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 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.

[Recorded November 6th, 2026] - John Rubino, author and commentator on {Substack https://rubino.substack.com/}, joins us for another wide-ranging discussion around the macroeconomic and geopolitical forces at play, both domestically and internationally.  We get John’s outlook on key commodities like gold, silver, copper, uranium, and oil; and what kinds of resource stocks that he is animated by in this environment.

 

We start off dissecting how macroeconomic trends have shaped the pricing response in a number of sectors over the course of this year.

Much of the US economic data seems robust – be it in jobs numbers, GDP growth, or manufacturing, but he points out the numbers need to be analyzed closely as they can be misleading.

Under the surface it is really a direct result of government spending and A.I. datacenter buildouts that are masking the underlying issues in the rest of the economic data.

Bonds and interest rates, have been key forces shaping markets all year, and he notes that the return of the bond vigilantes response to economic factors pushed rates higher which pressured the precious metals.

Russian central bank selling of gold to fund their conflict in Ukraine and navigate trade sanctions has been another pressure on the monetary metals.

John still believes will all the forces at work that gold is in a longer-term bull market that may be heading as high as $15,000 gold eventually.

 

With regards to the gold and silver stocks, John is still utilizing low-ball “stink bids” to accumulate high-quality PM mining companies as their valuations drop.

He points out that while Q4 is likely still going to be a very good earnings quarter for the quality gold and silver producers, and he is interested in accumulating positions he missed on the way up, or adding to existing positions in the better operators.

Looking ahead to 2027, he does share the concern that when Q1 numbers get compared back to Q1 of 2026, that negative year-over-year comparables could pressure the miners at that time.

John also points out looking at the potential smaller producers or advanced developers that may become merger and acquisition targets for the seniors.

Due to increasing market risk, he is less animated by positioning in the earlier-stage explorers trying to make a discovery, but sees the rationale in adding to the highest quality advanced explorers during this pullback, due to their potential to see outsized gains in a reversal of market sentiment.

 

 

Turning over to the sweep of the legislative branch by the Democrats:

 

John points out that this will just enable even more runaway spending, and higher amounts of sovereign debt, until it becomes unserviceable by these higher interest rates. He sees that as being a positive for gold.

There will be more policy pushback against the buildout of A.I. datacenters, but John points out that despite the reduction of overall demand, that there was not ever going to be a way to build out everything that was proposed anyway; due to limitations in power, water, and the raw materials necessary.

 

This discussion on curtailed  A.I. datacenters led into the weakness seen the last couple months in commodities tied into that narrative like copper and uranium.

John points out that the longer-term bullish copper supply/demand fundamentals did not require the hyperscalers buildout of datacenters, but that clearly there has been sympathetic selling pressure as the AI trade has faded.

He points out that regardless of that AI datacenters narrative that demand was already present just for the much-needed updates for the electric grid, and to accommodate the continued buildout of more EV charging stations and capacity.

He also mentions the issues the mining sector has had in bringing more meaningful supply into the markets, as another factor underpinning a larger structural bull market in copper.

John had many of the same comments with regards to uranium and nuclear power, which had constructive supply/demand fundamentals, before AI datacenters narrative were attached to the trends in trading.

The demand was already present for more uranium than the industry is able to supply over the next 5 years, just for refueling the existing global fleet of nuclear power reactors, and all the additional reactors still under construction.

With regards to copper and uranium stocks, he wants to look for producers that can grow production, or developers with projects of significance.

 

Wrapping up we got John’s take on the traditional energy sector, in lieu of continued conflict in the Middle East and Persian Gulf, and how it may play into rising inflation.

John believes it wise to have some exposure to oil stocks in one’s portfolio, for the higher dividends that get paid out, regardless of trying to anticipate the sector price trends.

He is content to be in quality senior operators like Exxon and Occidental Petroleum, but is concerned about things can change suddenly due to geopolitical policies or crises.

 

  

Click here to follow John’s analysis and articles over at Substack

 

 

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.

Welcome to this Daily Editorial on The KE Report. Joining the show is regular Monday guest Craig Hemke, Founder and Editor of TF Metals Report. In this episode, we evaluate the post-midterm rally across precious metals and mining equities following the late-October lows. Craig breaks down the technical action, fundamental drivers, and key macro catalysts steering gold, silver, and resource stocks into year-end.

 

Key Discussion Points:

Late-October Washout vs. V-Shaped Recovery: A look back at the steep washouts in gold and silver heading into Halloween and the sharp, multi-day technical rebound that followed.

Crucial Levels to Watch on Gold and GDX: Why moving averages, gap-fills, and overhead price benchmarks, including $90 on the GDX, are essential milestones for confirming trend sustainability.

Margin Expansion for Producers: How retreating crude oil and energy costs combined with recovering metals prices are setting up mining companies for improved fourth-quarter operational margins.

Silver’s Price Action and ETF Divergence: Analyzing silver’s retracement to long-term historical support around $48, subdued open interest, and the differing setups between physical metals and miners.

Bond Yields, Inflation Data, and Fed Policy: What peak market-based interest rates and Treasury curve dynamics signal for future rate decisions and liquidity across commodities.

Midterm Impact and the Critical Minerals Sector: Examining whether shifting political dynamics will affect mining permits, and why severely battered rare earth equities may offer contrarian setups.

 

Click here to visit Craig’s website - TF Metals Report - https://www.tfmetalsreport.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.