The KE Report

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:

 

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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.

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.

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 [email protected].  

 

Click here to visit the Novo Resources website to learn more about all the projects and exploration programs. 

 

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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 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 [email protected]. 

 

Click here to visit the Getty Copper website - https://gettycopper.com/  

 

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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.