The KE Report

Stefan Sklepowicz, CEO of Kirkland Lake Discoveries, leads exploration across a 400-km2 Abitibi portfolio and launched a 25,000 m drill program. He discusses follow-up drilling at KL West, the newly acquired Mirado Gold Project with a historic ~442,000 oz resource, assay timing and lab strategy, program funding and key strategic shareholders. Short timelines and near-term assay catalysts are emphasized.

Erik Wetterling, founder of The Hedgeless Horseman and mining analyst, walks through PDAC takeaways and investor sentiment. He breaks down company newsflow timing and market reactions. He highlights Cabral Gold’s permitting milestone, Sonoro Gold’s updated PEA/MRE and low‑capex profile, and Cerro de Pasco’s DFC-linked tailings funding and strategic metal credits.

George Ogilvie, President and CEO of Arizona Sonoran Copper (TSX:ASCU – OTCQX:ASCUF), joins us to unpack the key news from March 02, 2026 that Hudbay Minerals Inc. (TSX, NYSE: HBM) and Arizona Sonoran Copper Company announced that they have entered into a definitive agreement pursuant to which Hudbay has agreed to acquire all of the issued and outstanding common shares of ASCU, not already owned by Hudbay, for consideration of 0.242 of a common share of Hudbay per common share of ASCU.   The offer implies a value of C$9.35 per ASCU share based on Hudbay's closing share price on the Toronto Stock Exchange (“TSX”) on February 27, 2026, and represents a premium of 30% to ASCU’s closing share price on February 27, 2026. The offer implies a premium of 36% based on Hudbay’s and ASCU’s 20-day volume-weighted-average share prices ("VWAP") on the TSX for the period ending February 27, 2026. The Transaction will result in Hudbay owning a 100% interest in ASCU’s Cactus project.   Key Takeaways:   Establishes a major copper hub in southern Arizona with the addition of the Cactus project to Hudbay’s existing Arizona business, including the Copper World project  Strategically positions Hudbay to become a leading supplier of domestic U.S. refined copper with Copper World and Cactus both expected to be significant producers of copper cathode Provides a clear pathway to scale Hudbay’s annual copper production from ~125,000 tonnes today to more than 250,000 tonnes by 2030 with Copper World and other near term optimization projects, and potential to grow to more than 350,000 tonnes with Cactus  Significant operational efficiencies and regional synergies are expected with the staged development of Copper World and Cactus Accretive to Hudbay's shareholders on a net asset value per share basis and on a reserves and resources per share basis with the addition of a high-quality asset in a core jurisdiction, positioning Hudbay’s next phase of growth once Copper World is in production Compelling premium for Arizona Sonoran shareholders with continued participation in the long‑term value of the Cactus project through ownership in Hudbay and immediate exposure to Hudbay’s diversified operating platform, significant free cash flow generation, and industry-leading organic growth pipeline. *     If you have any follow up questions for George about Arizona Sonoran, then please email us at Fleck@kereport.com  or Shad@kereport.com.   In full disclosure, Shad has a position in Arizona Sonoran Copper at the time of this recording and may chose to buy or sell shares at any time.   Click here to visit the Arizona Sonoran website to read over all the recent news.   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 sit down with Mike Larson, Editor-in-Chief at MoneyShow, to navigate a complex market landscape defined by geopolitical tension and shifting investor sentiment. Following the recent MoneyShow conference in Las Vegas, Mike breaks down the massive volatility in energy markets and why the "boring" sectors are suddenly becoming the stars of the show. Key Discussion Highlights: The Geopolitical Risk Premium in Oil: A deep dive into the impact of the conflict in the Middle East, the effective blockade of the Strait of Hormuz, and why crude prices hit the $120 mark before retreating. The Strategic Petroleum Reserve (SPR) Response: Analyzing the IEA and G7’s "supply bazooka" and whether releasing 400 million barrels is enough to stabilize global markets long-term. Sector Rotation and the Value Resurgence: Why the $XLE (Energy), $XLU (Utilities), and $XLF (Financials) are seeing increased interest as investors rotate out of growth and into value. Inflation and the Federal Reserve’s Dilemma: How rising energy costs are complicating the inflation narrative, potentially pushing back expected rate cuts for 2026. The Outlook for Precious Metals: Why Gold and Silver remain in a "chop" phase despite the global chaos and when we might expect the next leg up in the bull market.   Click here to find out about the upcoming MoneyShow conferences - https://www.moneyshow.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.

