The KE Report

Ken Armstrong, CEO of Westhaven Gold Corp. (TSX-V: WHN) (OTCQB: WTHVF) (FRA: 1W5), joins us for a corporate update on the management and board refresh from 2024-2025, the transformational strategic earn-in agreement with Dundee Corp initially announced in December of 2025, and the ongoing 50,000m infill and expansion exploration program at the Shovelnose Project in British Columbia.  We also discuss the development work on tap along the pathway towards a Pre-Feasibility Study and then Feasibility study.

 

Westhaven is a gold and silver focused exploration and development company targeting low sulphidation, high-grade, epithermal style gold and silver mineralization within the Spences Bridge Gold Belt in southern British Columbia. Westhaven controls ~60,263 hectares within four properties spread along this underexplored belt.

 

The Shovelnose gold and silver project is the most advanced property, with a 2025 updated Preliminary Economic Assessment that validates the project’s potential as a robust, low cost and high margin 11-year underground gold mining opportunity with average annual life-of-mine production of 56,000 ounces gold and 313,000 ounces silver with a CDN$454 million after-tax net present value (at a 6% discount rate) and 43.2% IRR (base case parameters of US$2,400 per ounce gold, US$28 per ounce silver and CDN/US$ exchange rate of CDN$1.00=US$0.72).1

 

On February 23, 2026, Westhaven closed a strategic earn-in agreement with Dundee Corporation, whereby Dundee may earn up to a 60% interest in Westhaven's four Spences Bridge Gold Belt properties through up to CDN$85,000,000 in staged project expenditures. Under the first phase, Dundee has committed a minimum of CDN$30,000,000, inclusive of a fully funded 50,000m drill program and pre-feasibility work at Shovelnose. The agreement allows for the accelerated exploration and evaluation of one of Canada's most compelling, undeveloped, high-margin gold and silver assets.

 

Assay results that have been coming in from the ongoing 35,000m four-rig resource infill drilling program at the South Zone gold and silver deposit on the Shovelnose gold property, continue to show excellent continuity of mineralization in each of Vein Zones 1, 2 and 3.  A fifth rig has been added for the ongoing 15,000m exploration drill program that will run through December.

 

 

Click here to follow the latest news from Westhaven Gold

 

 

If you have any question for Ken regarding Westhaven Gold, then please email those to us at Fleck@kereport.com or Shad@kereport.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.

Paul McKinney, Chairman and CEO, and Sonu Johl, EVP and CFO of Ring Energy, Inc. (NYSE American: REI), join us to review their Q2 2026 operations and financials, of oil production from their current portfolio of conventional and long horizontal wells and focused on growth through development within the Central Basin of the Permian Basin in Texas.

 

Q2 2026 HIGHLIGHTS:

 

Strengthened Financial Position

 

Reported net income of $64.8 million (included a $42.2 million unrealized mark-to-market gain on commodity derivative contracts), or $0.27 per diluted share, and Adjusted Net Income of $24.0 million, or $0.10 per diluted share;

Reduced borrowings under the Company’s revolving credit facility by $66 million during the quarter and increased liquidity to approximately $226.1 million at June 30, 2026;

Increased Adjusted EBITDA 42% to $54.5 million from $38.3 million in the first quarter; year-to-date Adjusted EBITDA totaled $92.8 million; and

Generated net cash provided by operating activities of $40.8 million and remained cash flow positive for over 6 consecutive years.

 

Continued Operational and All-In Cash Cost Improvements

 

Produced 12,683 barrels of oil per day and 19,990 barrels of oil equivalent (“Boe”) per day, both within guidance;

Reported lease operating expense of $10.12 per Boe, near the low end of guidance and below first quarter levels; and

Reduced Company all-in-cash costs by 5% in first half 2026 to $21.68 per Boe as compared to first half 2025.

 

Advanced Development and Infrastructure Initiatives

 

Invested approximately $43.2 million in capital expenditures during the quarter, including three ~2-mile horizontal wells drilled, one saltwater disposal well (“SWD”), a frac pond, and other infrastructure projects; and

Continued execution of multiple technical and operational initiatives aimed at improving capital efficiency, expanding development opportunities and enhancing long-term stockholder value.

 

Positioned for Improved Returns and Sustainable Growth

 

Second half 2026 oil production guidance range of 13,000 to 13,950 Bopd, with the midpoint approximately 2% above prior guidance.

Second half 2026 LOE per Boe guidance range of $10.00 to $10.60, with the midpoint approximately 2% below prior guidance.

Initial 2027 guidance targets:

Production growth approximately 10% over full-year 2026;

LOE per Boe approximately 1% lower than full-year 2026; and

Capital expenditures approximately 10% lower than full-year 2026.

 

Click here to follow the latest news from Ring Energy

 

If you have any question for Paul or Sonu regarding Ring Energy, then please email those to us at Fleck@kereport.com or  Shad@kereport.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.

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 examine a pivotal shift in market structure as major indices face technical deterioration and macro headwinds.

Broad Market Breakdown: An analysis of the S&P 500 testing key moving averages, the breakdown in equal-weight market breadth, and how the quarterly futures roll-over is amplifying short-term volatility.

Historical Seasonality Patterns: An overview of September and October volatility dynamics, unpacking the seasonal context and historical performance behind the classic sell Rosh Hashanah, buy Yom Kippur strategy.

