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The KE Report episodes
- Ring Energy – Q2 Operations and Financials, Investing In Oil Production Growth Within The Central Permian Basin
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 [email protected] or [email protected].
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.
26 min - Joel Elconin - Deteriorating Market Breadth, Bond Yield Risks, and The Rosh Hashanah Trade
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.
11 min - K2 Gold - High-Grade Step-Outs Expanding The Dragonfly Zone, Mojave Project: 27.43m of 4.03 g/t Au
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 [email protected].
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.
10 min - Luca Mining – Q2 Operations and Financials, Ongoing Exploration and Development Work At The Campo Morado and Tahuehueto Mines
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 [email protected] or [email protected].
- 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.
18 min - AbraSilver Resource – A Series Of Key Project Milestones Achieved in 2026, Transitioning Into A Developer, While Continuing On As An Explorer
John Miniotis, President and CEO of AbraSilver Resource Corp (TSX: ABRA) (OTCQX: ABBRF), joins me to review key milestones achieved this year from the updated Mineral Resource Estimate (MRE), Phase 1 Definitive Feasibility Study (DFS), environmental permit approvals from both provinces, RIGI approval, commencement of the bridge engineering phase, Phase 2 economics trade-off studies underway, board and management team additions, and the ongoing Phase 6 drill program on the Company’s wholly owned Diablillos property in the mining-friendly provinces of Salta and Catamarca, Argentina.
In May the company released an updated Mineral Resource Estimate (“MRE”), which demonstrated significant growth across the Project, with Measured & Indicated (“M&I”) resources now totaling 232 million tonnes (“Mt”), containing approximately 248 million ounces (“Moz”) of silver and 2.54 Moz of gold (454 Moz silver-equivalent “AgEq”). For the first time ever, the DFS released in June now includes the Project reserves as proven and probable ounces.
DFS Study Highlights on just the tank leach portion of the Project, based on a stand-alone 9,000 tonnes per day (“tpd”) processing operation:
- After-tax NPV5% of $3.0 billion (CAD$ 4.2 billion), 41.9% IRR and 1.7-year payback at base-case metal prices.
- At spot prices, after-tax NPV5% increases to $4.8 billion (CAD$6.7 billion) with an IRR of 56.5% and payback of 1.4 years.
- Average annual production of 20 Moz silver equivalent (“AgEq”) during the first five years of full mine production, comprised of 14 Moz Ag and 89 koz Au;
- Average life-of-mine (“LOM”) annual production of 10 Moz AgEq, comprised of 5.9 Moz Ag and 62 koz Au over a 25-year life of mine (“LOM”).
- Low All-in Sustaining Cash Costs (“AISC”)2 of $20/oz AgEq over the LOM – positioning Diablillos among the lowest-cost primary silver projects globally.
- Initial capital expenditures of $722 million (including $98 million contingency) with subsequent sustaining capital of $520 million funded through operating cash flow.
- Increased Proven and Probable Mineral Reserves of 77.9 Mt grading 146 g/t Ag Eq, containing 183 Moz Ag and 1.8 Moz Au (366 Moz AgEq), estimated from an open pit optimized using metal prices of $29.50/oz Ag and $2,800/oz Au.
- First production targeted before year-end 2029, subject to a final investment decision (“FID”) expected in Q2 2027.
The Company is working on an upcoming Phase 2 economics study:
- This will incorporate a PEA on the heap leach expansion to process lower grade mineralized material that would provide incremental gold and silver production.
- Trade-off studies are being reviewed that analyze the potential for higher throughput rates if there was a larger plant built, (possibly doubling throughput)
- Ongoing Phase 6 exploration program, further testing earlier-stage targets like Cerro Viejo, Condoryacu, as well as growing resource at Occulto East and JAC. This program will add to a resource update before the updated DFS next year.
Other Key Company Milestones:
- The Company has already received approval of the Environmental Impact Assessment (EIA) {“Declaración de Impacto Ambiental” or “DIA”} from both the Government of Salta Province and the Catamarca Province in Argentina.
- The company has issued a Limited Notice to Proceed to Worley to commence the bridging engineering phase, and initiates the workstreams required to support a final investment decision ("FID") targeted for the second quarter of 2027.
- Marie Inkster has been appointed as Executive Chair of the Board of Directors; Jeremy Weyland has been promoted to Chief Operating Officer; Wendy Kaufman, CPA, CA, has been appointed as a Director of the Company and will serve as Chair of the Audit Committee; John Naisbitt has been appointed Project Director, and the Company is actively expanding its Project Development team with additional appointments expected in the very near term at both the Diablillos site and at the corporate level.
Click here to follow the latest news from AbraSilver Resource Corp
If you have any follow up questions for John regarding at AbraSilver, then please email them into me at [email protected].
- In full disclosure, Shad is a shareholder of AbraSilver Resource Corp at the time of this recording and may choose to buy or sell more 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.
26 min - After-tax NPV5% of $3.0 billion (CAD$ 4.2 billion), 41.9% IRR and 1.7-year payback at base-case metal prices.
- Guanajuato Silver - Q2 2026 Financials, Operations, Development, and Exploration Across All 5 Mines
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 [email protected].
- 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:
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.
28 min - Sitka Gold - Expanding the Rhosgobel Gold and Tungsten Footprint at the RC Gold Project
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 [email protected].
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.
14 min - Rubellite Energy – Q2 Operations and Financials For This Growth-Oriented Heavy Oil Producer, And Disposition of the East Edson Natural Gas Assets
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 [email protected] or [email protected].
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.
25 min - Dave Erfle - Site Visit Recap: Cassiar Gold & Scottie Resources
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/
--------------
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.
17 min - Erik Wetterling – Value Proposition In Sonoro Gold, Delta Resources, and Altamira Gold
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
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* 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.
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