Prospector Podcast – Mike McGlone Election Uncertainty: How the 2024 US Presidential Race Could Shift Commodity Markets!

In this episode of the Prospector Podcast, Michael Fox is joined by Mike McGlone the Senior Commodities Strategist from Bloomberg Intelligence to discuss the upcoming US election and its potential impact on the commodities market. Mike highlighted the uncertainty surrounding the election, particularly the risk of a non-peaceful transfer of power, which is not currently priced into markets. Despite this, the S&P 500 is near record highs and gold has reached record highs.

Stock Market, Commodity Prices, and Geopolitical Tensions

Mike discussed the current state of the stock market and commodity prices, expressing concern about the high prices of stocks and the potential for a reversion. He pointed out that gold has been performing better than the S&P 500, and that the stock market is at its highest level since 2007. Mike also highlighted the geopolitical tensions around the world, particularly the shift in the world order since the announcement of the unlimited friendship between Russia and China. He suggested that this shift is causing a reversion in the rapidly expanding emerging market of China. Mike also addressed the potential for geopolitical tensions to escalate in the coming months before the transfer of power in the US, but emphasized that the macroeconomic situation is more significant than any short-term geopolitical risks.

Crude Oil Market Factors and Political Impacts

Mike discussed the bearish factors for crude oil, including stagnant demand from China and excess supply from the US, Canada, and OPEC. He also highlighted the deflationary forces in China due to overproduction of EVs and renewables, and the potential for a shift in China’s export status. Mike concluded by stating that the Cold War 2 is heating up and that the potential for increased tariffs under a Trump presidency could negatively impact the economy. Michael added that both presidential candidates are pro-tariff, with Biden’s administration not revoking the tariffs imposed by Trump.

US Presidential Election Impact on Commodities

Mike discussed the potential impact of the upcoming US presidential election on the commodities market, particularly gold and crude oil. He suggested that if Trump is elected, it could accelerate existing trends, leading to higher gold prices and lower crude oil prices. However, if President Harris is elected, Mike believes the key issue will be the US deficit, which could be addressed by a split legislative and executive branch. He also expressed concern about the potential reversion of the Chinese economic miracle and growth, which could lead to a continued advance in the gold-silver ratio. Michael asked about the silver market, and Mike responded that he expects silver to underperform gold, particularly on a volatility-adjusted basis.

US Election Impact on Green Economy and EVs

Michael and Mike discussed the potential impact of the upcoming US election on the green economy and electric vehicle industry. Mike suggested that if former President Trump were to win, he would likely impose high tariffs on solar panels and electric vehicles, and possibly rescind the Inflation Reduction Act, which primarily supports renewable energy. However, Mike also noted that Trump’s stance might change once he understands the benefits of these technologies. Michael agreed, highlighting the potential slowing of the green energy revolution under Trump’s administration. Both agreed that the rapid advancement of renewable technology would likely overcome any short-term pushback from the government.

Electric Vehicles and Economic Impact Discussion

Mike and Michael discussed the rapid advancements in electric vehicle technology and its potential impact on the economy. Mike highlighted the shift from net energy importers to net energy exporters in the US and Canada over the last 20 years, and the potential for electric vehicles to further reduce demand for petroleum. They also touched on the differing visions of the two presidential candidates regarding reindustrialization and the creation of strategic reserves of critical metals. Mike expressed concerns about the responsibility of deficit spending and the potential for a sovereign wealth fund. The conversation concluded with Mike pointing out the necessity of the US Strategic Petroleum Reserve as a safety measure for the country, and the current net exports of crude oil and liquid fuel in the US and Canada.

US Presidential Election and Market Trends

Michael and Mike discussed the potential impact of the upcoming US presidential election on commodities. Mike suggested that a smooth transition to a female president could lead to a shake-up, while a Trump re-election might result in a continuation of his policies. They also discussed the current market trends, with Mike noting that the markets are priced for perfection and that a normal market correction is overdue.

