Cory Fleck

District Metals - Viken Project: New Drilling at Target Areas A & B

• Top takeaway The host presses on whether new hits at Target Areas A and B would count as a discovery and on why the company is exploring for more tonnage when Viken already holds one of the largest uranium resources.
• He notes the stock has been in a downtrend alongside the uranium sector, with the Swedish election results adding another downdraft before moving largely sideways over the prior month.

District Metals has started drilling Viken's target areas A and B, large conductive anomalies from an airborne MobileMT survey that outshine the known deposit. Alum shale continuity means a 600m by 600m area 150m thick can match the 130-million-tonne resource behind the project's positive preliminary economics. The company picks its mine area on more than geology: shallow, thick shale optimizes strip ratio (waste moved per unit of ore), plus woodland sites away from lakes ease permitting. Regional drilling hit graphitic black shale in all 15 holes across the Osterkalen and Malgomaj licenses, validating the geophysical model, though a lab method change may delay assays. Catalysts ahead include Viken drill results and a Geological Survey of Sweden national-interest decision; Sweden's largest center-left party is pro-nuclear and pro-mining.

Newcore Gold - 80,000m Drill Program Update: High-Grade Oxide Hits At Boin, 98% Drill Hit Rates

• Top takeaway Fleck frames the valuation question, telling Alexander that a large drill program, a de-risked resource and economics up to the pre-feasibility stage sit against a market cap of about C$100 million, and pressing him on where the company should be valued relative to peers.
• He raises the capital-allocation tension directly, asking whether the market would reward defining a high-grade portion of the resource more than simply growing the resource by around another million ounces, while noting both routes add value.
• He closes on financing, asking how much cash the company has to fund the roughly 30,000 meters of results still outstanding and what the budget is for the rest of the program.

About 30,000 meters of results are still pending from Newcore Gold's 80,000-meter program, keeping drill news flow heavy. A 98% drill hit rate points to gold being pervasive across the Enchi property, not confined to a few shoots. Shallow oxide intercepts averaging nearly four times resource grade could strengthen the earliest years of the mine plan. Alexander says an $80M US market cap sits well below the ~$650M US NPV (net present value) from the June study. The full program is funded, with cash visibility into 2027 and geotechnical, metallurgical and environmental work underway.

Sierra Madre Gold and Silver – Ramp Up To 720tpd At The La Guitarra Complex & Exploration Strategy

• Top takeaway As host, he frames the company's elevated recent costs as the market's main criticism and presses management on how costs will decline as the ramp-up continues.
• He argues the district's historic miners likely left behind material considered low grade in their era but high grade today, since roughly 90 years have passed since meaningful drilling there.

Phase 1 expansion lifted La Guitarra throughput over 40% to 720 tonnes per day (tpd — ore milled daily), with 1,500 tpd targeted by next year. Management expects costs to drop about $5 per quarter for the next four to five quarters as development charges roll off and grades rise. A 30,000-metre drill program across the La Guitarra East District targets up to 40 veins in mines untested by modern drilling since the late 1930s. The Del Toro acquisition adds a past-producing, fully permitted complex with a 3,000 tpd plant, plus a parallel 30,000-metre drill program from next year. About $25 million in working capital and positive cash flow fund the expansion and 60,000 metres of planned drilling across the two projects.

Syntholene Energy - Developing Low-Cost Synthetic Jet Fuel, Commercial Scale-Up, the Path to Market

• Top takeaway The host frames the interview as an introduction to a company unlike the resource names he normally features, and sets the agenda around where operations stand and the path to market rather than exploration results.
• He steers the discussion toward cost, certification, competition and money, pressing the guest on the hydrogen cost barrier, whether any airline already uses synthetic fuel, who the competitors are, and what the market cap and burn rate look like.

Dan Sutton says hydrogen is about 70% of synthetic fuel cost, so cheaper electrolysis decides which producers scale. Aviation is the first target because jet fuel is nearly impossible to substitute, making synthetic kerosene the highest-margin beachhead. The Iceland demonstration plant went from permit to hydrogen output in 69 days and has produced about 3,000 tons since June. European and UK airlines must consume 1.2% synthetic fuel by 2030, creating a mandated market with penalties for suppliers. A bankable offtake is the gate: 20,000 tons per year costs about $200 million, mostly project debt, at targeted 65% EBITDA margins.

