The KE Report

[Recorded July 28, 2026]  Sean Brodrick, Editor of Wealth Megatrends, Supercycle Investor, Resource Trader, and contributing analyst to Weiss Ratings Daily, joins us to discuss his investing outlook across multiple resource and general equity sectors in the current macroeconomic and geopolitical environment. He shares how he is managing his portfolio as it relates to gold, silver, PM stocks,  A.I. Stocks, chip stocks, value stocks, and oil stocks.  

 

The conversation kicks off around the precious metals sector, getting Sean’s outlook on what fundamentals are driving gold, the gold stocks, and silver.

 

Sean acknowledged the bearish price action in gold and gold stocks since the tops in late January and February to present, and would like to see the PMs just quit going down and stop making lower lows.

He points out that the world is sick of the weaponization of the US dollar, and so more central banks have been increasing their exposure to gold on their balance sheets, while diversifying out of the dollar and US treasuries.

He is generally constructive on the upcoming Q2 earnings which has just gotten underway, where producer margins were still very robust, even despite the higher energy inputs for the quarter.

Even if gold and silver continue to channel sideways then he still believes there are opportunities at present to pick up quality PM stocks.  

 

Next we dove into the rotation in the general US equities out of some of the mega-cap tech leadership and out into other value sectors of the market.

Sectors like financials, healthcare, insurance, and companies generating large amounts of revenues from traditional businesses are providing more “certainty” in very volatile times and headlines.

Chinese A.I. platforms and chip companies could be quite disruptive to US tech companies, and this has roiled foreign stock markets like Korea and Taiwan.

Defense stocks, both traditional names and the next generation defense names in drones and counter-drones may be waking back up.

A recent Trump administration executive order focused on military contractors and the government focused on sourcing parts their supply chains from domestic sources, which may be a benefit to critical minerals stocks operating in the friendly trade partner sphere of influence.

 

Wrapping up we get Sean’s outlook on the wild headline driving oil price movements from the $60s up to the $90s and back down into the $70s, and how that may play into current opportunities in the energy stocks.

 

Sean is hanging on to his energy stocks for now, especially if they have solid fundamentals at these current prices, and pay a good dividend.

If the geopolitical tensions do calm down again, then he would be looking at accumulating more oil stocks if the WTI price got back down close to $70 again.

 

 

 

Click here to follow along with Sean’s work at Weiss Ratings Daily and Wealth Megatrends

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Click here to learn more about Resource Trader

 

 

 

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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.

Mark Brennan, Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review their Q2 2026 operational metrics at the producing Minera Don Nicolas (MDN) gold mine in Argentina.  We discuss the increased life of mine and MDN due to the acquisition of the adjacent Falcon Properties, and the ongoing 70,000 meter exploration program, both at surface and now with an underground drill rig. Additionally we get an update on the permitting process at the Lagoa Salgada VMS Project in Portugal and ongoing tradeoff studies for the coming Feasibility Study  at the Mont Sorcier Iron Project in Quebec.

 

Q2 2026 MDN Operating Highlights:

Q2 Production of 15,415 vs 11,437 GEO in Q2 2025, 2026 first half Production of 28,257 vs 22,600 GEO in 2025

Heap leach production improved to deliver 9,981 GEO in the quarter

Underground development work continued; leading to increased production for H2/26

CIL plant continues to process a blend of stockpile material with an increasing mix of ore from underground operations, resulting in total production of 5,434 GEO in Q2

Acquisition of Falcon Properties has the potential to extend Heap Leach operations based on historical drill results.

Combined with the existing exploration program, the acquisition is expected to position the mine to add new mineable material quickly

Full year production guidance of 50,000-60,000 GEO maintained

 

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 second quarter. He also highlighted the advantages of the Falcon Properties acquisition, and how it adds years to the existing heap leach mine life, as well as substantial exploration upside.  We discuss the key objectives from the ongoing 70,000 meter drill program will be looking to extend the project mine life in a substantial way and find new high-grade areas, at surface and underground, for future mine sequencing.

 

On June 17th, the Cerrado gold announced that its wholly owned subsidiary, Redcorp - Empreendimentos Mineiros, Lda. (“Redcorp”) has been granted the injunctive relief it sought in connection with the opinion of the Portuguese Environmental Agency (Agência Portuguesa do Ambiente – “APA”). Granting of the injunction has the effect of suspending the effects of the APA opinion while the legal action commenced by Redcorp to overturn APA’s opinion continues to progress. This decision ensures that Redcorp continues to hold its concession contract and PIN classification for the Lagoa Salgada project valid and in good standing.  Mark said the board and management team remain very constructive that a resolution will be found and were pleased that the court agreed with their position.

 

On July 15th the Company announced that it has elected to extend the completion date of the Bankable Feasibility Study at its Mont Sorcier high grade iron project in Quebec, led by Voyager Metals, a 100% owned subsidiary of Cerrado Gold, to review numerous optimization and trade off opportunities that have been identified during the BFS process as having the potential to materially enhance the overall value of the project. 

Key Optimization Focus Areas Include: Enhanced Mine plan to reduce Overall Strip Ratio, Tailing Dam Construction, CAPEX and OPEX review in light of Ongoing Regional Inflation, Trade-off in Concentrate Quality vs Premium Price.

 

We wrap up discussing the underappreciated current valuation that the company is receiving for the producing MDN mine in Argentina, for both 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 Shad@kereport.com.

 

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.

Justin Reid, President and CEO of Troilus Mining Corp. (TSX: TLG) (OTCQX: CHXMF) (FSE: CM5R), joins me for a comprehensive development update on all the derisking work going on with detailed engineering, the power has been secured with Hydro Quebec, the Company has been selected by Quebec for the New Filon Initiative which will expedite permitting, and an update on near-mine and regional exploration at the Troilus Copper-Gold Project located in northcentral Quebec, Canada. 

