The KE Report

In this Daily Editorial, we are joined by Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of the Marc to Market website. Following a volatile week defined by shifting geopolitical tensions in the Middle East and a significant "gap higher" in the markets, Marc provides a masterclass on the current macroeconomic landscape. We explore whether the recent ceasefire news is a signal for investors to "buy the dip" or a temporary reprieve in an ongoing shift in global power. Key Discussion Points: Geopolitical Impact on Market Technicals: Marc analyzes the S&P 500 and Dollar Index movements surrounding the Iran-Israel tensions, explaining why the markets may have already anticipated recent developments before the headlines hit. The Changing Dynamics of Global Trade: A look at the implications of Iran’s new tolls in the Strait of Hormuz and how the lack of adherence to the UN Law of the Sea by major players could alter maritime trade forever. De-dollarization and the "Petro-Dollar" Narrative: Marc addresses the University of Chicago’s three-prong definition of money and explains why the U.S. Dollar remains the "plumbing" of the financial system despite the rise of alternative settlement currencies. Central Bank Gold Accumulation: Why nations are moving into gold, and the potential impact of the U.S. revaluing its gold holdings under a new Federal Reserve leadership. Inflation Data and Fed Policy: An analysis of the latest CPI jump to 3.3% and why the Federal Reserve remains "stuck" between a slowing job market and rising energy prices.   Click here to visit Marc’s site - Marc To Market - https://www.marctomarket.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.

Mark Brennan, Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review their full year 2025 financial and operational metrics at the producing Minera Don Nicolas (MDN) gold mine in Argentina.  We discuss the aggressive 70,000 meter exploration program on tap for MDN into 2026, review the permitting process at the Lagoa Salgada VMS Project in Portugal and the key development catalysts on tap at the Mont Sorcier Iron-Vanadium project in Quebec.   2025 Financial Highlights   Annual Production for 2025 of 50,238 Gold Equivalent Ounces (“GEO”); and AISC of US$1,746 per ounce, in line with guidance 2026 Production guidance of 50,000 to 60,000 GEO weighted to H2/26 Adjusted EBITDA of $22.3 million for Q4, and $46.1 million for the full year AISC of $1,391 during Q4 vs $1,953 in Q4/24 due to higher production Completed hedging program provides full future leverage to high gold prices Focus remains on ramping up underground production during Q2/Q3, while water availability returns heap leach production to nameplate capacity and lower unit costs Extensive operational optimizations are completed and underway to reduce unit costs and expand production capabilities  70,000 meter Exploration Program positioned to support resource growth at MDN with four new owner-operated drill rigs currently turning at surface. Additionally underground is set to commence in the next couple of months.   Mark and I review their Minera Don Nicolas producing gold project in Argentina, and the combination of heap leach and underground gold equivalent ounce production for the quarter. With improved crushing for the quantity of ore being put on the leach pads and the contribution of new higher-grade areas from the underground mining running through the CIL plant, this will help reduce down unit costs in 2026.  We highlight how the ongoing 70,000 meter drill program will be looking to extend mine life in a substantial way and find new high-grade areas for future mine sequencing.   Next we got an update on the ongoing work from the previously announced unfavourable opinion of the environmental impact assessment (EIA) for the Lago Salgada VMS Project in Portugal. This ‘unfavourable opinion’ was issued after expiry of statutory deadline under Portuguese EIA legislation. The Company maintains its position that the project has been tacitly approved. Mark reiterated that the purported unfavorable opinion was issued despite the project being the first mining project in Portuguese history to receive unanimous favourable opinion for the Project by all 17 people that make up the Technical Evaluation Committee. The Company is working on a resolution and will update the market when it has more information.   Moving on to the Mont Sorcier Iron Project in Quebec, there are final workstreams feeding into the Bankable Feasibility Study slated for release here in Q2 of 2026. Recent metallurgical test work has reaffirmed the potential to produce high-grade and high-purity iron concentrate grading in excess of 67% iron with silica and alumina content below 2.3%, which gets a premium in the iron marketplace.  The NPV(8%) of the is project in the prior PEA was US$1.6Billion, so even at a very low multiple being applied to this Project, it more than underpins the current market cap that the company is currently receiving, and yet the market cap doesn’t even fully reflect the gold production asset.   We wrap up discussing the underappreciated valuation that the company is receiving for the both the producing MDN mine in Argentina, the development-stage Lagoa Salgada and large Net Present Value of the Mont Sorcier Project.     If you have questions for Mark regarding Cerrado Gold, then please email those to me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Cerrado Gold at the time of this recording, and may choose to buy or sell shares at any time.   Click here to see the latest news from Cerrado Gold.   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. 