KER QuickTake - Beaver Creek Takeaways, Technical Breakdown Across Gold, Silver, Copper & Energy

• Top takeaway Fleck's headline takeaway from the September 2026 Beaver Creek conference is that there is no shortage of stories, capital or work programs: over 200 companies and roughly 1,800 attendees made it the busiest edition yet, and a wave of news flow runs through the rest of the year.
• He argues the bigger risk for investors is being pulled into too many good-sounding stories, and wants portfolios to be more selective and more concentrated, favouring companies that have already made a discovery, are building something out, and have outperformed the market.
• He plays a game of estimating a company's market cap after each meeting without knowing it, and came away thinking many of the junior developers he met were fairly valued, which means they need news to justify those valuations and drive the stocks higher.
• He thinks several long-standing, mostly lower-grade companies that never rebounded with the market look undervalued versus their peers, and says he plans to bring some of them onto the show over the next few weeks.
• He favours better-quality names for safety and as likely M&A candidates, pointing to companies that pulled back only 20% to 35% over the summer as showing relative strength; he does not expect money to filter down into juniors in the near term, though cash-rich producers will eventually go shopping.

Gold broke below its 50-week average while gold miner ETFs have not, and silver's key support sits near $54. Record Beaver Creek attendance met slow markets, so investors need selectivity amid abundant funded stories. Long-established, lower-grade resource holders look undervalued next to newer peers and a wave of asset spin-outs. Copper futures keep setting highs while copper producer ETFs lag, and rare earths lost their 200-week average. Post-conference M&A and relative strength favor cash-generative producers, while juniors still wait for fresh capital.

Banyan Gold - High-Grade Drill Results, $58Mil Financing, Franco Nevada $20Mil Investment, GDXJ

• Top takeaway Frames the past two weeks as a dense news stretch for Banyan — GDXJ addition, high-grade Powerline results, and $58 million raised at $2.00 a share with no warrants while the stock performs well — and presses to clarify that only the 2025-drilling resource underpins the Q4 PEA.
• Closes by inviting listener follow-up questions for Tara Christie and says he will keep tracking Banyan's drill results and PEA news into next year.

Banyan Gold raised $58 million in concurrent financings, with Franco-Nevada subscribing $20 million at $2 a share — an endorsement carrying no warrants. The treasury funds operations through 2028 and an eight-drill 2027 program: 100,000 metres at AurMac plus 20,000-30,000 metres at Nitra. September step-out holes — drilling beyond the known resource boundary at Powerline — hit high-grade gold, which management says proves its targeting model. The Q4 PEA (Preliminary Economic Assessment — an early study of mine economics) rests on the 2025 drilling resource; 2026 holes feed the next update. Drilling the high-grade Gap zone — 14 metres of 13 g/t gold (grams per tonne) — needs frozen ground, so most results wait until winter.

Heliostar - Inside the Ana Paula Feasibility Study: Mill Scalability, Cost Optimization, Permitting

• Top takeaway As host, he frames the update around the step up from the PEA to the feasibility study, pressing on mill throughput, underground access trade-offs, permitting timelines, and what the company needs the study for ahead of a construction decision.
• He notes Heliostar has just started the open-pit expansion at La Colorada and asks what else investors should watch from the company in the near term.

Heliostar's Ana Paula feasibility study (the detailed plan for building a mine) is 34% complete and tracking to Q2 2027, targeting 100,000 gold ounces yearly. CEO Charles Funk says upsizing the mill to 2,000 tonnes per day (expandable to 2,500) keeps high-grade feed early and adds low-grade optionality later. Underground crushing, conveyors replacing ore trucks, and an NSR cut-off (value-based, not fixed gold price) target lower costs and better economics. Converting the 2017 open-pit permit to underground cuts surface disturbance 65%, with approval expected around the feasibility study's completion and a mid-2027 construction decision. Funk says operating cash flow plus project financing should fund the build, while La Colorada expands and a project pipeline advances.

