The KE Report

Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins me to provide an operations and financial update La Guitarra silver-gold mine complex in Mexico, which includes 3 producing mines: La Guitarra, Coloso, and Nazareno. We also discuss the increase to 30,000 meters of drilling across the La Guitarra property, and an increase to 50,000 meters of drilling at the Del Toro property starting once the transaction closes in the near future; for a total of 80,000 meters of drilling on tap across all properties. Full Year 2025 Highlights Revenues: Gross silver revenues for 2025 totaled $10.68 million ($39.37 per ounce) and gross gold revenues totaled $13.77 million ($3,407 per ounce). Sales: During 2025, the Company sold 271,204 ounces of silver ("Ag") and 4,041 ounces of gold ("Au") or 628,196 silver equivalent ("AgEq") ounces, based on the ratio of Au and Ag prices realized for each shipment in the year. Cash Costs: For 2025, cash costs were $27.90 per AgEq ounce sold Net Income: Net income was $8.13 million or $0.05 per share for 2025. Included in net income for 2025 is a $6.1 million income tax recovery. Cash from Operations: The Company generated $4.09 million of cash from operating activities in 2025. Adjusted EBITDA increased to $6.03 million for 2025 Cash and cash equivalents and short-term investments at December 31, 2025 totalled $17.3 million. Del Toro Acquisition and Financing: In December 2025, the Company announced its intention to acquire the Del Toro silver mine from First Majestic Silver Corp. and complete a concurrent financing, which subsequently closed in escrow for gross proceeds of CAD$57.5 million. La Guitarra Expansion: As announced on September 8, 2025, the Company has initiated a plan to expand production capacity at Guitarra in a two-phase program, with the first phase anticipated for completion by the end of Q2 2026, with the aim to increase name plate capacity from 500 tonnes per day ("tpd") to a range of 750 tpd - 800 tpd and the second phase anticipated for completion by Q3 2027, with the aim of increasing the capacity to a range of 1,200 tpd - 1,500 tpd at La Guitarra. Closed C$19.5M Private Placement: In July 2025, the Company closed a C$19.5 million brokered private placement. The key participants in the financing were Franklin Templeton, Eric Sprott and Commodity Capital, with strong participation by the management of the Company. First Majestic Loan Payment: On February 5, 2026, the Company made a principal payment of $2.5 million on the $5 million senior secured project financing loan with First Majestic. Sierra Madre Named as a 2026 Top 50 Company by the TSX Venture Exchange: As announced on February 18, 2026, Sierra Madre was named a 2026 TSX Venture Top 50 Company, recognized for its 264% share price appreciation and 342% market cap growth in 2025. The first stage of the expansion currently underway 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 have been underway and are mostly installed. 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; essentially doubling production capacity once again. Beyond the production growth, we also focus on the substantial exploration programs planned for the 2nd half of this year both district-scale land packages. There are 30,000 meters of drilling planned at the La Guitarra complex; and 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. After the acquisition transaction closes on t

In this Daily Editorial from the KE Report, we welcome Howard Klein and Matt Fernley, partners at RK Equity, for an in-depth conversation about the rapidly shifting landscape of critical minerals. The discussion focuses on the strategic importance of various minerals, the influence of international policy, specifically from the U.S. and China, and the importance of technical processing in the valuation of equity. Key Discussion Points: The Evolution of RK Equity: An overview of the firm’s 24-year history, starting with traditional commodities like gold and copper before becoming early leaders in the lithium and battery material sectors. Emerging Critical Minerals: Insights into why the market is expanding beyond lithium to include essential high-tech and defense metals such as antimony, rare earths, and high-purity phosphate. The High-Tech Supercycle: Exploration of how underinvestment in minor metals, combined with the rising demands of AI, data centers, and grid infrastructure, is fueling a potential long-term secular trend. Geopolitics and Policy Shifts: Analysis of how U.S. legislative actions like the Inflation Reduction Act (IRA) and shifting relations with China are fundamentally altering global mineral supply chains. Investment Strategy and Risk: Expert advice on evaluating mining stocks at various stages of development, with a focus on management quality, resource grade, and the complexities of mineral processing. Click the following links to keep up to speed with Howard and Matt: RK Equity website - https://rkequity.com/ Rock Stock YouTube channel - https://www.youtube.com/watch?v=UchoS9EZvak Howard Klein on X @LithiumIonBull - https://x.com/LithiumIonBull Matt Fernley on X @matt_fernley - https://x.com/matt_fernley -------------------- 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 Daily Editorial, I sit down with Craig Hemke, Founder and Editor of the TF Metals Report, to break down the current state of the precious metals sector. Despite gold and silver holding at historically high price levels, the market is grappling with a significant loss of momentum and a puzzling lack of investor interest. Key discussion points: The Disconnect in Sentiment: Why the market feels "boring" and range-bound despite gold and silver maintaining strong historical price floors. Collapsing Open Interest: An analysis of the dramatic drop in COMEX open interest - reaching 20-year lows - and what this thin liquidity means for future volatility. Rising Costs for Miners: A look at the upcoming earnings season and the potential of higher costs being forecasted. Click here to visit Craig’s website - TF Metals Report - https://www.tfmetalsreport.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.

