The KE Report

Paul Jones, VP of Corporate Development at Versamet Royalties (TSX.V: VMET), joins us to review the key metrics from the record Q3 financials, the recent news where Tether and the Lundin family have become strategic shareholders, and a look ahead to future mid-sized royalty and streaming transactions to grow. Additionally, we discuss the benefits of the coming big board US exchange listing.   Third Quarter 2025 Highlights    Record revenue of $8.1 million, an increase of 155% over Q3 2024.  Record attributable gold equivalent ounces (“GEOs”) of 2,699, an increase of 110% over Q3 2024.  Record operating cash flow before working capital changes of $6.1 million, an increase of 206% over Q3 2024.  Acquisition of a significant silver stream on the operating Rosh Pinah Zinc mine in Namibia and a polymetallic royalty on the operating Santa Rita mine in Brazil, both operated by Appian Capital Advisory Limited (“Appian”).  Inaugural royalty revenues from the Kiaka and Santa Rita mines.     Paul reviews the record Q3 revenues, GEOs and cash flow, and highlighted the immediate benefits of company’s recent largest transaction to date with the acquisition of a significant silver stream on Rosh Pinah Zinc, a high-quality mine in Namibia that is currently undergoing an expansion, and a royalty on Santa Rita in Brazil, a top tier nickel-sulphide mine. The addition of these expanding cash-flowing assets have had a significant impact to Versamet’s combined gold equivalent ounces, with ~10,000 GEOs projected in 2025, and up to ~20,000 GEOs by 2026.  This translates over to ~$70M in annual revenue targeted for next year, using consensus gold prices, and even higher than that at current spot prices.   We go on to discuss with Paul the Company’s current valuation, their plans for growth through accretive acquisitions, and the advantage of the mid-size deal flow they can pursue as one of only a few mid-tier precious metals royalty and streaming companies.   Wrapping up Paul highlights the strong endorsement of the quality of their assets from the recent news of Tether Investments S.A. de C.V. and the Lundin Family Trusts both coming in as new 12.7% cornerstone shareholders of the Company respectively.  We also review the liquidity benefits, broader investor base, and potential for more ETF inclusion through the coming U.S. big board exchange listing.     If you have any questions for Paul regarding Versamet Royalties, then please email those in to us at Fleck@kereport.com or Shad@kereport.com.   Click here to follow the latest news from Versamet Royalties   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.  

Simon Quick, CEO and Director of Canadian Copper (CSE: CCI), joins me for a comprehensive introduction to their 3 key projects: Murray Brook, Murray Brook West, and the past-producing Caribou Mine and Plant in the Bathurst Camp of New Brunswick, Canada.   We start off having Simon unpack how these 3 projects were acquired over the last few years and assembled together into the larger land package and overall project today.  He points out the many infrastructure advantages to being on crown land, with good access, and with a permitted prior-producing mine in place.   Next Simon outlines the ongoing development and derisking work at the flagship Murray Brook Project.   This hosts a polymetallic VMS deposit of copper, zinc, lead, and silver, and a resource of 21 million tonnes @ 1.42% CuEq; which is 98% in the measured & indicated category.  There are metallurgical tests underway as well as engineering work based on the initial PEA, and the expansion of the team as these workstreams build towards a Feasibility Study next year.      The Preliminary Economic Assessment, envisions a 13 year mine life, averaging 30 M lbs CuEq or 98 M lbs ZnEq production per year, at 3,300 tpd daily throughput.   There is an estimated capex of C$64Million; with a NPV (7%) of C$169Million, an Internal Rate of Return (IRR) of 36%, and a 2 year payback period.   Next we shifted over to the exploration upside across their land package at Murray Brook West, and also east of the Murray Brook main area.   Additionally, there are roughly 4 million tonnes of polymetallic zinc, silver, and lead resources delineated at the Caribou Mine, that the company is buying out of receivership.   The prior producer, Trevali Mining, produced 700million lbs of zinc, lead, and silver up until Q2, 2022.   The mine is in good condition, and permitted to process up to 3,000 tpd.   If you have any questions for Simon regarding Canadian Copper, then please email those into me at Shad@kereport.com.   Click here to follow the latest news from Canadian Copper   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 KE Report daily editorial, Joel Elconin, co-host of Pre-Market Prep and founder of the Stock Trader Network, joins us to break down a broadly red market day marked by spiking volatility, tech weakness, and shifting expectations heading into year-end. Key Discussion Highlights: Market Selloff Intensifies: VIX hits 25, risk assets slide, and tech leads the downturn. Nvidia Breakdown: NVDA’s failed 50% retracement signals deeper market weakness. Fed Cut Expectations Fade: December cut unlikely; lagging data adds uncertainty. AI & Labor Market Shift: Structural unemployment may rise as AI-driven job cuts accelerate. Where Money May Hide: Potential resilience in Walmart, utilities, healthcare, and financials. Longer-Term Tone: Caution warranted; market may be entering a multi-quarter grind. Click here to visit Joel’s PreMarket Prep website Click here to visit the Stock Trader Network   ------------ 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.

