The KE Report

Shane Williams, President and CEO Of West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins me to review the key metrics from Q2 production and financials which demonstrated substantially higher mined ounces and gold produced, higher revenues, and lower costs at their flagship Madsen Gold Project, in the Red Lake district of Ontario, Canada.   We also look ahead to development and exploration work on tap for H2, and the bigger picture vision for future growth.

 

Q2 2026 Highlights

 

Gold production increased 51% to 8,576 ounces, compared with 5,667 ounces in Q1.

Gold sales increased 34% to 8,260 ounces, compared with 6,165 ounces in Q1.

Revenue increased 17% to $49.0 million, generating $20.1 million of income from mine operations, a 31% increase from Q1.

Adjusted net earnings increased 98% to $12.6 million, compared with $6.4 million in Q1. 

Adjusted EBITDA increased 54% to $22.1 million, compared with $14.4 million in Q1.

Cash costs decreased 23% to US$2,000 per ounce sold, compared with US$2,594 per ounce in Q1.

All-in sustaining cost (“AISC”)  decreased 30% to US$3,284”  per ounce sold, compared with US$4,678 per ounce in Q1, bringing Q2 AISC within the Company’s 2026 guidance range of US$2,800 to US$3,600 per ounce.

The Company generated $9.7 million of positive free cash flow during Q2.

The Company ended Q2 with approximately $31.2 million in cash and cash equivalents.

 

  Shane reviewed that the development-focused strategy implemented during the first half of 2026 is now translating into measurable operating improvements as mine sequencing advanced to unlock multiple stoping fronts and operational flexibility continued to improve.  Additionally, all the exploration success had at the 4447 Zone is now factoring into mining and production here in H2, and he points to all the recent success at the 904 Zone having a similar trajectory with first mining anticipated in H2 of 2027.

 

Next we discussed the higher All-In Sustaining Costs (AISC) in Q4 and Q1 and how the ongoing ramp-up in production will steadily lower the costs over the next few quarters.  Shane highlighted that in the second half of this year that the shaft will be rehabilitated and begin hoisting ore, and this will further drive down costs over the next few quarters. The steady nameplate run-of-mine production and costs will likely be achieved in 2027 and beyond.  We also discussed that the higher oil and diesel prices were not a major cost input and have very muted effect on their underground mining operations where the site mostly runs on cheap hydroelectric power.

 

We then discussed the next phase of growth which will see satellite deposits like Fork, Starratt-Olsen, and eventually Rowan augment the production at Lower Austin and Austin South at Madsen.   The Company will be putting out a Pre-Feasibility Study in September wrapping updated economics around Madsen and factoring in how future production from Rowan would increase production growth and take the company to the next level of producer.

 

Wrapping up we discussed the many areas of focus for exploration and resource expansion, including greenfield surface targets, past producing brownfield areas like Starratt-Olsen and Mt Jamie, and underground targets as the company continues to dewater areas of Madsen that haven’t been touched by modern exploration or mining; with last mining occurring back in the 1960s and 1970s.

 

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

 

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 chose to buy or sell shares at any time.

 

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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, I sit down with Ryan O’Regan, Chief Executive Officer, and Roy Greig, Vice President of Exploration, of Getty Copper Inc. (TSX-V: GTC | OTCQX: GTCDF). The discussion centers on the company’s recent high-grade drill results from the Getty South target within British Columbia’s prolific Highland Valley copper district, alongside a significantly oversubscribed $15 million financing that dramatically alters the scope of the upcoming fall drill program.

Key discussion topics include:

High-Grade Intercepts at Getty South: An exploration of the latest batch of drill results, featuring standout intervals including 46 meters of 1.47% copper within 150 meters of 0.71% copper, and how these grades compare to earlier phases.

Geological Footprint and Lateral Expansion: Geological observations regarding vertical extent down to 300 meters below surface, strike continuity, and where the mineralization remains open for immediate follow-up.

Oversubscribed $15 Million Financing: The breakdown of the charity flow-through and equity components, the level of incoming institutional interest, and how this capital eliminates historical exploration constraints.

Mobilizing Two Rigs for Fall Drilling: Why management is accelerating its operational timeline to bring two drills to Getty South right away, effectively upsizing the planned meterage for the upcoming winter campaign.

Regional Pipeline Targets and 2027 Goals: Next steps for property-wide exploration across the broader Highland Valley land package, the timeline for remaining spring assays, and the roadmap leading to an updated Mineral Resource Estimate.

 

Feel free to email us with any follow up questions for the team at Getty Copper. My email address is Fleck@kereport.com.

 

Click here to visit the Getty Copper website - https://gettycopper.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.

In this Company Update, we sit down with Brian Martin, Senior Vice President of Business Development and Investor Relations at OceanaGold (TSX: OGC - NYSE:OGC), to review the company’s operating performance, financial strength, and expanding multi-asset production profile. Brian breaks down how the company is driving organic growth, integrating strategic acquisitions, and executing a disciplined capital allocation strategy that returns substantial value to shareholders.

Key discussion topics include:

Operational Performance and Production Outlook: An overview of year-to-date delivery across core assets, expectations for a stronger production profile in the second half of the year, and key factors driving margin resilience.

Free Cash Flow Generation and Balance Sheet Strength: A review of recent cash flow metrics, consensus expectations for the full year, and how a debt-free treasury supports ongoing capital flexibility.

Disciplined Capital Allocation Strategy: How management balances sustaining site investments and organic mine development with aggressive capital returns via dividends and share buybacks.

Unlocking Organic Pipeline Growth: Progress updates on key life-of-mine extensions and underground development projects, including Macraes Phase 4 and the high-grade Waihi North project.

Strategic Expansion via the Ausgold Acquisition: The rationale behind adding the Katanning Gold Project in Western Australia, including the expected development timeline and how it paves the pathway toward 650,000 ounces per year.

Valuation and Relative Market Opportunity: A look at how current cash generation, low-risk project sequencing, and jurisdictional safety position the company relative to intermediate gold producer peers.

 

Click here to visit the OceanaGold website and learn more about all the operations - https://oceanagold.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 Mike Burke, Director and Vice President of Corporate Development at Sitka Gold Corp. (TSX-V: SIG, OTCQB: SITKF, FSE: 1RF), to review the latest round of diamond drill results from the RC Gold Project in the Yukon. We discuss the significance of deep intercepts beneath the Blackjack deposit, the expansion of near-surface gold at the Saddle Zone, and the geological evidence indicating that Blackjack and Eiger may connect into a unified deposit.

Deep High-Grade Hits at Blackjack: A breakdown of headline hole 133, which intersected broad intervals of high-grade gold at depth, and what these results indicate for potential underground continuity beneath the current pit shell.

Near-Surface Expansion at Saddle: How step-out drilling across 550 meters of strike is turning previously modeled waste rock into gold-bearing inventory within the conceptual pit outline.

Connecting the Blackjack and Eiger Deposits: An examination of the intrusive dykes and structural corridors suggesting these two zones may merge into a single, continuous mineralized system.

Impact on the Mineral Resource Estimate: Insights into how ongoing drilling, grade profiles, and low cutoff thresholds could influence the upcoming resource update.

Exploration Progress Across the District: What investors should anticipate next from the ongoing 60,000-meter program as seven drill rigs continue turning across Blackjack, Rhosgobel, Pukelman, and Bearpaw Breccia.

 

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, 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/

 

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

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.