Posted October 8, 2024

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New Break Resources Ltd. (CSE: NBRK) (OTCQB: NBRKF) (FSE: O91) has received results from the last four holes of a ten-hole, 1,996 metre summer drilling program in the Zavitz gold zone at the Company's 100% owned Moray gold project. In total, New Break has completed 5,372 metres of drilling in 32 drillholes in 2026. Moray is located 49 km southeast of Timmins, Ontario and 32 km northwest of the Young-Davidson gold mine operated by Alamos Gold Inc. Select results from the final four of ten holes drilled in the summer drilling program are presented below in Table 1, while drillhole collar locations are detailed in Table 2 in Appendix A. Table 1 – Moray Summer 2026 Final Drill Results Hole ID Length (m) From (m) To (m) Width (1) (m) Au Grade (2) (g/t) NBR-26-29 322.0 77.3 78.8 1.5 0.42 and 138.0 139.1 1.1 0.38 and 162.5 173.3 10.8 (3) 1.61 and 227.4 229.0 1.6 1.21 and 231.5 232.1 0.6 1.72 NBR-26-30 250.0 37.0 38.0 1.0 0.30 and 102.8 103.5 0.7 0.60 and 121.5 122.5 1.0 0.36 and 124.5 125.5 1.0 0.33 and 128.5 129.0 0.5 0.90 and 131.0 132.0 1.0 0.36 and 169.8 174.0 4.2 2.65 and 178.0 179.5 1.5 0.77 and 183.5 186.6 3.1 1.22 and 190.0 190.5 0.5 1.06 and 191.5 192.5 1.0 1.48 and 196.0 200.5 4.5 2.53 and 203.5 204.0 0.5 2.15 and 206.5 212.0 5.5 1.57 NBR-26-31 274.0 169.0 170.5 1.5 0.37 and 184.5 186.0 1.5 0.51 and 197.0 200.0 3.0 0.94 and 201.5 202.0 0.5 0.50 and 203.5 210.0 6.5 (3) 3.12 NBR-26-32 352.0 73.5 74.0 0.5 0.44 and 174.0 174.6 0.6 0.52 and 194.0 195.0 1.0 0.66 and 199.8 203.3 3.5 2.29 and 227.3 228.0 0.7 0.97 (1) Intervals are drill intersections and do not necessarily represent true widths. (2) All intervals are presented using a cut-off grade of 0.3 g/t Au and internal dilution of no more than 1.0 metres at grades less than 0.3 g/t Au and assays are not capped (see QA/QC Procedures). (3) Drill core photos shown in Appendix B. Figure 1 – Newly Reported Drillholes NBR-26-29, 30 Figure 2 – Newly Reported Drillholes NBR-26-30, 31, 32 Note: The bottom of NBR-26-30 deviated southeast and is represented in both sections. Figure 1: Section B-B1 incorporates drillholes NBR-26-06, 07, 08, 25, 26, 27, 28, 29 and part of 30. Gold mineralization extends southeast into the syenite as exhibited in NBR-26-29. NBR-26-30 is identified in both sections A-A1 and B-B1 as the drillhole was collared along section A-A1 but deviated southeast, intersecting gold mineralization in the mafic volcanics in section B-B1. Figure 2: A-A1 incorporates drillholes NBR-26-03, 04, 05, 23, 24, 30, 31 and 32. NBR-26-31 exhibits gold mineralization both within the syenite (at the contact) and within a "flow breccia" within the hematite altered mafic volcanic at the contact. NBR-26-32 is typified by blocky faulted ground with lamprophyre dykes and gold mineralization in the hematite altered mafic volcanics in a brecciated quartz vein with angular syenitic fragments. William Love, Chief Executive Officer of New Break commented, "Ongoing drilling this summer in the Zavitz gold zone continues to deliver significant gold values, with gold mineralization intercepted in every drillhole. As depicted in Figures 1 and 2, gold mineralization has been encountered predominantly within the mafic volcanics. Importantly, drillholes NR-26-29 and NR-26-32, the deepest drilled to date, demonstrate that gold mineralization extends into the syenite to the southeast at the contact with the mafic volcanics." He further noted, "The intrusive-mafic volcanic contact in the Zavitz gold zone has a distinctive magnetic high. This could be reflective of the higher proportion of iron in these mafic volcanics, which is associated with the higher gold values. This same magnetic and IP signature has been identified elsewhere in areas also believed to be along the intrusive-mafic volcanic contact. Drilling these never before tested targets with the goal of identifying gold mineralization similar to that encountered in the Zavitz zone represents the potential for significantly expanding the Moray gold discovery. There is also the belief that the Zavitz zone could represent the first of a series of stacked mineralized gold zones, which would point to the potential for a much larger gold system at depth. We plan to test this through deeper drilling directly into the Zavitz zone." About the Moray Gold Project The Moray property is located in the heart of the Ontario Abitibi greenstone belt, 49 km southeast of Timmins surrounded by a number of significant gold producing companies and existing mills (see Figure 3). The Young-Davidson gold mine operated by Alamos Gold Inc., with its 8,000 tonne per day mill is the closest and within a short trucking distance