The KE Report

In this KE Report Daily Editorial, we are joined by Dan Steffens, President of Energy Prospectus Group, for an in-depth year-end discussion focused on the oil and natural gas markets, portfolio positioning, and top energy stock ideas heading into 2026. Dan manages multiple model portfolios spanning large-cap, mid-cap, small-cap, dividend, growth, and royalty/mineral strategies, and this conversation brings together macro market insights with actionable stock ideas across the energy sector.   Stock symbols mentioned: EOG, NOG, REPX, KRP, VNOM, PAA, PAGP, WCP, BTE, ENB, OKE   Click here to visit the Energy Prospectus Group website for more energy market and stock analysis. - http://www.energyprospectus.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. 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 discuss the acquisition of the Del Toro Silver Mine in the Chalchihuites District in Mexico from First Majestic Silver Corp. for total consideration of up to US$60 million, inclusive of delayed and contingent milestone payments.  We also get a update on operations from the ongoing ramp-up and expansion of silver and gold production from the La Guitarra, Coloso, and Nazareno mines in Mexico.    Pursuant to the Transaction, Sierra Madre will acquire a 100% interest in the 2,129-hectare Del Toro Property in Zacatecas State that includes three fully-permitted underground mines, a 3,000 tonnes per day ("tpd") flotation processing circuit and numerous historic mines.   Alex outlines that in the near-term, their plan for Del Toro is to advance exploration and prepare an updated resource report while their operating team focuses on completing the two-stage expansion at La Guitarra.  The initial plan is to commence the mine restart process at Del Toro in mid-2027, with silver and base metals production currently slated for mid-2028. However, Alex mentioned that if silver prices continue on their current upward trajectory, there is a possibility of restarting Del Toro within a 12-month time period."   We reviewed that once again this transaction was completed with their largest strategic shareholder, First Majestic Silver, who is excited to see the team at Sierra Madre unlock value from these assets as they participate from an equity perspective. Alex points out 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.   Key transaction specifics of the Del Toro acquisition:   Upon closing of the Transaction, US$20 million in cash and US$10 million in Sierra Madre shares at the Issue Price. Within 18 months of Closing, US$10 million in cash or, at the option of the Company, Shares at a price per share equal to the market price. If, within 48 months of Closing, the Company files a National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") technical report over any or all of Del Toro that demonstrates "mineral resources" of at least 100Moz AgEq or the Company issues a news release announcing "mineral resources" of at least 100Moz AgEq, an additional US$10 million in cash or, at the option of the Company. If, within 60 months of Closing, the Company achieves commercial production at Del Toro of at least 4,000 tpd for 30 consecutive days, an additional US$10M in cash or, at the option of the Company,     Alex then unpacks how Del Toro is an excellent match for their portfolio, not just on a production basis, but with considerable exploration upside; with an already built production plant and a strategic land position in the large, under-explored Chalchihuites District.  This ties into their team’s long-standing corporate business model is to acquire mines, such as La Guitarra, with existing production facilities, and then to build a resource base in under-explored, large historic mining districts.   Alex also just got back from a site visit to Mexico, so we unpacked all the activity on the ground the planned two-stage expansion at their La Guitarra processing plant located in Estado de Mexico, Mexico. Alex discussed how the ongoing purchase of additional milling and processing equipment along with rolling fleet equipment will allow for the implementation of increased production in incremental stages over the next 2 years.   In addition to throughput growth, there will also be grade-driven growth at the La Guitarra complex. This higher-grade ore which will continue be sourced from both the Coloso and Nazareno Mines to augment the material from the La Guitarra Mine, in addition to development work at La Guitarra reaching higher grade material. As production and operations continue ramping up this blended material will raise the grades and recoveries of gold and silver, as well as start lowering costs over the next few quarters. Wrapping up we discuss the preparations and early targeting work underway to engage in a significant exploration program at the East District concessions, which will include a drill program of over 25,000 meters in 2026.  The property hosts 8 different past-producing mines, with the first 2 priorities being to explore around the El Rincon and Mina de Agua mines.   There will also be more announcements about the exploration plans at the Del Toro complex and land concessions in the new year.       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.

