The KE Report

James Anderson, Chairman & CEO of Guanajuato Silver (TSX.V: GSVR) (OTCQX: GSVRF), joins us for a comprehensive update on Q2 2026 financials, year-to-date operations trends, the 16,000 meters of underground development work underway, and the key initiatives for their ongoing 75,000 meter drill program at each mine.

 

Guanajuato Silver produces silver and gold concentrates from the El Cubo Mine Complex, Valenciana Mines Complex, the San Ignacio mine, and their recently acquired Bolanitos Gold-Silver Mine. In addition, the Company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango.  In addition to these 5 producing mines, the Company also has 3 past-producing exploration and development projects in their portfolio at the El Horcon Mine, Pinguico Mine, and Cebada Mine. 

 

Q2 2026 Highlights

 

Revenue of $42.5M was consistent with the previous quarter, where revenue totalled $43.0M. Over 95% of revenue in Q2 was derived from the sale of precious metals.

Net income remained positive in Q2 at $557,000; and $6.3M for the first half of 2026. This was the Company's second consecutive quarter of net positive income.

Silver production of 347,481 ounces represents a 2% increase over the previous quarter. 57% of revenue for Q2 was generated from silver sales. The gold-rich Bolanitos Mine remains in the process of ramp-up and full integration.

The Company's debt was substantially reduced in Q2; a total of 3,029 ounces of gold were paid down on the Company's gold loan with Ocean Partners UK Ltd; this accelerated repayment eliminated all future monthly payments at a significant discount to the current gold price. The Company now has only one final payment due in April 2028. 

Positive mine operating income for the quarter; the Company earned $9.1M in Q2 and $23.4M from operations for the first half of the year. Adjusted EBITDA* was also positive for the quarter at $5.8M and $20.6M for H1 2026.

300 ounces of gold sales per month were hedged at the fixed price of $5220/ounce; this hedge began at the beginning of the quarter and will run until December 2026. This hedge represents approximately 25% of current gold production.

20,000 ounces of silver sales per month were sold forward at the fixed price of $84.50/ounce; this hedge began in February and will run until September 2026.

An additional 20,000 ounces of silver sales per month were hedged using a collar with a minimum price of $80/ounce and maximum price of $93 per ounce; this hedge began in April and will run until December 2026. Combined, these hedges represent approximately 34% of current silver production.

Cash, cash equivalents, and short-term investments totaled $19.9M at the end of the quarter.

 

We reviewed how the All-In Sustaining Costs were affected not just by currency fluctuations and a large investment back into the 5 mines, but also due to shifts in the gold:silver ratio, and how that skews the silver equivalent metrics.

 

James outlines the key ongoing 2026 initiatives with the ongoing 16,000 meters of underground development work paired with the 75,000-meter drill program, currently utilizing 8 drill rigs to augment exploration initiatives. This is largest exploration program the company has ever deployed, with some areas getting the first meaningful resource expansion in many years.

 

 

If you have any follow up questions for James on Guanajuato Silver, then please email them into me at Shad@kereport.com.

 

In full disclosure, Shad is a shareholder of Guanajuato Silver 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 Guanajuato Silver

 

 

For more market commentary & interview summaries, subscribe to our Substack reports:

 

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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. 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, we welcome Mike Burke, Director and Vice President of Corporate Development at Sitka Gold Corp. (TSX-V: SIG, OTCQB: SITKF, FSE: 1RF), to break down the latest assay results from the Rhosgobel deposit at the company's flagship RC Gold Project in the Yukon. With seven drill rigs actively turning across multiple targets, Mike walks through the technical implications of recent drilling, key geological discoveries, and what these findings mean for the overall expansion of the resource footprint.

Key discussion points include:

Headline Drill Results: An inside look at hole 71, its broad mineralized interval, and how an unconventional drill orientation confirmed a high-priority structural theory.

Expanding Strike and Depth: Why fresh step-out drilling to the east and intercepts over 100 meters below the previous resource shell demonstrate the deposit remains wide open.

Near-Surface Economics vs. Underground Potential: Insights into the deposit geometry, near-surface grade continuity, and the exploration thresholds being prioritized.

The Strategic Tungsten Byproduct: How coarse scheelite mineralization within the gold-bearing quartz veins could provide a meaningful economic credit.

