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. Marc provides a comprehensive analysis of a whirlwind week in the financial markets, headlined by a landmark legal shift in U.S. trade policy and a surprising cooling of the American economy. Key Discussion Points: Supreme Court Ruling on Tariffs: Analysis of the 6-3 vote overturning President Trump’s use of emergency powers for reciprocal and fentanyl-related tariffs. Fiscal and Inflationary Impact: How the potential $170 billion in tariff refunds creates credit-negative pressure on U.S. interest rates and downward pressure on consumer prices. Q4 GDP Miss: Examining the 1.4% growth rate, well below the 3% forecast, and how the government shutdown distorted final sales and inventory data. Federal Reserve Outlook: Navigating the "fragmented" FOMC minutes and the market's pricing of 55 basis points in cuts by late 2026. Currency and Dollar Strength: Why the U.S. Dollar remains resilient in a "prolonged correction" despite weak economic data and geopolitical noise. 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.

In this episode, we are joined by Ralph Shearing, CEO of Goldgroup Mining (TSX.V: GGA | OTC:GGAZF), for an in-depth discussion on the transformative business combination with Gold Resource Corp (NYSE-A: GORO). This merger is set to reposition the company as a diversified, multi-asset gold and silver producer with a significant footprint across Mexico and a high-potential development project in the United States. Key Discussion Points: Strategic Merger Overview: Ralph explains how joining forces with Gold Resource Corp transforms both entities from single-asset risk profiles into a diversified, multi-mine producer with sights set on mid-tier status. Production and Asset Roadmap: A deep dive into the 2026 production targets, including the restart of the San Francisco Mine and the expansion of the Don David Mine in Oaxaca. The Back Forty Project: An update on the advanced-stage VMS deposit in Michigan, detailing the 4-5 year timeline to production following upcoming feasibility studies and permitting. Leadership and Strategy: Insight into the new executive team and the group’s aggressive strategy for further M&A in Mexico. Please email any questions you have for the team at Goldgroup - [email protected] & [email protected]. Click here to visit the Goldgroup Mining website - https://goldgroupmining.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.

Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQX: MGMNF), joins me for an update on the TSX uplisting process, to review the updated mineral reserves and 2026 production guidance at their producing McCreedy West copper mine, located in Sudbury, Ontario, Canada. We also review the continued high-grade drill results across copper, nickel, platinum, palladium, gold, and silver in more recent assays returned from the ongoing exploration and development work at the Levack Mine. McCreedy West Mineral Reserve Highlights Probable Mineral Reserves of 987,000 tonnes at 1.59% Cu, 0.32% Ni, 0.01% Co, 1.15 g/t Pt, 1.23 g/t Pd, 0.32 g/t Au, 6.65 g/t Ag. Indicated Mineral Resources* of 5,632,000 tonnes at 1.10% Cu, 0.98% Ni, 0.03% Co, 0.82 g/t Pt, 0.92 g/t Pd, 0.23 g/t Au, 5.15 g/t Ag. Inferred Mineral Resources* of 874,000 tonnes at 1.37% Cu, 1.00% Ni, 0.02% Co, 1.26 g/t Pt, 1.24 g/t Pd, 0.26 g/t Au, 4.12 g/t Ag. McCreedy West Production Guidance Highlights Copper Equivalent (“CuEq”) payable production guidance of 16.0 million – 18.0 million pounds (“lbs”) CuEq from the 700 Copper Zone at McCreedy West Mine in 2026. All-In Sustaining Costs (AISC), excluding stream payments2 for 2026 are guided at US$4.20/lb CuEq – US$4.70/lb CuEq. Levack R2 Zone new assay results include: FNX6083-W5 – Intercepted 20.3% Cu, 0.1% Ni, 10.3 g/t Pt+Pd+Au, 151.0 g/t Ag over 0.7 metres, from 1,129.4 metres down hole; And 18.8% Cu, 0.2% Ni, 11.0 g/t Pt+Pd+Au, 115.0 g/t Ag over 1.4 metres, from 1,151.6 metres down hole; And 4% Cu, 0.9% Ni, 5.4 g/t Pt+Pd+Au, 173.0 g/t Ag over 1.0 metre, from 1,157.0 metres down hole FNX6070-W1 – Intercepted 5.7% Cu, 0.1% Ni, 28.3 g/t Pt+Pd+Au, 33.3 g/t Ag over 1.1 metres, from 1,098.6 metres down hole Preliminary Economic Assessment (“PEA”) underway at Levack Mine in parallel with work to re-establish ore and waste hoisting capabilities during 2026, and underground development to support ongoing exploration of the R2 Footwall Zone. Pre-Feasibility Study (“PFS”) underway at Crean Hill Mine while engineering work continues in order to facilitate dewatering of the underground workings which could commence in the second quarter of 2026. If you have questions for Jason regarding Magna Mining, then please email me at [email protected]. In full disclosure, Shad is a shareholder of Magna Mining at the time of this recording, and may choose to buy or sell shares at any time. Click here to follow along with the news at Magna Mining 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.

Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins me to provide an equipment purchase and installation update on the progress of the planned two-stage expansion at its La Guitarra silver-gold mine complex. We also get a brief operations update on the 3 producing mines: La Guitarra, Coloso, and Nazareno mines in Mexico. Beyond the production growth, we also focus on the substantial exploration programs planned for the 2nd half of this year, both at the La Guitarra complex and at the property coming into the company from the ongoing acquisition of the Del Toro Silver Mine in the Chalchihuites District in Mexico from First Majestic Silver Corp. The first stage of the expansion at the La Guitarra plant will increase production rates from the current 500 tonnes per day ("tpd") to 750 tpd to 800 tpd of processing capacity; with a goal to get that completed by June or July of this summer. Processing plant and tailings handling upgrades and equipment purchases for the planned production expansion are underway. Once the first stage of the expansion is completed, the planned second phase would increase processing capacity to a range of 1,200 tpd to 1,500 tpd by Q3 2027. The current crushing circuit consists of a primary jaw crusher, a two-tier vibrating screen plant and a 3-foot short head cone crusher. The installation of a new 3-foot standard head crusher is expected to expand crushing capacity to 750 tpd to 800 tpd. Options are now being evaluated for the construction of a second crushed ore storage bin for additional backup storage capacity. Earthworks for the foundations of the 750 tpd to 800 tpd thickener are nearly complete. This thickener will allow a portion of the tailings to be deposited as paste fill in old stopes, thus extending the life of the existing tailings impoundment. It will also allow for the construction of a filter circuit to produce dry stackable tailings. A used 11x12.5 ball mill has been purchased and is in the process of being refurbished. The mill's capacity is a nominal 600 tpd at a -3/8 inch feed size and, when used in combination with one of the two existing +200 tpd mills, is expected to expand processing capacity to the 750 tpd to 800 tpd objective. The Company has acquired two new scoop trams, one used scoop and is in the process of rebuilding two existing scoops. These purchases and rebuilds will allow the Company to dedicate one 3-cubic metre scoop to the newly reopened Nazareno mine and allow for production improvements in both the Guitarra and Coloso mines. The Company has purchased four haulage trucks and a second front end loader. The balance of the discussion is on the exploration campaign for the second half of this year across both the La Guitarra property and Del Toro property. Alex points out that having their own assay lab should allow the company to quickly react to incoming assays at La Guitarra, going from 20 holes, to 40 holes, and then eventually 80 holes. At Del Toro, the envisioned plan is to drill about 30,000 meters, which is an even larger program than at La Guitarra. When pressed about what metals price environment the company would need to see to turn on the mines at Del Toro quicker, in tandem with the exploration, Alex mentioned that as was the case with La Guitarra, First Majestic has done an exceptional job in keeping permits current and maintaining the mine and plant in an operations-ready state. As a result, if a decision was made, after the acquisition is completed in late April, then it is possible that a mine restart could begin in around a year’s time. If you have any questions for Alex regarding Sierra Madre Gold and Silver, then please email them to me at either [email protected]. In full disclosure, Shad is a shareholder of Sierra Madre Gold and Silver and may choose to buy or sell shares at any time. Click here to follow along with the latest news from Sierra Madre Gold & Silver 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.

Scott Emerson, President and CEO of Kingsmen Resources Ltd. (TSXV: KNG) (OTCQB: KNGRF) joins me for a visual overview of the company exploration initiatives at their 2 silver and gold projects, Las Coloradas and Almoloya, located in the Parral District, in Chihuahua, Mexico. >> To view the VIDEO version of this interview click below: https://youtu.be/GFGX6VW7thI We start off with Scott sharing some of the background on how this company came together over the last few years, where he consolidated 15 mining concessions around the prior-producing Las Coloradas Mine to form their flagship Las Coloradas Project, and ensure that their land package has district-scale size potential. After a few years of work consolidating the land, sampling and mapping, and reviewing historical data from Asarco, the Company drilled its maiden 3,000-meter 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. There are also a few compelling regional targets that will be drilled this year. 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. Las Coloradas High Grade Silver Project Step-out and deeper drilling planned on the high-grade Soledad and Soledad II vein systems Approximately 700 metres of the Soledad structure remains to be tested Significant discovery potential in the largely undrilled (1 hole) 1.7 km Soledad II structure New priority drill targets emerging at Saddle and Silvia/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 Both projects located in prolific mining districts with geological similarities to major silver-gold deposits in Mexico 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. We also discuss the value in the 1% royalty on GoGold’s Los Ricos North, which if purchased back would bring in more non-dilutive capital. 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 [email protected]. 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.