Getty Copper - High-Grade Intercepts at Getty South, Accelerated Drilling, and a $15M Financing

• Top takeaway Hosts the update around two news releases — stronger Getty South drill results and the $15 million financing — and notes the four new holes are even better than the first two.
• Relays a listener question on how far the Getty South results sit from the property boundary and invites follow-up questions for future calls.

Step-out holes (drilling beyond a known zone) at Getty South came back twice as good: 46 meters of 1.47% copper within 150 meters of 0.71%. Mineralization stays open in all directions about 300 meters below surface, and holes just 25 meters apart show grade varies over short distances. The CEO says the $15 million financing was quickly oversubscribed, combining $13 million charity flow-through (tax-advantaged Canadian exploration funding) with a $2 million non-brokered tranche. Two rigs mobilize within two weeks, pushing the fall program well beyond the original 4,000 to 6,000 meters since Highland Valley permits winter drilling. The capital sets up a 2027 mineral resource estimate (MRE — the formal tally of a deposit's tonnes and grade) targeting over 25,000 meters of drilling.

Sitka Gold - High-Grade Gold Results At Blackjack, Saddle & Eiger, RC Gold Project, Yukon

• Top takeaway Frames the interview around linking the Blackjack, Saddle and Eiger deposits via the 2026 drill program, noting cross-sections suggest the pit shells are trending toward merging
• Notes the existing Blackjack resource of roughly 2.3Moz at about 1 g/t Au and presses the guest on what the new drilling might add and on the underground potential below the current pit shell

Sitka Gold's headline hole 133 returned 141.5m at ~2 g/t gold, including 80m at 3.2 g/t, pushing Blackjack's deep mineralization above underground thresholds. Saddle zone step-out drilling traced mineralization 550m east from Blackjack toward Eiger, reclassifying previously modeled waste rock into the upcoming resource estimate. Lamprophyre dikes and intrusive corridors link Blackjack, Saddle, and Eiger into one continuous mineralized system; management expects the three pits to merge. Seven rigs remain active across the 60,000m program with roughly 50-60 holes pending assays, and an updated mineral resource is targeted for early 2027. Blackjack sits at about 2.3 million ounces (indicated plus inferred) at roughly 1 g/t gold, while drilling also targets Rhosgobel, Pukelman, and Bearpaw Breccia.

Vizsla Silver - Panuco Project Update: Site Access, The Path and Timeline To Production

• Top takeaway As host, he frames the update around the January security events, the newly signed contracts, the management additions and valuation, noting the company sits near C$2 billion and well off its highs from earlier in the year.
• He invites listeners to email follow-up questions, which he says Konnert will address on future KE Report episodes.

Vizsla Silver targets first silver at Panuco around mid-to-late 2028, a slight timeline slip after January's tragedy kept work off site. Mexican government and military support underpins a planned return to site by end-2026, with roughly $10 million set aside for security. EPCM (engineering, procurement, construction management) award to M3 and the FLSmidth mill equipment package lock in capital cost certainty before the final investment decision. Over $400 million in cash covers the full build, and management argues the shares look cheap at about four times NAV (net asset value). Underground drill bays at Copala aim to convert 25 million inferred ounces, in a district where under 5% of known veins have been drilled.

Red Canyon - Osiris Project Drill Updates, Nautilus & Camp Target Developments

• Top takeaway Frames the update around the September 14, 2026 announcement of completed auger drilling and expanded geochemistry, foregrounding Nautilus as the priority target.
• Closes the call by noting Red Canyon's broader copper pipeline (Kendall, Scraper Springs) and inviting listener questions, but does not advance an independent analytical thesis.

Auger drilling across the Osiris project's five target areas returned altered porphyry with chalcopyrite-bearing quartz veins at Nautilus, sharpening the drill focus there. Red Canyon plans a small fall drill program at Nautilus alongside 3D IP, while Camp assays stay pending and soil copper extends 2 km north. The EV target, a large sub-vertical EM conductor Red Canyon's geophysical consultant sees as possible massive sulfides, will get one or two fall drill holes. Red Canyon's wider portfolio adds 3D IP at the Kendal copper project in BC and 3D modeling at the Scraper Springs porphyry in Nevada.