In this year-end daily editorial, Craig Hemke, Founder and Editor of the TF Metals Report, joins the KE Report to recap a historic year for precious metals and look ahead to the structural shifts of 2026. Gold closes the year with a staggering 65% year-to-date gain, while silver has outperformed, nearly doubling that figure. Craig analyzes why the traditional "Trump Trade" of a soaring dollar failed to materialize, replaced instead by a fundamental global shift toward hard assets. We discuss the "structural superfecta" - the rare occurrence of metals hitting weekly, monthly, quarterly, and annual all-time highs simultaneously - and why 2026 could be defined by a new macro era of asset monetization and yield curve control.   Click here to visit Craig’s website - TF Metals Report - https://www.tfmetalsreport.com/   -------------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.

Northern Shield Resources (TSX-V: NRN) is advancing the Root & Cellar Project in southeastern Newfoundland. In this company introduction, Ian Bliss, President and CEO provides a history of the asset and 2026 plans.  Project Overview: Root & Cellar Location: Burin Peninsula, Newfoundland. Highly accessible via road and near a deep-water port. Geological Context: The property hosts five gold zones over a 6 km strike length and a 2 km diameter copper-molybdenum anomaly. Conquest Zone (Gold-Silver-Tellurium): Recent drilling intersected quartz veins - e.g., 4.35m @ 3.4 g/t Au. Strong association with Tellurium (grades up to 700 g/t), a critical metal and indicator of large-scale systems. Creston Target (Copper-Molybdenum-Gold): Surface exposed porphyry target with grades up to 10.5% Cu in grab samples. Current quarrying on-site has exposed new mineralization. 2026 Exploration Strategy Drilling: 5,000+ meter program planned for 2026, split between the Creston copper and Conquest gold targets. Geophysical Focus: High-resolution surveys in early Q1 2026 to refine deep-seated porphyry targets. Strategic Funding: Fully funded for 2026 work following a C$1 million investment from Labrador Gold (TSX-V: LAB). Low-Cost Advantage: Drilling costs are approximately $200/meter due to local infrastructure and road access.   Click here to visit the Northern Shield Resources website.     ----------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.  

As 2025 closes with major indexes near highs - but investors still oddly cautious - Dana Lyons and Rick Bensignor step back to map the setup for 2026. The common thread: market participation (breadth) is improving, leadership is rotating beyond mega-cap tech, and precious metals remain one of the most durable trends, while crypto and AI require more selective timing. Segment 1 & 2 - We kick off the KE Report Weekend Show with Dana Lyons, fund manager and editor of the Lyons Share Pro, who wraps up 2025 by sharing his technical and cycle-based outlook for equities, sector rotation, and sentiment heading into 2026. Dana discusses why his models remain constructive on the broad market, highlights improving small- and mid-cap participation, outlines key sector leadership trends, and explains why precious metals remain the strongest long-term opportunity while cryptocurrencies face near-term technical headwinds. Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services - https://lyonssharepro.com/   Segment 3 & 4 - Rick Bensignor, President of Bensignor Investment Strategies and editor of two retail investment letters, under the In The Know Trader website joins us to recap 2025 and look ahead to 2026, discussing market sentiment, major turning points in equities, standout trades in stocks and metals, and his outlook for precious metals, AI, crypto, small caps, and broader market risks in the year ahead. Click here to visit the In The Know Trader website - https://intheknowtrader.com/   If you enjoy the show, be sure to subscribe to our podcast feed (KER Podcast), YouTube channel, and follow us on X for more market commentary and company interviews. Don’t forget to subscribe and leave us a review!   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 may own shares in companies mentioned.