Ongoing Catalysts Across Clear Creek: What investors can expect next as the team advances through a 60,000-meter drill campaign across both established and newly targeted intrusive zones.

 

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/

 

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For more market commentary & interview summaries, subscribe to our Substacks: 

The KE Report: https://kereport.substack.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.

Sue Riddell Rose, President and CEO, and Ryan Shay, CFO, of Rubellite Energy Corp. (TSX: RBY) (OTC: RUBLF), join us for an exclusive introduction to this growth-oriented heavy oil producer in South Clearwater and the Mannville Stack in Eastern Alberta.  We review their Q2 operations and financials, as well as a key disposition of the East Edson natural gas assets.

 

This morning, on September 8, 2026, the Company announced that it sold its 50% non-operated working interest in the East Edson natural gas assets in West Central Alberta to the third-party operator of the East Edson Assets for total consideration of $67.0 million, satisfied through the delivery by the Purchaser to Rubellite of 2.083 million freely tradeable common shares of Topaz Energy Corp. (TSX: TPZ).

 

Sue outlined that this sale of the East Edson property transitions Rubellite back to a pure play heavy oil company, sharpening their focus on the multi-lateral horizontal development of their Clearwater and Mannville stack assets where Rubellite's technical expertise drives top-tier netbacks and capital efficiencies.

 

Ryan highlighted how there could be great reductions in decline rates, and improving production metrics, as they are engaged with pilot testing of utilizing water floods on many existing assets.  There have been a few operators in the Clearwater formation that have seen a large boost to their production and valuations as a result of executing on a water flood strategy.

 

Q2 OPERATIONAL HIGHLIGHTS:

 

Total sales production: Despite very challenging spring weather conditions, Rubellite averaged total sales production of 13,406 boe/d in the second quarter of 2026 (67% heavy oil and natural gas liquids ("NGL")), exceeding the top end of the quarterly guidance range of 13,300 to 13,400 boe/d.

Heavy oil sales production: Averaged 8,534 bbl/d in the second quarter of 2026, just outside of the quarterly guidance range of 8,550 to 8,650 bbl/d.

Exploration and development spending: Spent $41.0 million in the second quarter, within the guided range of $39.0 to $41.0 million. Second quarter spending included the drilling and completion of 9 net primary open hole multi-lateral ("OHML") Clearwater development wells and 2 net polymer pilot producer-injector pair at Figure Lake; 1 (0.5 net) OHML Waseca South development well, 2 (1.5 net) OHML Waseca North development wells and 2 (1.5 net) GP wells at Frog Lake.

Land and geological and geophysical spending: Spent $2.5 million on land to capture acreage in core areas and for exploration prospects and $0.2 million on geological and geophysical activities related to special core testing to inform enhanced oil recovery pilot work and various data seismic purchases. 

Asset swap: On June 30, 2026, Rubellite completed an asset swap transaction that doubled the Company's working interest in its Marten Hills Clearwater assets from 30% to 60%, in exchange for certain non-core undeveloped lands at Dawson and cash consideration of $0.8 million. The incremental 30% working interest represents approximately 191 bbl/d of heavy oil sales production based on second quarter 2026 average rates, which will be reflected in the Company's production volumes beginning in the third quarter of 2026.

Abandonment and reclamation: Spent $0.1 million on decommissioning, abandonment and reclamation activities and received three reclamation certificates from the Alberta Energy Regulator ("AER") in the quarter, bringing the total to four in 2026.

 

Q2 FINANCIAL HIGHLIGHTS

 

Adjusted funds flow: $35.2 million ($0.38 per share) in the second quarter of 2026, an increase of 6% from $33.4 million ($0.36 per share) in the first quarter of 2026.

Cash costs: $23.5 million or $19.29/boe in the second quarter of 2026

Net income: $34.1 million ($0.36 per share) in the second quarter of 2026

Net debt: $158.1 million at June 30, 2026. During the first half of 2026, Rubellite's capital expenditures, including land and other spending, of $76.5 million exceeded adjusted funds flow of $68.6 million. In addition, other obligations were settled, including a $3.8 million reduction of the other provision, $0.5 million of decommissioning expenditures, $0.8 million of cash-settled share based compensation payments and $0.8 million of cash consideration for the asset swap transaction.