of approximately 45 km by road from Moray. The understanding of gold mineralization at Moray continues to evolve with each round of drilling. The occurrence of gold mineralization extending into the syenite to the southeast of the Zavitz zone and in the deepest drillholes is noteworthy given the presence of syenite-hosted mineralization at Young-Davidison. More recent examination of the drill core also suggests that the gold mineralization discovered to date may resemble an intrusion related style of deposit like Agnico Eagle's Upper Beaver gold deposit east of Kirkland Lake, as opposed to a structurally hosted gold system. Both Young-Davidson and Upper Beaver host multi-million ounce gold deposits. Figure 3 – Moray Location Map: Surrounding Gold Producers and Upper Beaver Gold Project Technical Content and Qualified Person The scientific and technical information contained in this news release has been reviewed and approved by Peter C. Hubacheck, P. Geo, consulting geologist to New Break, and an independent Qualified Person as defined by National Instrument 43-101. Mr. Hubacheck certifies that this news release fairly and accurately reflects the technical information and data presented. New Break conducts its exploration activities in accordance with CIM Best Practices Guidelines. QA/QC Procedures QA/QC procedures were executed to ensure all work is conducted in accordance with best practices. All drill core was sawn in half with one half of the core prepared for shipment and the other half retained for future verification. All core is under watch from the drill site to the core processing facility. Drill core is BQTK size and sample intervals range from 0.5 metres to 1.0 metres in length. Commercially prepared certified reference material ("CRM") standards and blanks were inserted with each shipment at a rate of 1 QAQC sample in every 12 core samples. Samples from New Break's 2026 Moray drilling program were analyzed at Activation Laboratories in Timmins, Ontario, which is ISO 17025 certified, by 30-gram fire assay with atomic absorption finish. Any sample assaying greater than 10.0 g/t Au was re-assayed with fire assay gravimetric analysis. Grade composite intervals over core lengths are calculated using a weighted average grade with a cut-off grade of 0.3 g/t Au. Up to 1.0 m of internal dilution (consecutive interval below cut-off grade) are included within specific geologic domains and alteration assemblages, except as otherwise noted. The composites are constrained geologically by metasomatic alteration processes sourcing from the Fiset syenite intrusion and contact mafic volcanic rocks. Elevated gold values are coincident with hematite, silica, sericite and pyrite mineralization within structurally prepared brecciated corridors flanking the intrusion. Intervals are not true widths and no top cutting has been applied to the higher gold values. About New Break Resources Ltd. New Break is a Canadian mineral exploration company focused on its Moray gold project located 49 km southeast of Timmins, Ontario, in a well-established mining camp within proximity to existing infrastructure, and 32 km northwest of the Young-Davidson gold mine, operated by Alamos Gold Inc. Shareholders are also leveraged to exploration success in Nunavut, Canada, through New Break's 20% carried interest in the Sundog gold project and ownership of 6.0 million shares of Guardian Exploration Inc. (TSXV: GX). The Company is supported by a highly experienced team of mining professionals. Appendix A – Drillhole Data and Locations Table 2 – Moray Summer 2026 Drillhole Collar Locations Hole ID Length (m) UTM Easting UTM Northing UTM Elevation Azimuth (degrees) Dip (degrees) NBR-26-29 322.0 492703 5320285 363 220 -70 NBR-26-30 250.0 492708 5320329 363 220 -47 NBR-26-31 274.0 492708 5320329 363 220 -60 NBR-26-32 352.0 492708 5320329 363 220 -70 Total 1,198.0 Coordinates are reported in UTM Zone 17 North, with units in metres. Figure 4 – Zavitz Gold Zone – Surface Traces of 2025 and 2026 Drillholes. All of the drilling at Moray has been completed by Enviro North Exploration Inc. out of Sturgeon Falls, Ontario. Drilling in the Zavitz gold zone is shown in figure 4, with the 1,996 metres in 10 holes drilled this summer depicted in red, the 2,807 metres in 20 holes drilled from January to April 2026 shown in blue and the 1,817 metres in 8 holes drilled in 2025 shown in black. In total, 6,620 metres in 38 drillholes have been completed in the Zavitz gold zone, while New Break has completed a total of 5,372 metres in 32 drillholes of our planned 2026, 10,000 metre drilling program. Appendix B – Drill Core Photos From NBR-26-29 and NBR-26-31

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