The KE Report

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/

 

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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.

[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.

Dave Erfle, Founder and Editor of the Junior Miner Junky, joins me to review his technical outlook on gold, silver, and the precious metals ETFs, as well as pro-tips on how he is managing his portfolio down the different stages of risk from producers, to developer, and to explorers.

 

Technical Support and Resistance Levels In The PMs: Dave reviews the key technical levels to watch after the recent pullbacks in gold and silver briefly breaking support but then quickly rallying up to higher levels after the mid-term election results came in.

PM Stock Divergence From The AI Market Liquidation Last Week: He notes important divergences on Thursday of last week where gold stocks went higher even as the S&P and Nasdaq had brutal corrections lower, led by AI stock weakness post elections, in their worst trading sessions in years.

Mining Equity Resilience vs. Underlying Metals: An examination of why senior and junior equities are exhibiting divergence relative to the metal price drops, supported by strong earnings, corporate cash flows, and cleaner balance sheets.

Growth-Oriented producers: Insights as to why he likes growth-oriented producers that acquired production to reduce the need to keep diluting through capital raises, to work on derisking their key development projects and exploration initiatives.
Dave notes both Discovery Mining and Integra Resources as examples of companies he holds in this category.

Late-Stage Developers: Dave shares the criteria he uses to evaluation late-stage derisked large high-margin development projects.

Pre-PEA Stage Advanced Explorers:  He provides the rationale for why he is moving down the risk curve into these juniors that have pulled back down substantially more than the more advanced companies, but also counterbalancing that risk in his more limited portfolio exposure.

 

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter – https://www.juniorminerjunky.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 Company Introduction, Cory and Shad chat with Sorin Posescu, President and CEO of Valhalla Metals Inc. (TSX-V: VMXX / OTCQB: VMXXF), to discuss the company’s high-grade base metal portfolio positioned directly within Alaska's world-class Ambler Mining District. Sorin walks through recent high-grade polymetallic drill results and the strategic roadmap to significantly expand their mineral footprints on both projects.

Strategic Positioning in the Ambler District: Why location matters alongside the feasibility-stage Arctic project, and how key team members helped build the district from the ground up.

Ambler Access Road Progress: How recent permitting advancements and federal approvals address the historical infrastructure bottleneck in the region.

High-Grade Intercepts at Sun: Initial drill results showing wide, high-grade copper-equivalent intervals stepped out beyond known mineralized boundaries.

Operational Advantages & Rig Ownership: How securing in-house drill equipment is directly improving cost efficiency and execution in Alaska.

Reactivating the Smucker Project: The acquisition terms from Teck Resources and the plan to modernize a massive historical resource to current standards.

Capital Structure & Shareholder Alignment: The backing of major strategic partners, institutional support, and treasury runway entering 2027.

 

Please email us with any follow up questions for Sorin - Fleck@kereport.com or Shad@kereport.com. 

 

Click here to visit the Valhalla Metals website and read over the recent news.

 

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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.