizing the importance of targeting cash-flowing, growth-oriented producers with low cost profiles while avoiding premature early-stage exploration risk, they also share their contrarian bullish outlooks on natural gas, oil, and uranium equities heading into 2027. 

 

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, Cory welcomes David Stein, President and CEO of Kuya Silver (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1), to discuss record underground development milestones, strategic processing partnerships, and upcoming exploration at the Bethania Mine in Peru. David breaks down how recent infrastructure upgrades, a wider mineralized zone discovery, and a capital-saving milling agreement position the company for its Phase 1 production target.

Record Underground Development & Upgrades: How a higher-horsepower winch system and a redesigned ramp are unlocking short-term throughput toward the 350 tonnes per day Phase 1 goal.

Española Vein Expansion: What encountering a wider mineralized zone up to 1.1 meters at the eastern extent of current workings means for near-term mining and resource growth.

Camilla Plant Strategic Alliance: Why partnering with the Camilla Plant instead of an outright acquisition saves an estimated $9 million in upfront capital while securing immediate processing capacity.

20,000-Meter Drill Program Restart: Details on the two underground rigs currently turning and the upcoming surface drilling targeting the high-priority Carmelitas vein system.

 

If you have any follow-up questions for David, please email me at Fleck@kereport.com.
 

Click here to visit the Kuya Silver website – https://kuyasilver.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, host Cory Fleck sits down with Simon Dyakowski, President and CEO of Aztec Minerals Corp. (TSX-V: AZT, OTCQB: AZZTF), to break down the latest batch of drill results from the Tombstone Project in Arizona. Simon walks through key intercepts from the North Extension Zone, explains how recently consolidated ground is unlocking new expansion targets, and shares insights on the company's strong balance sheet heading into the next exploration phase.

Key discussion points include:

North Extension Drill Highlights: An overview of the latest batch of seven drill holes, led by Hole 54's broad near-surface gold-silver intercept and its impact on eastern continuity.

System Expansion Beyond Contention: How drilling is expanding the overall mineralized strike well past the historical pit footprint and adding meaningful scale.

Upcoming Maiden Resource Strategy: Insights into why current drilling sets the stage for future resource growth and how pending assays factor into the timeline.

Testing New Targets to the West and South: A look at planned step-outs, terrain challenges, and drill pad expansion ahead of the next exploration campaign.

Relative Share Price Outperformance: Simon's view on why the stock has held its ground relative to the junior mining sector following key land package acquisitions.

Treasury and Growth Runway: A status check on Aztec’s current cash position and its capacity to fund fully backed exploration programs into 2027.

 

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/

 

--------------------------

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 October 10, 2026] – Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to share how he takes advantage of the whipsaw volatility that we’ve been witnessing in the junior resource stocks. In light of slipping investor sentiment, and wild price swings unhooked from the fundamentals; he points out that this is the time to stack the deck as much as possible.

 

We start off discussing how many investors, and even company management teams, are taking the market moves too personally or trying to justify reasons for every move on day-to-day price swings.  The reality is that all these micro factors are still playing out within the backdrop of the whole PM sector having pulled lower and experienced investor outflows over the last 8 months.

 

“I think it’s a good habit to stop taking the market so seriously, especially on the short to medium-term basis.”

“If you cheer daily paper profits then you have to mourn the daily paper losses as well, and then you’re just getting emotionally whipsawed.”

 

He is evaluating opportunities in junior gold, silver, and copper junior companies that have clear catalysts and improving value propositions due to the banked success already in-hand and sunk costs from resources, economic studies, infrastructure, or prior work programs that they is backstopping a better valuation for a future rerating in a better sentiment environment.

 

At this time he is more compelled to accumulate junior growth-oriented producers that can use their revenues to fund other development and exploration, or more derisked developers, that have put out compelling news in the recent past, setting up key alpha growth catalysts or unrealized upside optionality in the medium-term.

 

Click here to follow Erik’s analysis over at The Hedgeless Horseman website

 

 

 

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.

Shane Williams, President and CEO Of West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins me to review the key metrics from Q3 production and operations, as well as the key takeaways from the updated Pre-Feasibility Study (PFS) released November 4th.  We also look ahead to development and exploration work on tap for Q4 into 2027, and the bigger picture vision for future growth.

 

Q3 Operating Highlights

 

Gold production totaled 7,859 ounces during Q3 2026 bringing year-to-date production to 22,102 ounces. September was the strongest month since the restart of the Madsen Mine, with 3,320 ounces produced.

Mined tonnage totaled 63,945 tonnes in Q3 2026, while mined ounces totaled 7,689 ounces. 

Underground development continued to expand production inventory and advance access to additional mining areas, increasing the number of available mining fronts and building greater flexibility into the mine plan for 2027 and beyond.

A secondary crusher was installed and commissioned during Q3. The crusher is now operational, supporting the mill’s ability to process up to 1,000 tonnes per day (“tpd”). The low grade surface stockpile generated in second quarter was processed during Q3. 

The mill achieved average processing rates of approximately 867 tpd during Q3. 

 

Integrated PFS Highlights 

At a long-term gold price of USD $3,568 per ounce, the Integrated PFS generates an after-tax Net Present Value (“NPV”) of $764 million (“M”), and cumulative after-tax free cash flow of over $1 billion (“B”). At a 10% higher gold price of US$4,161 per ounce (10% above the LOM average gold price of US$3,782 per ounce), the after-tax NPV increases 31% to $1.0 B, highlighting the significant leverage to higher gold prices.

Average annual gold production of 88 Koz over a 10-year mine life, including average annual production of 108 Koz from 2029 through 2034 and peak annual production of 119 Koz. The LOM plan outlines approximately 884 Koz of total recovered gold production, supported by combined Mineral Reserves of 4.41 million tonnes grading 6.8 grams per tonne (“g/t”) gold (“Au”), representing an 85% increase in contained reserve ounces compared to the 2025 PFS.

LOM average cash costs of US$1,795 per ounce and all-in sustaining costs (“AISC”) of US$2,457 per ounce, supported by a combined average diluted head grade of 6.8 g/t Au, including 6 g/t Au from Madsen and 9 g/t Au from Rowan.

A combined mine plan built around the operating Madsen Mine and mill, with Rowan and Fork providing additional sources of high-grade, non-remnant feed and increasing production flexibility.

$200 million of growth capital to develop the Rowan project, expand the Madsen mill and tailings management facility, leveraging existing road, power and site infrastructure to support the integrated operation.

Further growth opportunities: The Integrated PFS mine plan does not include resources from the Wedge, Russet or Mount Jamie deposits, or consideration from the past producing Starratt-Olsen mine which is still pre-resource stage. It also does not include the potential opportunity to extend both the Madsen and Rowan deposits at depth. These areas provide opportunities to extend mine life, increase production and improve operating flexibility through future drilling, engineering and permitting.

  

 

 

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 choose to buy or sell shares at any time.

 

Click here to follow the latest news from West Red Lake Gold

 

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.