Maura Kolb, President of Dryden Gold Corp (TSX.V: DRY) (OTCQB: DRYGF), joins me for a visual update recapping the key takeaways from the 2025 exploration program; which tripled the size and scale of the mineralized structure along the Elora Shear Zone.   We touch upon all the various work programs that were completed this year at the 3 regional areas:  Gold Rock Camp, Sherridon, and Hyndman across their Dryden Gold District, in Northwestern Ontario, Canada.   We kick things off with a review of some the key targets drilled this season’s 15,000 meter program along both the Big Master and Elora Gold trends at the Gold Rock Camp,  incorporating the data sets from the D1, D2, and new understanding of the D3 structural faulting trends.  Maura highlights the drill results from around the Elora-Jubilee Target, Pearl Target, and Laurentian Mine Target, and from recent results at the drilling done into the gap testing the areas between these targets.  We also discuss significance of the broader bulk tonnage mineralization that is then being upgraded by the multiple high-grade intercepts along the hanging wall and foot wall trends.   Next we shifted up to the initial drilling done this year at Mud Lake target area, and how these same 3 geological deformation faults and folds are present here as well, further northeast along the Gold Rock Camp trend.  There are 4 drill holes here awaiting assays to come back from the lab in the near-term.  Maura highlights that there is a periodicity to this larger system along the 20kms of strike length, which demonstrate similar geological properties to the Elora Gold Shear Zone, and they’ll be following up to exploration work and targeting on more areas of interest in the year to come.   Pivoting out to the regional targets, we discussed the 3rd area of focus from this year’s program at; where 3 drill holes were put in Sherridon is hosted within a large geophysical anomaly with a strike length of five kilometers. Testing to date has focused on a small portion of that trend leaving the Sherridon target open in all directions. Additional drill targets for next year will be designed based on this seasons drill results and geological interpretations from expanded mineral assays, geochemistry and re-logging of historic core.   Wrapping up we discussed the 3rd and 4th areas of focus from this last season from the 3 drill holes at Sherridon, following up on the detailed mapping from 2024, and the channel sampling program at the Hyndman regional area, which targeted existing outcrop exposures.   There is an upcoming WEBINAR on December 4th at 9:30am PST / 11:30am CST where Maura will be going into an expanded discussion recapping the 2025 exploration campaign, and looking ahead to the work for 2026.  Attendees will be able to ask questions live to Maura as part of this free event.   To register for the webinar:  https://us06web.zoom.us/webinar/register/WN_Fo66-rxqTO6IwqPscjHImA   If you have any questions for Maura regarding Dryden Gold, then please email them into me at Shad@kereport.com.     In full disclosure, Shad is a shareholder of Dryden Gold at the time of this recording, and may choose to buy or sell shares at any time.       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 KE Report Daily Editorial, we speak with Mike Larson, Editor-in-Chief at MoneyShow, about what generalist investors are focused on heading into 2026, the themes shaping the upcoming Sarasota Masters Symposium (Dec 1–3), and the setup for the MoneyShow Las Vegas event in February. Key Discussion Highlights: Year-End Positioning: Investors reassessing portfolios after a strong but volatile 2025. AI: Boom vs. Bubble: Massive real-world investment (data centers, power, capex); still early - not a 1999 moment. Fed & Missing Data: The prolonged shutdown and lack of October jobs report add uncertainty; may delay rate cuts. Gold & Silver Consolidation: After a major run, metals are digesting gains; long-term drivers remain intact. Crypto & Bitcoin Weakness: BTC tied closely to tech sentiment; leveraged washouts still impacting the sector. Alternative Assets Trend: The 60/20/20 allocation shift continues - alts like gold and crypto retain structural demand. Bond Market Watchpoints: AI capex spilling into corporate credit; some widening spreads, but not crisis-level. Click here to find out about the upcoming MoneyShow conferences   ------------ 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 KE Report daily editorial, I am joined by Jeff Christian, Managing Partner at CPM Group, to break down what’s driving gold and silver as both metals consolidate near their highs. Jeff shares data-backed insights on ETF inflows, global equity trends, and new investor behavior shaping the precious metals market. Key Discussion Highlights: Record gold ETF inflows - Strong Q3 momentum with billions added globally; driven largely by short-term and momentum-oriented investors seeking liquidity. Shift to larger US-listed ETFs - Investors rotating out of smaller regional funds and into GLD/IAU for liquidity and regulatory confidence. Macro outlook supports higher investment demand - CPM Group expects rising geopolitical and economic stress into 2026, sustaining demand for gold and silver. New entrants emerging - Tether taking stakes in royalty companies and Elliott Management targeting Barrick highlight changing investor profiles. Silver near $50 faces real-world limits - Industrial users adjust at higher prices, capping runaway upside despite strong investment demand. Investors hedging, not selling - With gold near $4,000 and silver at $50, large investors prefer downside protection while holding core positions. Click here to visit the CPM Group website to learn more about the firm   ---------------- 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.