District Metals - Swedish Election Recap, Uranium Policy Outlook, Fall Exploration Plans

• Top takeaway Says he is surprised District's share price fell so much given polls had pointed to a center-left win for about a year, and presses on how coalition talks and a possible snap election could unfold once parliament convenes on September 28.
• Directs the update toward near-term shareholder items: the pending Beacon national interest decision, the October drilling restart, and the company's cash position.

Sweden's hung parliament leaves coalition talks open for months, and the outcome will steer mining and uranium policy that District Metals depends on. The guest argues the likely lead governing party, the Social Democrats, is pro-nuclear, pro-mining, and backs uranium mining as a by-product. The Viken deposit's national interest designation was delayed past the election and only takes effect at the mine permitting stage. Alum Shale drilling is done with results released, and Viken drilling should start in October after a pause for moose hunting season. District Metals holds about C$15 million in cash against an C$83 million market cap and says it is fully funded for this year.

Element 29 - Advancing the Flagship Elida Copper-Moly Porphyry Project in Peru: Drilling Underway

• Top takeaway Fleck argues copper's run is intact, noting a price oscillating between $6 and $7 per pound as of September 2026, and says the world is waking up to the need for copper.
• He frames Element 29 as a more advanced copper exploration play in Peru and argues the company timed its build-out well, locking down projects years in advance.

Element 29's Elida copper project in Peru holds a 322-million-tonne resource with an unusually low 0.74:1 strip ratio (waste rock per ore tonne). CEO Richard Osmond argues low elevation, paved highways, grid power, and a short drive to ports de-risk Andean mining. A fully funded 12,000-metre, three-rig campaign aims to double the pit-constrained resource ahead of an updated estimate and PEA (mine economics study). About $47 million raised this year, anchored by Alpayana's 9.9% stake, funds drilling now and a preliminary economic assessment later. Earlier-stage Flor de Cobre and Paka projects add southern Peru discovery upside, with environmental permits and community access advancing.

K2 Gold - High-Grade Step-Outs Expanding The Dragonfly Zone, Mojave Project: 27.43m of 4.03 g/t Au

• Top takeaway Fleck frames the discussion around the 27.4m headline intercept and presses Margarit on the stacked-structure thesis and how the project compares to known oxide producers.
• Signals he will keep following up as more holes are released, and notes results have been arriving on roughly a two-week cadence.

K2 Gold's Dragonfly step-out (drilling beyond the known footprint) returned 27.4m at 4.08 g/t gold, extending the system 40m. Multi-gram intercepts in this oxide gold setting outpace the 0.6 to 0.8 g/t grade typical at operating oxide mines. Arsenic geochemistry is vectoring K2 Gold's surface mineralization toward deeper, higher-grade down-dip hits. Rigs have shifted roughly 3km south to the Newmont target area within a 14,000m first-phase program on the Eastside Gold Trend. Drill assays are expected to flow every two weeks on a pad-by-pad basis, with about 15 holes pending at the lab.

Sitka Gold - Expanding the Rhosgobel Gold and Tungsten Footprint at the RC Gold Project

• Top takeaway Fleck frames the discussion around resource growth and de-risking, repeatedly asking how expanding drilling and any infill work will move the deposit from inferred toward indicated categories.
• He probes the depth and underground-versus-open-pit transition question, prompting Burke to explain that the near-surface open-pit focus remains and that no underground chase is warranted at Rhosgobel yet.

Hole 71 at Rhosgobel returned 159m of 1.14 g/t gold within 257m of 0.84 g/t gold, validating a north-northwest structural theory. The deposit remains open in every direction: strike now spans 1.6 km, with step-out holes extending mineralization over 100m below the prior resource shell. Scheelite (a tungsten mineral) sits within the same gold-bearing quartz veins, potentially providing a meaningful economic byproduct credit. Seven drill rigs are turning across six targets at the RC Gold Project, with 43,000 of a planned 60,000 meters already complete this season. Burke frames Rhosgobel as a cornerstone open-pit deposit; the team is growing resource size first, then upgrading inferred ounces into higher confidence categories.