In this update, I am joined by Tara Christie, President and CEO of Banyan Gold (TSX.V: BYN | OTCQB: BYAGF), to discuss a series of major milestones at the AurMac Gold Project in the Yukon. The conversation centers on Franco-Nevada’s recent $52.2 million purchase of a pre-existing royalty on the project, as well as the progress of Banyan’s fully funded 40,000-meter drill program. Key Discussion Points: Franco-Nevada Royalty Acquisition: Tara explains the implications of Franco-Nevada acquiring a 6% NSR (which Banyan can reduce to 1%) for $52.2 million, viewing it as a massive institutional validation of AurMac’s long-term mine potential. The 2026 Drill Program: An overview of the 40,000+ meter campaign currently underway, focused on both resource infill and aggressive step-out drilling, as well as new target drilling across the project. High-Grade Consistency: Analysis of recent drill results from the Airstrip deposit, confirming predictable, high-grade mineralization exceeding 1 g/t gold in the project's early-year mining zones. Regional Exploration Upside: Insight into ten new regional targets across Banyan’s 720 square kilometer land package. Upcoming Catalysts: A look ahead at the news flow for the remainder of 2026, including pending assay results, a Mineral Resource Estimate update in Q2, and the Preliminary Economic Assessment (PEA) slated for the second half of the year.   If you have any follow up questions for Tara please email me at Fleck@kereport.com.  Click here to visit the Banyan Gold website - https://banyangold.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

In this corporate update, we are joined by Simon Dyakowski, President and CEO of Aztec Minerals (TSX.V: AZT | OTCQB: AZZTF). Simon discusses the significant implications of recent drill results from the Tombstone Project in Arizona, highlighting a major expansion of the exploration program and the geological connection of key mineralized zones. Key Discussion Points Expansion of the 2026 Drill Program: Building on strong results, the company has added 4,500 meters of RC drilling, bringing the total program to approximately 16,700 meters to further test the Westside and Contention zones. Connecting the Mineralized Zones: Recent drilling has successfully demonstrated continuous mineralization between the North Contention pit and the Westside zones, significantly increasing the potential scale of the project. Gold and Silver Zonation: Simon explains the metal distribution across the property, noting that the central Contention zone leans gold-rich, while the Westside and Southern extensions show increasing silver dominance. Deep Porphyry and CRD Targets: Beyond shallow oxide targets, the team is investigating deep-seated potential, utilizing down-hole geophysics and deep core drilling to vector into possible Carbonate Replacement Deposits (CRD) and porphyry systems. Strong Financial Position: With a budget of $1.2 million USD for the expanded program and approximately $7.5 million CAD in the treasury, Aztec is fully funded to execute its aggressive 2026 exploration strategy.   Please email me any questions you have for Simon. My email address is Fleck@kereport.com.  Click here to visit the Aztec Minerals website - https://aztecminerals.com/   ----------------- 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.