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 Daily Editorial, we welcome back Joel Elconin, Co-Host of the Pre-Market Prep Show and Founder of The Stock Trader’s Network, to dissect a market that remains remarkably resilient despite global volatility and confusing geopolitical headlines. Joel drives home that investors must prioritize price action over personal opinion, especially as markets react to shifting news regarding the potential "tease-fire" in the Middle East. Key Discussion Points: Resiliency and Price Action: We discuss why the market continues to lean bullish, rewarding any signs of de-escalation in the Israel-Lebanon conflict despite sketchy details. The Crude Oil Floor: A look at the dramatic $20 drop in crude oil prices and why Joel believes energy will eventually stabilize at a higher baseline than in previous years. The Great AI Divergence: An analysis of the widening gap between hardware "picks and shovels" companies and the struggling software sector. Sector Winners and Breakaway Gaps: Insights into why utilities ($XLU) are hitting all-time highs and the technical significance of the recent breakaway gaps in the S&P 500 ($SPY).   Click here to visit Joel’s PreMarket Prep website - https://www.premarketprep.com/ Click here to visit the Stock Trader Network - https://www.stocktradernetwork.com/   Stocks & Symbols Mentioned: S&P 500 ($SPY), Crude Oil ($CL), NVIDIA ($NVDA), Palantir ($PLTR), Oracle ($ORCL), Salesforce ($CRM), ServiceNow ($NOW), Seagate ($STX), Western Digital ($WDC), Marvell ($MRVL), Applied Optoelectronics ($AOI), Corning ($GLW), Lumentum ($LITE), and Utilities ETF ($XLU).   ----------------- 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.

Shawn Howarth, President and CEO of Excellon Resources (TSXV:EXN) (OTC:EXNRF)(FRA:E4X2), joins me to outline all the development work going into the ramp up into production over the next few quarters at their flagship Mallay Silver Mine located in the Cerro de Pasco area of Peru. We then review the value proposition and optionality across their other 3 projects:  Tres Cerros, Kilgore, and Silver City.    Excellon acquired the Mallay Silver Mine last year as a modern, fully permitted past-producing underground mine with a 600 tpd processing facility; that was built and operated by Buenaventura from 2012 to 2018.  With US$115 million of historical investment and sunk costs, supported by an extensive drilling and operating database generated during Buenaventura's ownership, the Excellon team has many advantages here and a low capex investment to get back into commercial production.     In February 2026, Excellon released the updated NI 43-101 Mineral Resource Estimate:   Mallay MRE Highlights:   Indicated Mineral Resources: 890,000 tonnes grading 195 g/t silver, 3.33% lead and 4.83% zinc. The Indicated mineral resource includes 5.57 Moz of silver, 65 Mlbs of lead and 95 Mlbs of zinc. Inferred Mineral Resources: 362,000 tonnes grading 149 g/t silver, 2.67% lead and 4.32% zinc. The Inferred mineral resource includes 1.74 Moz of silver, 21 Mlbs of lead and 34 mlbs of zinc. Mineral Resource (AgEq): 12.01 million ounces grading 420 g/t AgEq in the Indicated and 4.00 million ounces grading 344 g/t AgEq Inferred.   Shawn highlights the ongoing exploration program focused on the mineral resource expansion potential in the known Isguiz Zone inventory, as well as the Footwall Zone and Shafra Zone.   In 2025, Excellon secured an off-take agreements with Glencore for their lead and zinc concentrates, Shawn outlined that their internal studies project a run-rate of 600 tonnes per day of production, producing approximately 2-2.5 million silver equivalent ounces per year, and with a target All-In Sustaining Cost (AISC) of US$17 per AgEq ounce.     The Tres Cerros Project is a highly prospective gold-silver exploration project approximately five kilometers northwest of the Mallay Mine. The project’s prime area of interest is a 2.5 kilometer by 500 meter corridor of gold-silver mineralization and coincident IP/resistivity anomalies, indicative of a bulk tonnage, high sulfidation epithermal system.  Numerous historical grab samples were taken across the 2.5 kilometer fault, which are being analyzed to determine further follow-up exploration work.   Kilgore, is an advanced gold project in Idaho with over 1 million ounces of gold delineated in all categories, and the Company is considering bringing in a JV partner to assist with moving this project forward in exploration and further derisking. Silver City, a high-grade epithermal silver district in Saxony, Germany, with a long history of almost 800 years of silver production.  Shawn has stated publicly that they are looking at various options, but are entertaining the idea of spinning out this asset into a new European-focused exploration vehicle.    Wrapping up we reviewed the industry experience the Excellon management team and board has in both moving projects into production as well as a pedigree of exploration success.  We discussed that the company is cashed up after their financing and off-take agreement, to conduct the key work and studies on tap over the next 6-9 months as the company moves toward a production decision.   If you have questions for Shawn regarding Excellon Resources, then please email those in to me at Shad@kereport.com.     Click here to follow the latest news from Excellon Resources     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. 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 am joined by Mike Spreadborough, the Executive Co-Chairman of Novo Resources (TSX: NVO | ASX: NVO | OTCQX: NSRPF), for a comprehensive update on the company’s extensive 2026 exploration plans in the Pilbara region, Australia.  