ng mines in Mexico. Production reflected stable operations at Campo Morado and the continued ramp-up of underground mining and processing activities at Tahuehueto. The company is also engaged in ongoing metallurgical testing to improve recovery rates and future payability for their 5 metals, and 3 concentrates; with an emphasis on gold and silver recoveries. 2025 Highlights Transformational Operational Growth: Tonnes mined and milled increased 53% and 51%, respectively, to 1.01 million tonnes, reflecting higher throughput and improved operational stability across both Campo Morado and Tahuehueto. Strong Multi-Metal Production Growth: Increase throughput resulted in significant growth across key metals, with silver production up 69%, zinc up 72%, lead up 53%, andcopper up 37% compared to 2024. As a result, Luca achieved revised guidance for all metals produced, including payable silver production above the top end of revised guidance. Strategic Investment in Mine Development: Sustaining capital expenditures increased to $27.3 million as the Company accelerated underground development and exploration programs designed to improve mine sequencing, access higher-grade zones, and support long-term production reliability. Strong Financial Performance: Revenue increased 103% to $176.8 million from $87.2 million in 2024, whileAdjusted EBITDA increased 226% to $46.0 million, compared to $14.1 millionin 2024, driven by higher production levels and stronger realized precious metal prices. Significant Balance Sheet Improvement: The Company reduced loans payable from $17.0 million at December 31, 2024 to $3.3 million at December 31, 2025, representing a reduction of more than 80% during the year. As of the date of this MD&A, outstanding loans payable have been further reduced to $1.4 million. Exploration Programs Reinitiated to Support Resource Growth: During 2025, the Company reinitiated exploration activities across its projects for the first time in more than a decade. To date, approximately 30,140 metres of exploration drilling have been completed, improving geological understanding of the deposits, identifying additional mineralized zones, and supporting potential resource expansion. These exploration programs represent an important step towards unlocking additional value within the Company’s asset portfolio and establishing a pipeline of future growth opportunities Q1 2026 Operational and Financial Results Update: During the first quarter of 2026, the Company completed approximately 10,058 metres of drilling. Exploration activities were primarily focused on near-mine and resource expansion targets, achieving the objectives of extending mine life and improving production flexibility at the Company’s operating assets. Operationally the company was on strong footing, with solid operating performance and strong silver production in a favorable price environment. The Company remained focused on operational improvements at both mines, with particular emphasis on Campo Morado which is moving into an expansion study towards a technical report in the second half of 2026. That company announced on March 9th the appointment of Nick Shakesby as Chief Operating Officer (“COO”), effective April 1, 2026. Luca has also strengthened its technical team to advance and execute on optimization and growth initiatives, including the Campo Morado Expansion. As of March 31, 2026, Luca’s cash position increased to approximately $36.4 million, compared to $25.5 million at year-end 2025. The increase was primarily driven by strong operating cash flow, supplemented by approximately $2.1 million in proceeds from warrant and option exercises and net realized gains of approximately $3.6 million from silver call options. These options were implemented to re-establish exposure to silver prices in light of the silver stream at Tahuehueto. As previously disclosed in the Company’s Q4/25 financial results, debt has been reduced to app

In this Daily Editorial, I am joined by Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets. Darrell provides a comprehensive update on the shifting dynamics across the energy and metals sectors as geopolitical tensions and supply constraints continue to reshape global markets. Key Discussion Points Crude Oil Dynamics: An analysis of the ongoing Iran conflict and its impact on physical versus futures pricing, including why the forward curve may be lagging. Natural Gas Volatility: A look at the current bearish price environment, seasonal inventory builds, and the long-term potential of the LNG export market. The Base Metals Complex: Why copper remains a pillar of strength and how disruptions in the Strait of Hormuz are unexpectedly fueling a rally in aluminum and nickel. Strategic Discipline in U.S. Production: Insights into why U.S. rig counts remain flat despite high oil prices and what this means for future supply. Precious Metals Consolidation: A review of the current range-bound trading in gold and silver following last year's massive moves. Click here to learn more about Bannockburn Capital Markets - https://www.bannockburnglobal.