 

Project Execution Progress Highlights

 

Detailed Engineering fully mobilized across process plant, infrastructure, site layout, 3D modelling and procurement support.

More than 40 bid packages have been issued for tender or are under technical and commercial evaluation, covering major process equipment, infrastructure, site services and enabling works.

Initial enabling infrastructure selections made for key water treatment and site support systems.

Major process equipment package progressing through final selection, representing an important upcoming milestone for Detailed Engineering and construction planning.

Geotechnical field drilling program completed, supporting foundation design, site layout, infrastructure planning and earthworks.

Independent third-party reviews of process plant design, Basic Engineering assumptions and capital cost methodology completed, with no material issues identified.

On June 10, 2026, Troilus Mining announced that it recently welcomed representatives from the Government of Québec to the Troilus Copper-Gold Project in north-central Québec for the official announcement of the allocation of 70 megawatts (“MW”) of hydroelectric power to the Project.

 

On July 27th, it was announced that the Troilus Project has been selected by Québec's Minister of Natural Resources and Forests, the Honourable Kateri Champagne Jourdain, as one of the first projects to benefit from Filon, a specialized support service established by the Government of Québec to enhance government coordination and support the advancement of strategic mining projects through the provincial permitting process.

 

Announced as part of Québec's 2025-2031 Strategy for the Development of Critical and Strategic Minerals, Filon is designed to strengthen coordination among government ministries and agencies involved in the authorization process for qualifying projects. The specialized support provided through the Filon initiative comes amid broader efforts by the Governments of Québec and Canada to improve the efficiency, clarity and predictability of regulatory processes for major projects through a dedicated team of mining specialists, the specialized support facilitates communication between project proponents and the government ministries and agencies responsible for issuing permits and authorizations, while maintaining Québec's rigorous environmental review framework.

  

Wrapping up we discussed the ongoing 40,000 meter drill program that has been 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.

 

 

If you have any questions for Justin regarding Troilus Gold, then please email them over to me at Shad@kereport.com.

 

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:

 

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.

We are joined by Michael Rowley, President & CEO and Dr. Danie Grobler, Vice President of Exploration of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF), live in the core shack at site, to provide a visual update of the key exploration work completed to date, the primary initiatives on tap for 2026, and the value proposition at the Stillwater West Ni-PGE-Cu-Co + Au project in Montana.

 

Mike outlines that their Stillwater West Project is a very large polymetallic resource with a substantial copper inventory and the largest nickel project in an active U.S. mining district, in addition to palladium, platinum, rhodium, copper, cobalt, chromium, and gold. Overall, Stillwater West is uniquely positioned to become a primary source of 10 commodities now listed as critical, given their location immediately adjacent to Sibanye-Stillwater’s operating mine complex in Montana.

 

Danie shares an overview of the structural controls of the geological environment that hosts the mineralization, using the South African Bushveld Igneous Complex as analog, and how their five “Platreef-style” (or contact-type) Ni-Cu-Co-PGE+Au deposits may tie together in a larger sense.   He goes on to outline why their 2025 exploration initiatives were successful and shows how there are several mineralized events in the sulfides bringing in pockets of higher-grade polymetallic zones within the overall bulk tonnage type of deposit

 

Danie highlights what they are learning from the geophysical surveys over their district-scale land package, and why their team has high-confidence in the ongoing 2026 drill program, to keep stepping out along the parameters and character of this mineralized trend.

 

Highlights and upcoming catalysts:

 

The updated MRE due out in Q3 will incorporate 14 drill holes totaling 5,781 meters (“m”) from the 2023 and 2025 programs, plus about a dozen select historic holes not included in the current estimate.

The update will build upon the January 25, 2023, Inferred Mineral Resource and results will support further technical studies and economic assessments.

The work is being led by Mr. Timothy Kuhl (MTS) and Dr. Danie Grobler (Stillwater) who together previously worked with the late Dr. Harry Parker on the resource estimation and technical reports for Ivanhoe Mines’ Platreef Mine.

Assays are pending from fresh drill core coming off the mountain in the 2026 program. Thus far the anticipated structural controls are holding up as expected.

 

 

 

If you have any questions for the team at Stillwater Critical Minerals, then please email them into me at Shad@kereport.com.

 

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

 

 

 Click here to follow the latest news from Stillwater Critical Minerals

 

 

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, Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, joins the show to provide an insider's view from the trading desk on the latest developments across the global commodity space. Darrell breaks down key dynamic shifts in major commodity markets, including crude oil, natural gas, base metals, and precious metals:

Energy Volatility & Crude Oil: A look at why crude oil prices are swinging sharply, how geopolitical news continues to dominate the headlines, and the underlying fundamental factors shaping current risk premiums.

SPR Inventories & Supply Realities: Analysis of the persistent drawdown in Strategic Petroleum Reserves and what prolonged inventory declines could mean for long-term supply stability.

Natural Gas & Global LNG Flows: Discussion surrounding current Henry Hub pricing, seasonal demand patterns, and how maintenance schedules are impacting North American LNG export capacity.

Copper & Base Metal Fundamentals: An evaluation of copper’s steady floor, domestic inventory movements, and the potential implications of impending Department of Commerce decisions on copper tariffs.

Precious Metals & Macro Sentiment: Insight into gold and silver’s historic price swings, current support levels, and how institutional desk positioning is adapting to broader global economic uncertainty.

 

Click here to learn more about Bannockburn Capital Markets  - https://www.bannockburnglobal.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.