Great Pacific Gold - Exploration Update: Kavasuki Drill Results, Expanding EK Targets

Great Pacific Gold wrapped a 12-hole maiden drill program at Kavasuke on the Wild Dog project in Papua New Guinea. Nine of twelve Kavasuke holes hit broad shallow gold mineralization across roughly 600m of strike length. Drills are now moving south to Megamut and Megiabi, with the EK targets advancing through trenching and sampling. El Miraco trenching returned 9m at 4.8 g/t gold; Cargalio returned 6m at 7 g/t including 2m at 16 g/t. The company holds about $22M cash and plans roughly 13,000m of drilling across about 50 prospects by year-end.

Firefox Gold - Mustajärvi Exploration Update: High-Grade Hits at East Zone, Path to Maiden Resource

• Top takeaway Cory presses the guest to distinguish infill from expansion drilling and to interpret the grade-thickness budget of the narrow but very rich 124 g/t hit, setting the technical framing for the result.
• Cory repeatedly highlights the 'gap zone' between the East and Northeast zones as an obvious untested continuity target, steering the discussion toward resource upside beyond the initial estimate.

Hole 26MJ021 cut 1m at 124 g/t gold (~4 oz/ton) in a down-dip step-out from the East Zone's known high-grade core. Firefox plans a maiden pit-constrained (open-pit-extractable) mineral resource estimate for early 2027, covering the East and likely Northeast zones. Winter drilling will test the orogenic (mountain-building) gold system to ~800m depth, mirroring Agnico Eagle's Kittilä mine just 25km away. Roughly 1.5 drill rigs are now running, with weekly assay (lab test) news flow from East, Northeast, Triangle, Central, and Lammas targets. The 'gap zone' between East and Northeast remains permit-pending and is likely excluded from the first resource, but signals growth potential.

Darrell Fletcher - Monthly Commodity Recap: Is This A Commodity SuperCycle?

• Top takeaway Argues that the AI/data center build-out has been a major copper demand driver and that any slowdown in that spending would at minimum temper copper's momentum
• Observes that silver has not leveraged gold's recent run the way gold equities have, noting silver still needs to roughly double to revisit its prior highs

August was a broad commodity rally — Bloomberg commodity index up 7%, agriculture sector up 12%, with gold and silver each gaining roughly 10%. Crude spot stayed muted despite war headlines; the real signal is in the narrowing backwardation curve and record-high diesel crack spreads. Higher energy and development costs are pushing copper producers toward M&A instead of organic mine builds, lifting the long-run price floor. Gold defended the 4000 level and is consolidating near 4500, with managed money steadily adding positions since April. A strong El Nino on the horizon could disrupt grains, softs, and shipping — layering fresh risk onto already tight global supply chains.

Getty Copper- Getty Copper Project Exploration Update: High-Grade Drill Results, Expanding Footprint

• Top takeaway Argues copper juniors remain under-owned, saying he and co-host Chad both like the copper setup on the show and that money has not fully flowed down into junior names
• Frames Getty as a high-grade copper exploration story he first introduced in April, flagging near-surface results of 342 m of 0.5% Cu (June 22) and 194 m of 0.62% Cu (August 11) at Getty North as the catalysts to watch

Spring drilling topped 10,800m under budget at Getty North and South, with high-grade near-surface copper intercepts (342m of 0.5%, 194m of 0.62%). Three holes pending at Getty North and 13 at Getty South will round out the spring program before fall drilling restarts in October. The company staked roughly 2,000 hectares near the Lux target and identified seven new exploration targets across its Highland Valley claims. A 4-6,000m fall drill program is fully funded with about $7M cash, plus a Dot Project permit expected in two to four weeks. Year-round drilling access in British Columbia gives management flexibility to add meters if early fall results warrant expansion.

Novo Resources - H2 2026 Exploration Roadmap, San Cristobal Valuation

Novo Resources Corp (TSX: NVO) reports roughly $8M cash and a $37M investment portfolio, anchored by a $35M mark on its San Cristobal holding. Per management, a recent San Cristobal secondary trade forced a revaluation that widens the company's exploration runway. Teliunga is the lead IOCG copper-gold target, still gated on government approvals before next year's drill program. Near-term catalysts are drill programs at Techman and Tibooburra, plus Egina — returned to Novo after Northern Star exited its JV. Egina sits south of De Grey's Hemi-style discovery; the guest notes $8M of partner-funded work now belongs to Novo.