Key Discussion Points Wyloo Antimony Project: Mike details the 2,500-meter RC drilling program set to begin in late April, targeting a high-grade silver-antimony-gold system. Balla Balla Project: An overview of the 6,000-meter air-core drilling campaign designed to follow up on promising polymetallic results from the 2025 drill campaign. Cronus Project: Introduction of the new 2,000-meter RC program focused on the Triton trend, an area with significant gold and copper potential. Teichman Project Progress: A look ahead to the July drilling schedule at Teichman, following the completion of heritage and environmental approvals. Strategic Financing: Insights into the company's recent private placement, the strong support from Northern Star Resources, and the strategy for funding long-term exploration.   Please email me with any follow up questions for Mike, Quinton, and the team at Novo Resources. My email address is Fleck@kereport.com.     Click here to visit the Novo Resources website to learn more about all the projects and exploration programs.    --------------- 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 mentione

In this Company Update, I am joined by Ryan O’Regan, CEO of Getty Copper (TSX.V: GTC). The company is undergoing a significant refresh under new management, revitalizing a project with a rich history in South Central British Columbia. Located immediately north of Teck’s Highland Valley Copper Mine, Getty Copper is about to begin a 16,000 meter drill program aimed at upgrading the historic resource and making new discoveries.  Key Discussion Points: Project History and Legacy: Ryan discusses the long-standing history of the Getty Copper project, including a historic resource from 2010.  Fully Funded 16,000m Drill Program: The company is about to commence an extensive two-phase drilling program initially focused on the Getty North and Getty South deposits. Resource Expansion and Depth Potential: An analysis of the Getty North porphyry system, which remains open at depth, and the strategy to update the historical 2010 resource estimate. High-Reward Exploration Targets: Beyond the known resource, the team is targeting several anomalies including the Glossie and Dot properties to uncover further upside across the 24,000-hectare land package. Management and Technical Expertise: An introduction to the new leadership team, including VP of Exploration Roy Greig.   Feel free to email me with any follow up questions for Ryan. My email is Fleck@kereport.com.    Click here to visit the Getty Copper website - https://gettycopper.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.

Scott Emerson, President and CEO of Kingsmen Resources Ltd. (TSXV: KNG) (OTCQB: KNGRF) joins me to review the key drill targets and exploration initiatives at their 2 silver and gold projects, Las Coloradas and Almoloya, located in the Parral District, in Chihuahua, Mexico.   We start off with Scott reviewing the 3,300-meter maiden reconnaissance drill program in 2025; with 12 holes that encountered broad intercepts and contained pockets of high-grade silver and gold mineralization for follow-up drilling around the historic Mine Target and DBD Target.     The company has raised capital to go after a 15,000 meter follow-up program at both their Las Coloradas Project and initial drilling at the Almoloya Gold/Silver Project. At this point, about ¾ of the drilling will be stepping out and going deeper across Las Coloradas, while also testing a few compelling regional targets. Then there are 2 historic mine areas at Almoloya, with much different geology that will be drilled.    Las Coloradas High-Grade Silver Project   Step-out and deeper drilling planned on the high-grade Soledad and Soledad II vein systems, following up around the Mine and DBD zones Approximately 700 metres of the Soledad structure remains to be tested New priority regional drill targets emerging at Saddle, Silvia, Leona, and La Plata zones Multiple large-scale, largely untested targets highlight district-scale discovery potential at Las Coloradas   Almoloya Gold/Silver Project   Initial diamond drilling planned on the gold-rich Juliettas structures District-scale CRD and oxide potential identified at Cigarrero Mine área   Wrapping up Scott highlights the financial health of the company, the closing of the upsized bought deal financing in January, continued support from key stakeholders, the pattern of raising money at higher and higher valuations, the ability of in-the-money warrants to potentially bring in more funds.  Scott reiterated that the future value creation will be determined with the drill bit, and the Company is cashed up well to execute on this exploration program, and will remain drilling for the balance of this year.     If you have any questions for Scott regarding Kingsmen Resources, then please email those to me at Shad@kereport.com.   Click here to follow the latest news from Kingsmen Resources   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. 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 episode, we are joined by Anthony Margarit, President and CEO of K2 Gold (TSX-V: KTO | OTCQB: KTGDF | FRA: 23K), to discuss a transformative milestone for the company. Following the receipt of a positive Record of Decision for exploration drilling at the Mojave Project in California, K2 Gold is officially moving back into the field. Discussion Highlights: 15,000-Meter Drill Strategy: Anthony details the expansive drill program over 4 major target areas.. Targeting High-Grade Mineralization: A look at the historical results that underpin the current strategy, including previous intercepts of 86.9m at 4 g/t Gold at the Dragonfly target and exceptional silver grades at Morning Star. Strategic Phasing and Execution: The team is utilizing a phased 5,000-meter block approach to optimize results, allowing for real-time adjustments based on assay data and structural insights. Financial Strength and Market Sentiment: With a treasury exceeding $30 million, K2 Gold is fully funded for its exploration plans as it seeks to expand known zones and test new discovery targets.   