1. Exit Case: Canacol Energy Ltd 

Overview:

Canacol Energy Ltd (TSX: CNE) is a natural gas and oil exploration and production company. The company operates in the Lower & Middle Magdalena Basins of Colombia.

CNE has been a part of the ‘Growth Portfolio’ since 30^th September, 2025, however, considering the recent fall in the share price of the stock, an ‘Exit’ is recommended from the stock at the last closing price of CAD 1.53, as on 2^nd December, 2025.  

1.1 Support and Resistance Summary as provided in our last published report dated 30^th September 2025.

1.2 Canacol Energy Ltd

2. New Entry Case: Kirkstone Metals Corp.

Overview:  

Kirkstone Metals Corp. (TSXV: KSM) is engaged in the business of the acquisition and exploration of mineral properties in Canada. The Company holds a 100% interest in and to mineral claims totaling 6,949.80 hectares comprising the Gorilla Lake Property, located in North Saskatchewan, Canada, subject to a royalty obligation. The Company's secondary objective is to locate and develop economic precious and base metals properties of merit.

Technical Analysis:

On the daily chart, KSM has delivered an exceptional breakout since early September 2025, accelerating from below CAD 2.00 to recent highs around CAD 12.75, a parabolic uptrend. The price action remains firmly bullish, with the stock continuing to print higher highs and higher lows, signalling persistent buying strength. The RSI is sitting around 73.82, pushing into overbought territory but still reflecting decent demand rather than exhaustion at this stage. Key support lies at CAD 11.093, while the next major resistance level to watch is CAD 15.300.

Considering the above mentioned factors, technical analysis, support & resistance levels, an ‘Entry’ is recommended in the ‘Growth Portfolio’ at the closing market price of CAD 12.75, as on 2^nd December 2025. 

2.1 Support and Resistance Summary (as on 2^nd December 2025)

2.2 Kirkstone Metals Corp.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency as of 2^nd December, 2025). The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings.

Disclaimer

This information should not be relied upon as personal financial advice by Kalkine on (i) the stocks or (ii) the use or suitability of the model portfolios. Only an investor knows about their circumstances to make an investment decision.

Model Portfolio has been prepared for illustrative purpose only and does not take into account the objectives, financial situation or needs of any particular investor. Accordingly, investors should, before acting on the information, consider its appropriateness, having regard to their objectives, financial situation and needs. Past performance is not necessarily indicative of future performance results. Actual investment returns will vary, and the Growth of investments can go up or down.