Available liquidity: During the second quarter, the borrowing limit was increased to $160.0 million from $140.0 million. As at June 30, 2026, available liquidity was $62.9 million, based on the increased $160.0 million first-lien credit facility borrowing limit, less $95.7 million of bank borrowings and $1.4 million in letters of credit.

 

Click here to follow the latest news from Rubellite Energy

 

If you have any questions for Sue or Ryan, regarding Rubellite Energy, then please email those to 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 Dave Erfle, Founder and Editor of The Junior Miner Junky, to review his recent on-the-ground due diligence site visits within and close to British Columbia's Golden Triangle. Dave provides first-hand observations from touring Cassiar Gold Corp. (TSX-V: GLDC, OTCQX: CGLCF) and Scottie Resources Corp. (TSX-V: SCOT, OTCQB: SCTSF), detailing active drill campaigns and key strategic catalysts.

Cassiar Gold Project Footprint: High-level takeaways from touring the 59,000-hectare property, comparing the bulk-tonnage Taurus deposit with the high-grade optionality at Cassiar South.

Funding Discipline and Strategic Optionality: The critical balance between current cash burn and why monetizing or joint-venturing the southern ground could unlock value without heavy dilution.

Scottie Resources Operational Footprint: First-hand observations from Stewart, BC, including deepwater port access and eight active drill rigs executing an aggressive 50,000-meter program.

Project Economics and Regional Synergies: How direct-ship ore potential, bulk-sample economics, and neighboring infrastructure near the Premier mill create toll-milling or acquisition opportunities.

Comparative Junior Mining Risk Profiles: Weighing the risk/reward differences between early-stage exploration targets and near-term feasibility assets heading toward development.

 

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter - https://www.juniorminerjunky.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.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to review the value proposition that has his attention in 3 junior gold exploration stocks, that have put out compelling news in the recent past and that have key alpha growth catalysts on tap in the medium-term.

 

The companies we discussed in the interview are:

 

Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) – On September 1, 2026, the Company announced assay results from the initial 10,000 meters completed as part of an ongoing 50,000-meter drilling campaign at the Company’s flagship Cerro Caliche gold project in Sonora, Mexico.

A total of 46 reverse circulation drill holes were completed at the central-western region of the property where the Company proposes to develop an open-pit, heap leach mining operation as outlined in the technical report titled “Updated Mineral Resource Estimate and Preliminary Economic Assessment (the “PEA”) on the Cerro Caliche Gold Project,” dated December 4, 2025.

 

Delta Resources Limited (TSXV: DLTA) (OTCQB: DTARF) (FSE: 6GO1) – On September 1, 2026, the Company announced the appointment of Zach Flood and Joseph C. Milbourne to its Board of Directors.

 

Flood is an experienced geologist with a broad international background in mineral exploration across Asia, Africa, and the Americas. He co-founded Kenorland Minerals Ltd. in 2016 and has since led the Company's growth into a premier project-generation and royalty company.

 

Milbourne is a highly experienced metallurgist and mining executive with more than 50 years of experience in metallurgy, mineral processing, process engineering and technical project evaluation. Mr. Milbourne has held senior technical and operational positions with Troilus Mining Corp., Belo Sun Mining Corp., Sulliden Gold Corporation, AMEC Mining & Metals, Eldorado Gold, Cominco and other international mining organizations.

 

Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTCQB: EQTRF) – On August 25, 2026, the Company announced the results of four additional drill holes, MBA-040 to 043, which tested the western extension of the Maria Bonita gold porphyry system. Two of these drill holes returned wide intervals of gold mineralization, confirming the presence of a new mineralized early porphyry body, previously detected in hole MBA-036 (70.6m @ 0.5g/t gold); see press release dated May 12, 2026.

 

Drill hole MBA-042 intersected three intervals of gold mineralization, comprising a total of 282m downhole, including 2m @ 0.4g/tgold from surface, 45.4m @ 0.3g/t gold from 61.9m depth and 200.4m @ 0.3g/t gold from 113.2m depth

Drill hole MBA-043 intersected 5m @ 0.4g/tgold from 93m depth

 

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

 

* In full disclosure, some companies mentioned by Erik in this interview, are positions held in his personal portfolio, and they may also be site sponsors of The Hedgeless Horseman website at the time of this recording.

 

 

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.