If you have any follow up questions for Anthony please comment below or email me at Fleck@kereport.com.    Click here to visit the K2 Gold website.   ------------------------ 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 are joined by Colin Padget, President and CEO of Founders Metals (TSX.V:FDR - OTC:FDMIF - FSE:9DL0). Colin provides an in-depth look at the ongoing exploration at the Antino Project in Suriname, following the company’s recent addition to the GDXJ index and the 70,000-meter drill program for 2026. Discussion Highlights: Antino North Discovery: Colin breaks down the significance of the first-ever drill hole in the Antino North area, which returned 17.31 g/t gold over 3.6 meters starting from surface.  Aggressive Expansion: With two rigs currently active at Antino North, the company is testing a 5km-scale auger anomaly and a series of 12 gold-bearing structures that mirror the geology of the main Antino system. Lower Antino Upgrades: An overview of the progress at Lower Antino, where recent drilling intersected 65.9m of 1.16 g/t gold. Colin discusses the strategy for connecting this area with Upper Antino.   If you have any follow up questions or topic you would like Colin to address please email me at Fleck@kereport.com.    Click here to visit the Founders Metals website - https://www.fdrmetals.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.

John Rubino, [Substack https://rubino.substack.com/ ], joins us for another wide-ranging discussion around the geopolitical uncertainties and macroeconomic catalysts that are leading to volatility in oil, the energy sector, uranium, gold, silver, and the related resource stocks.   We start off reviewing the volatility and recent extreme surge higher in oil prices due to the continued conflict and uncertainty around the war in the Middle East.   News of the ceasefire may send oil prices lower in the near-term, but John points out it is unlikely we’ll see oil prices go all the way back down to where they were several months ago. There has been too much infrastructure damaged through all the bombing campaigns from both sides of the conflict for a snapback supply response. Oil company margins, will remain elevated even if oil pulls back down into the low $90s or $80s or even $70s. Headline driven dramatic pullbacks in oil company prices could be a good entry point for medium-term accumulation; especially if it is a dividend-paying stock.     When reviewing what parts of the energy sector show the most promise or opportunity, John points out that really the whole suite of energy inputs from solar to uranium to coal and natural gas are all needed.   He points out that parts of Europe is now realizing the folly of shutting down some nuclear power plants or being overly reliant on renewables or Russian natural gas, and so they are turning back to restarting coal plants in desperation. Conversely, he highlights that China has had the ideal approach of starting up as many different forms of power plants as possible to feed the trend of increasing energy demands. He also points to how increased copper demand to feed growth projections around electric vehicles, A.I. data centers, and connecting to demands on the energy grid will keep the red metal well bid for years to come.   Turning to the extreme volatility in both directions in the precious metals thus far in 2026 – John sees opportunities for placing low-ball bids in quality gold and silver stocks that have corrected by 30%-50% off their January and February highs.   When asked how to avoid the danger of “catching the falling knife” if these PM stocks just keep correcting, he lays out the positive and negatives of using stop-loss orders. He also points to using option strategies to make profits on the way down to eventually buying a stock one already wants to accumulate at a lower pre-determined strike price. We note again that PM stocks are not fully factoring in the higher metals prices seen in Q1 into their current valuations, which is giving investors and edge to accumulate existing positions or initiate new positions in stocks that had previously run away to the upside into the current weakness. John points out that their growing piles of cash on the balance sheets of highly profitable gold and silver producers will be used for paying dividends, buying back their shares, or merger & acquisitions deals.   When pressed on if the bull market in precious metals was over, he pointed out that conditions that created the big run in gold and silver prices are still present and have not fundamentally changed; and have actually strengthened.   John brings up the ongoing concerns about the growing sovereign debt crisis in nations all over the world, and the desire by governments and central banks to cut interest rates and throw money at slowdowns to run the economy hot and to try and grow their way out of the economic challenges they face. Those fiscal and monetary policies will be even more inflationary, leading to a debt spiral, and how affect global currencies and interest rates; which should remain longer-term bullish factors for the precious metals.     Click here to follow John’s analysis and articles over at Substack     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. 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.