John Cash, Chairman and CEO of Ur‑Energy Inc., discusses the company's significant uranium projects in Wyoming. He shares insights on the flagship Lost Creek facility, highlighting its production history of 3 million pounds and future guidance of 440,000 pounds for 2025. The conversation covers the strategic shift to in-situ recovery at Shirley Basin and the potential of the Lost Soldier site, with a combined production outlook nearing 3 million pounds annually. Cash also touches on the company's strong financial position and upcoming catalysts in uranium development.

Cory and Shad dive into the recent corrections across precious metals, highlighting a significant drop in junior miners. Despite record margins for major producers, junior stocks are struggling, creating potential buying opportunities. They discuss the implications of upcoming Q4 earnings and the likelihood of a seasonal bounce in Q1. The duo also analyzes recent M&A activity, noting undervalued juniors, while touching on other metals like uranium and lithium. Investors are urged to be selective, with strategies for navigating this volatile market.

Kerem Usenmez, President and CEO of Volta Metals, dives into the innovative Springer Rare Earth and Gallium Project in Ontario. He highlights the project's exceptional drilling results, revealing near-continuous mineralization with a notable 439m at ~1% TREO. Kerem discusses the balanced composition of light and heavy rare earth elements and the project's strategic advantages, including low drilling costs and proximity to essential infrastructure. Looking forward, he shares insights on resource updates and upcoming news, including gallium assays.

In this KE Report Daily Editorial, we chat with Craig Hemke, Founder and Editor of TF Metals Report Markets as markets are quiet and metals are range-bound. Craig explains why this “dog-days” lull could set up a strong year-end. We discuss seasonal trends, Q4 price strength, and what catalysts may kick-start the next move higher. Interview Highlights:  Quiet Markets: Trading feels like a late-summer pause as most sectors drift sideways. Q4 Price Advantage: Gold and silver prices remain well above Q3 levels, locking in stronger margins for producers. Investor Hesitation: Many traders expect a pullback, leaving room for surprise when sentiment shifts. Selective Stock Picking: If metals hold steady, focus turns to free cash flow, dividends, and takeover potential. Year-End Watch: Few tax-loss pressures this year; attention now shifts to the December Fed meeting and late-quarter data. Click here to visit Craig’s website - TF Metals Report   -------- 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.