Victor Cantore, President and CEO of Amex Exploration Inc. (TSXV: AMX) (OTCQX: AMXEF), joins me for a comprehensive update on all the development work and exploration results that will be feeding into the upcoming bulk sample, and 2-Phase economic studies around their 100% owned high-grade Perron Gold Project located in Quebec, Canada.  Additionally, we discuss the near-term exploration campaign about to begin on the expanded land package across the provincial border into Ontario, from staking claims and their 2 recent acquisitions of Perron West and the Abbotsford/Hepburn properties.   We start off getting the roadmap to the near-term trial mining of the high-grade Champagne Zone for the upcoming bulk sample.  Once the permit is received in March, the plan is to mine the bulk sample material and process ~40,000 tonnes via toll-milling at a nearby plant, which should result in around 20,000-23,000 ounces of gold production.   In addition to what they will learn in the process, after investing $40 million into the bulk sample process, it should return about $80-$100 million in non-dilutive capital back, allowing for progressing right into Phase 1 toll-milling for the next several years.  There will be an initial Phase 1 Feasibility Study coming out later this month, outlining the first 4+ years of moving into initial production through trucking over high-grade ore and tolling milling it at nearby plants in Quebec.     The revenues generated from these processes will fund all the exploration and development work that feeds into the Phase 2 studies; for the move into a larger production scenario processing ore right on their property.  All of the data collected and information learned, in combination with with expanding resources from all the ongoing drilling will then be factored into the eventual Phase 2 Feasibility Study on the larger project; where building a processing plant on site will be released which envisions the true potential of the overall larger Project.   Recent Champagne Zone Grade Control Drill Results for the Bulk Sample:   Drill Hole # PE-19-47W1 – Intercepted 76.51 g/t Au and 7.57 g/t Ag over 6.4 meters (m), including 312.60 g/t Au and 25.85 g/t Ag over 1.55 m Drill Hole # PE-26-894 – Intercepted 110.05 g/t Au and 7.20 g/t Ag over 2.15 m, including 233.96 g/t Au and 14.90 g/t Ag over 1.00 m Drill Hole# PE-21-371W1 – Intercepted 52.36 g/t Au and 8.90 g/t Ag over 0.5 m   The exploration team will also be hard at work all year long in Quebec expanding and further updating their Resource Estimate; which currently hosts 2.3 million ounces of gold in all categories, with 1.615 million in Measured and Indicated, and 698,000 in Inferred.  The largest portion of those resources come from the Champagne Zone, but with strong contributions from the Grey Cat, Gratien, Western Denise, and Team Zones, and all areas are still open for expansion.    The Company plans to drill 100,000 meters, from both around the known deposit at Perron, as well as their newly acquired and staked lands in Ontario, Canada. On March 2nd, they announced having entered into an Exploration Agreement with the Apitipi Anicinapek Nation ("AAN") in respect of the Company's Perron West Project and Abbotsford and Hepburn Projects located in the province of Ontario (collectively, the "Ontario Projects"). There will be plenty of drill assay news coming out to the marketplace consistently throughout 2026 as the Project resources continue to grow.*     If you have any questions for Victor regarding Amex Exploration, then please email them into me at Shad@kereport.com, and we’ll get those addressed or covered in future interviews.   In full disclosure, Shad is a shareholder of Amex Exploration at the time of this recording.   Click here to follow the latest news from Amex Exploration   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, we are joined by Andrew Thomson, President and CEO of Palamina Corp (TSX.V: PA | OTCQB: PLMNF). With a vast portfolio of high-grade assets in Peru, Palamina is currently undergoing a strategic spin-out of its silver-copper projects. Andrew provides a comprehensive look at the creation of Cult Silver, the upcoming drill programs at the flagship Usicayos gold project, and why the shifting jurisdictional climate in Peru is creating a "sea change" for resource explorers. Key Discussion Points: The Cult Silver Spin-Out: A detailed breakdown of the transaction involving seven silver-copper projects, including the share distribution ratio (1 Cult Silver share for every 3 Palamina shares held) and the $2.75 million financing currently underway. Galena Silver District Strategy: Why the company is prioritizing the Galena property, located in the same trend as the massive Berenguela deposit, with plans to be drill-ready by August. Usicayos Gold Project Update: Progress on the essential road construction and the timeline for drilling high-grade gold targets in late summer. Peru’s Jurisdictional Shift: Observations on the improving permit reliability and the migration of capital back to Peru as security and permitting challenges persist in neighboring Mexico. Portfolio Management: Plans for the remaining six gold assets within Palamina, including ongoing joint venture negotiations in the Puno Orogenic Gold Belt.   If you have any follow up questions for Andrew please email me at Fleck@kereport.com. Click here to visit the Palamina website to learn more about the Company.    ------------------ 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, I sat down with Luke Alexander, President and CEO of Newcore Gold (TSX.V:NCAU - OTCQX:NCAUF), to discuss the milestones achieved at the Enchi Gold Project in Ghana. Following the recent injection of $10.3 million from warrant proceeds, Luke provides a deep dive into the company’s ongoing 45,000 meter program (soon to be increased), the discovery of high-grade feeder zones, and what investors can expect as the company advances toward a Pre-Feasibility Study (PFS) in mid-2026. Key Discussion Points: Exploration Progress and Expansion: The company has completed approximately two-thirds of its 45,000-meter drill program, with plans to expand further thanks to a strong cash position. High-Grade Deep Discovery: Recent results highlighted intercepts such as 147.5 g/t gold over 1 meter, signaling significant high-grade underground potential similar to neighboring world-class mines. Strategic Shift to CIL: Luke explains the move to a CIL processing flow sheet, which is expected to increase gold recoveries by 10–15% compared to previous heap-leach models. Upcoming Catalysts: The discussion covers the timeline for the updated Mineral Resource Estimate (MRE) and the much-anticipated release of the PFS slated for June 2026. If you have any follow up questions for Luke please email me at Fleck@kereport.com. Click here to visit the Newcore 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.