Macro Headwinds and Rising Yields: A review of the ten-year Treasury yield approaching five percent, persistent inflation prints, and the mounting pressure bond vigilantes are placing on Federal Reserve policy.

The Energy Divergence: Why surging crude prices are breaking out to triple digits while major oil equities lag, and what this divergence reveals about profit-taking and inflation expectations.

Rotation and Defensive Havens: A look at where capital is quietly hiding, from mega-cap tech and semiconductor momentum to low-beta, high-dividend defensive names.

Stocks and ETFs mentioned: SPY, RSP, IWM, USO, XLE, XOP, CVX, XOM, AAPL, MU, NVDA, KO, T, VZ.

 

Click here to read Joel's article “Sell Rosh Hashanah, Buy Yom Kippur: Should Traders Pay Attention?” - https://www.stocktradernetwork.com/sell-rosh-hashanah-buy-yom-kippur-should-traders-pay-attention/   

 

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 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 Anthony Margarit, President and CEO of K2 Gold (TSX-V: KTO | OTCQB: KTGDF | FRA: 23K), to discuss the latest exploration drill results from the Dragonfly zone at the Mojave Project in California.

Key discussion points include:

High-Grade Step-Out Assays: A review of newly released drill intercepts extending mineralization 40 meters beyond previous drilling, headlined by broad, multi-gram gold intervals alongside ultra high-grade sub-intervals.

Parallel Stacked Structures: How incoming drill data is confirming a series of predictable, parallel-stacked structural zones rather than a single isolated vein system, while clarifying the overall geometry at depth.

Near-Surface Mineralization: The discovery of unexpected gold intervals starting right at the surface, how these correlate down-dip to high-grade hits, and what geochemical signatures like arsenic are revealing about systemic continuity.

Program Momentum and Upcoming News Flow: An update on the broader 14,000-meter drill program as rigs move to the Newmont target area, alongside the expected turnaround times for pending lab assays.

 

If you have any follow up questions for Anthony please comment below or email me at Fleck@kereport.com. 

 

Click here to visit the K2 Gold website - https://k2gold.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.

Dan Barnholden, CEO of Luca Mining (TSX.V:LUCA – OTCQX:LUCMF – FSE:TSGA), joins us to review their Q2 2026 operations and financials, ongoing metallurgical studies, and expanded exploration and development work; across both of Luca’s producing assets – the Campo Morado and Tahuehueto mines, located in the prolific Sierra Madre mineralized belt in Mexico.

 

Q2 2026 Highlights

 

Strong and consistent quarterly revenue: Revenue increased 47% to $58.4 million compared with $39.7 million in Q2 2025 and remained above the $57.6 million generated in Q1 2026. First-half revenue reached $116.0 million, an increase of 43% over the comparable period of 2025. Q2 revenue included $1.9 million of negative provisional pricing adjustments related to concentrate shipments made in prior periods.

Strong profitability continued in Q2: Net earnings were $10.5 million, or $0.04 per share, compared with a net loss of $3.2 million in Q2 2025. Together with the $12.6 million earned in Q1 2026, Luca generated $23.1 million of net earnings in the first six months of 2026, compared with $1.3 million in the first half of 2025. Adjusted EBITDA increased 156% year-over-year to $14.3 million for Q2 and for the first six months of 2026, Adjusted EBITDA reached $36.7 million.

Positive free cash flow while continuing significant investment: Operating cash flow before working capital changes was $13.9 million during Q2 2026. After approximately $11.3 million of capital investment, the Company generated free cash flow before working capital changes of $2.6 million, compared with negative $3.2 million in Q2 2025. The quarter’s capital investment included continued spending on underground development, infrastructure and record levels of exploration activity.

 

Tahuehueto had a solid production quarter, where prior investments in the processing plant and underground development, combined with the transition to new mining contractor, La Cantera, contributed to improved operating performance. There will be a coming resource estimate and technical report on increasing the plant throughput out by year-end.

 

At Campo Morado, previously announced efforts to build a stockpile resulted in a quarter-over-quarter increase in mined tonnes while milled tonnes decreased. This temporarily reduced metal production and cash generation relative to the level of mining activity during the quarter. The stockpile was established to provide greater flexibility in managing mill feed as the Company advances optimization initiatives aimed at improving metallurgical recoveries in the near term, ahead of the anticipated recovery improvements from the Campo Morado Expansion. 

 

Dan outlined that the Campo Morado Expansion technical study, due out in H2 2026, would be comprised of:

Building up the stockpile to blend the ore into the mill improving recoveries

the potential for water treatment to reduce acidity

trade-off studies on a finer grind size to improve precious metals recoveries

 

During the second quarter of 2026, the Company completed approximately 12,400 metres of drilling, a Luca quarterly record, taking the year-to-date drilled meters to ~ 22,000. Exploration activities were primarily focused on near-mine and resource expansion targets, achieving the objectives of extending mine life and improving production flexibility at the Company’s operating assets.  There are 38 nearby targets around Campo Morado, identified by gravity surveys, that will start being systematically explored in the quarters to come.

 

Click here to follow the latest news from Luca Mining

 

 

If you have any question for Dan regarding Luca Mining, then please email those into us  at Fleck@kereport.com or  Shad@kereport.com.

 

In full disclosure Shad is a shareholder of Luca Mining 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.