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 company update, we are joined by Patrick Highsmith, Chairman and Co-Founder of Firefox Gold (TSX.V: FFOX | OTCQB: FFOXF), to discuss a transformative week for gold exploration in Finland’s Lapland Greenstone Belt. Following the news of Agnico Eagle’s massive +$3 billion consolidation of the region, including the acquisition of Rupert Resources and Aurion Resources, Patrick provides insight into how Firefox Gold is positioned in this rapidly evolving district. Key discussion points: Agnico Eagle Joint Venture Update: An overview of the progress at the Kolho Project, where Agnico Eagle has already invested nearly $3 million as part of an earn-in agreement. Sarvi Drill Results: Insights into the recent drill results from the Sarvi Project and the upcoming plans for systematic exploration as the snow melts. Regional Consolidation and Valuation: A breakdown of how the recent M&A activity in the belt validates Firefox’s strategy and what the exit of major peers means for the remaining juniors in the district. Exploration Outlook for 2026: A look ahead at the continuous drilling programs at the flagship Mustajärvi Project. Any further questions for Patrick? Email me at Fleck@kereport.com. Click here to visit the FireFox Gold website to learn more about the Company - https://www.firefoxgold.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 today’s Daily Editorial, I am joined by Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of the Marc to Market website. With significant news breaking regarding the Department of Justice and Federal Reserve leadership, Marc provides a deep dive into the shifting tectonic plates of US monetary policy and the potential for a historic revaluation of US sovereign assets. Key Discussion Points: The Transition to a Warsh-led Federal Reserve: Marc discusses the implications of the DOJ dropping its investigation into Jerome Powell, clearing the path for Kevin Warsh and a potential departure from the policy continuity seen over the last two decades. Rethinking Inflation Targets and Measurements: A look at how a new Fed administration might move away from the traditional 2% target or change the primary instruments used to measure inflation, such as shifting toward trimmed-mean CPI. The Potential Revaluation of US Gold Holdings: An intriguing analysis of the proposal to revalue the US government’s 8,400 tons of gold from its current book value of $42.22 to a market-adjacent price, potentially adding $500 billion to the US balance sheet. A New Treasury-Federal Reserve Accord: Marc explores the possibility of a renewed formal agreement between the Treasury and the Fed to streamline fiscal and monetary coordination, potentially limiting "mission creep" like Quantitative Easing. Global Central Bank Preview: A concise outlook on the upcoming meetings for the Fed, Bank of Canada, ECB, Bank of England, and the Bank of Japan, and why "wait and see" remains the dominant theme. 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 Company Update, we are joined by Thomas Credland, President and CEO of Valkea Resources (TSX.V: OZ | OTCQB: OZBKF). Thomas provides an insider’s perspective on the massive shifts occurring in Finland’s mining landscape following the recent ~$3 billion consolidation of the Lapland Greenstone Belt by Agnico Eagle. Having been part of the team during the world-class Ikkari discovery at Rupert Resources, Thomas discusses what Valkea has planned to systematically explore its own expansive land package. Key Discussion Points: The Agnico Eagle Effect: An analysis of how the recent consolidation of Rupert Resources and Aurion Resources by Agnico Eagle validates the prospectivity of the district and creates a "slipstream" for junior explorers. Strategic Land Positioning: Why being the second-largest landholder in the Lapland Greenstone Belt puts Valkea in a prime position as the region undergoes rapid development. Systematic Exploration Methods: Insights into the "base of till" geochemical drilling strategy that led to the Ikkari discovery and how it is being deployed across Valkea’s high-priority targets. Priority Targets and Catalysts: A look at the Paana and Rover properties, including the upcoming 10,000-meter diamond drilling program aimed at uncovering the next standalone deposit. Funding and Strategic Partnerships: Thomas addresses the company’s current treasury, budget flexibility, and the philosophy behind maintaining independence versus bringing in a strategic partner. Any follow up questions for Thomas can be emailed to me directly at Fleck@kereport.com. Click here to visit the Valkea Resources website to learn more about the Company. - https://valkea.ca/ -------------- 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.