John Rubino, [Substack https://rubino.substack.com/ ], joins me for another wide-ranging and nuanced discussion around the geopolitical and macroeconomic catalysts and technical momentum factors that are leading to volatility in precious metals like silver, gold, and the related PM stocks; in addition to the oil price and energy stocks.  We also review initiatives from industry and governments around the world to secure domestic supplies of critical minerals like copper, uranium, and rare earths.   We start off reviewing the volatility and choppy precious metals markets, and how the PM stocks are not fully factoring in the higher metals prices into their current valuations, giving investors accumulating weakness in quality companies an edge. He contrasts the shorter-term weakness from distracted markets processing the overwhelming in the news cycle, against the longer-term positive ongoing tailwind catalysts for the precious metals; arising from central bank buying of gold, concerns about the growing national debt, and the desire to cut interest rates and run the economy hot to try and grow the US out of the economic challenges it faces, which will end up being even more inflationary.   We review that many royalty companies,like Triple Flag PMs and OR Royalties, and PM producers, like Newmont, are actually not growing production year over year, but they are still being bailed out by the higher metals prices lifting their margins and cash flows even higher.  While some market observers may get fixated on that, John points out that their growing piles of cash on the balance sheet will eventually be used for merger & acquisitions deals to source more ounces in the ground or production from smaller companies in the year to come.   Next we pivot over to the extreme surge higher in oil prices due to the conflict in the Middle East, and what this means for mining company margins, a tax to consumers and businesses at the gas pump, and how it will tie into higher inflation for the governments and central banks to try and address with few good policy tool options. John also brings up how those fiscal and monetary policies will affect global currencies and interest rates; which should remain longer-term bullish factors for the precious metals.     We discuss the unfolding broader commodities supercycle with copper and critical minerals deposits being of high interest to the US government and nations around the world ins sourcing supplies outside of China.   The discussion is also taking place about the government setting pricing floors in many critical minerals to encourage development of domestic mineral deposits or with trading partners, getting around the artificially low prices set by China. We also discuss the large capex spends from tech and AI companies and how commodity intensive that physical buildout will be in combination with the energy needs. John stresses the importance of investors continuing to get educated on the specific uses and demand factors in some of the more niche’ critical minerals and energy metals. This knowledge will allow investors to better understand the individual companies they are investing in, and which ones may be of interest by the governments or larger producers for supporting the new development and processing of critical minerals.   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.