The KE Report

Justin Reid, President and CEO of Troilus Mining Corp. (TSX: TLG) (OTCQX: CHXMF) (FSE: CM5R), joins me for a comprehensive update on all the derisking work going into the basic and detailed engineering, permitting, near-mine and regional exploration, and raising the capital stack on a project of scale at the Gold-Copper Troilus Project located in northcentral Quebec, Canada. 

 

Project Execution Progress Highlights

 

Basic Engineering completed, and Detailed Engineering advancing across all major disciplines.

Integrated EPCM structure formalized with BBA Consultants, in partnership with EBC Inc. for construction management integration.

Expanded geotechnical and metallurgical validation programs underway to enhance design certainty.

Early contractor engagement and independent third-party technical review advancing across key process and design areas.

Expanded, construction-ready leadership team in place, with contractor and supplier engagement progressing in parallel.

Site readiness accelerating through continued pit dewatering, camp expansion to 200 personnel, and infrastructure upgrades aligned with development planning.

 

Geotechnical Program

A comprehensive geotechnical investigation program has been underway since Fall 2025 and will continue through Spring 2026. Drilling and site characterization across key plant and infrastructure areas are refining foundation design parameters and earthworks planning, directly strengthening schedule and cost certainty.

 

Metallurgical and Process Optimization

Additional metallurgical and process testwork has been undertaken to further validate plant design assumptions, including ore hardness characterization and recovery performance. This work supports equipment sizing confirmation, operational ramp-up planning, and long-term plant reliability.

 

We note that at present there are already 13 million gold equivalent ounces in all categories in place at the deposit; but that the 22 year projected mine life and robust economics are presently only factored on roughly half of these resources.  There are currently 7 million ounces in reserves, which are the ounces that the economics and engineering is based upon; but clearly there are plenty of resources not yet factored in that will allow the project to either grow to a larger throughput, or they will further extend the mine life.

 

The potential for large future copper production, in concert with the gold and silver, has been integral in building out the capital stack with ECAs and MCAs, getting offtake agreements in place, and in bringing in key investors into the most recent capital raise. 

 

On March 17, 2026, Troilus Mining Corp. announced that it has signed a Memorandum of Understanding (“MOU”)with Boliden Commercial AB, a leading European base and precious metals mining and processing company, for the long-term offtake of copper-gold concentrate from the Company’s Troilus Project.

Justin mentions that their team has high confidence that other components for cost overrun facilities, and the potential of a strategic equity holder, or royalty or stream are coming together into the capital stock and the final combination will be presented to the market later this year.

 

Switching over to the permitting progress, on June 25th the Company announced that it had officially filed the Environmental and Social Impact Assessment (“ESIA”) with both the Government of Québec and the Government of Canada. The submission of the ESIA marked a major milestone in the development of the Troilus Project, representing the culmination of over five years of comprehensive baseline studies, robust technical evaluations, and meaningful engagement with Indigenous and local communities. Permitting should time out with remaining economic studies and engineering for a construction decision later in 2026.

 

Wrapping up we discussed the 40,000 meters that will be focused on near-mine resource growth, high-grade target definition, and regional exploration across its 435 km² land package. Drilling is progressing on a combination of mine-plan optimization targets and previously identified regional opportunities generated during the 2025 field program.

 

 

If you have any questions for Justin regarding Troilus Gold, then please email them over to me at [email protected].

 

In full disclosure, Shad is a shareholder of Troilus Gold at the time of this recording, and may choose to buy or sell shares at any time.

 

Click here to follow along with the latest news from Troilus Gold

 

For more market commentary & interview summaries, subscribe to our Substacks:

 

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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, and companies profiled may be sponsors of 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/

 

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For more market commentary & interview summaries, subscribe to our Substacks: 

The KE Report: https://kereport.substack.com/ 

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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 [email protected].

 

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).

 

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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 [email protected].

 

 

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.