The KE Report

In today’s KE Report Daily Editorial, Dana Lyons, Fund Manager and Editor of Lyons Share Pro, discusses his 40% Black Friday sale and why his market models have officially turned negative. Dana explains the recent breakdown in tech, mid-caps, and market breadth, plus how he’s shifting into a more defensive stance.

Key Discussion Highlights:

Market Mentions: SPX, NDX, VIX, biotech ETFs, uranium ETFs, gold miners.

Click here to take advantage of Dana’s Black Friday sale! - https://lyonssharepro.com/

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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

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 [email protected] or [email protected].

Click here to follow the latest news from Versamet Royalties

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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 [email protected].

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:

Click here to visit Joel’s PreMarket Prep website

Click here to visit the Stock Trader Network

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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.

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 [email protected].

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:

Click here to find out about the upcoming MoneyShow conferences

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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:

Click here to visit the CPM Group website to learn more about the firm

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John Cash, Chairman and CEO of Ur-Energy Inc. (NYSE American:URG) (TSX:URE), joins me for a comprehensive overview of the Company’s 3 key producing and development-stage uranium assets in south-central Wyoming.   We discuss he key work programs on each project, advancing each one to key milestones the balance of this year and into 2026. 

We start off reviewing operations and growth plans at the flagship asset for the Company, the operating the Lost Creek in situ recovery uranium facility.  They have produced and packaged approximately 3 million pounds of U3O8 from Lost Creek since the commencement of operations. Rough guidance for 2025 is 440,000 pounds, with 1.3 million pounds contracted for 2026.

Third Quarter 2025 Financial and Operating Results

Ur-Energy has begun development and construction activities at their fully-permitted Shirley Basin Project, the Company's second in situ recovery uranium facility in Wyoming. Construction of the foundation for the processing building began in early August and they have poured nearly 900 of the required 1,100 total cubic yards of concrete. The internal foundation of the processing building is substantially complete. 11 ion exchange columns were delivered in September, and two have been placed on the internal foundation. Shirley Basin's professional and operational teams are fully staffed, and wellfield and plant development remain on track for uranium production startup in Q1 2026.

John and I also briefly discussed their 3rd advanced exploration Lost Solider Project, located less than 10 miles northeast of the Lost Creek ISR Mine. Recent work at Lost Soldier included the installation of 18 aquifer test wells designed to enhance the understanding of the local hydrogeology. John explained that the geology of the project area is well understood and supported by data from more than 4,000 historical drill-holes, but that this additional hydrogeologic characterization will assist their technical teams in optimizing potential future mine planning, permitting, and development activities.

Due to the proximity of our operating Lost Creek ISR facility, Lost Soldier has the potential to be developed as a satellite operation. If exploration work is successful, they will evaluate the potential to advance Lost Soldier through the FAST-41 permitting process, a federal framework designed to streamline and improve coordination among agencies for large-scale infrastructure and energy projects.

We wrapped up discussing the experience of the management team and board of directors, the strong financial strength of the Company, and the number of key institutional stakeholders. Ur-Energy is positioned to capitalize on the resurgence of both the U.S. and global nuclear power industry, illustrated by the recently announced U.S. government's $80 billion investment to build new nuclear reactors in the United States.

If you have questions for John regarding UR-Energy, then please email those into me at [email protected].

Click here to follow the latest news from Ur-Energy

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 KER Market Quick Take, Cory Fleck and Shad Marquitz break down the broad correction across precious and base metals and outline where they see opportunity as year-end approaches.

Stocks & ETFs Mentioned: GDX, GLD, SLV, PSLV, COPX, LIT, Newmont ($NEM), Fresnillo ($FRES), Silver X, Impact Silver, Guanajuato Silver, Avino Silver & Gold.

Let us know your thoughts on the KER Market QuickTakes - [email protected] and [email protected] 

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In this KE Report Company Introduction, we speak with Kerem Usenmez, President & CEO of Volta Metals (CSE:VLTA - Frankfurt:D0W). The team is rapidly advancing the Springer Rare Earth Project in Ontario - an asset with a historic resource, recent drill results, and gallium potential.

Key Discussion Highlights

Please email me with any follow up questions for Kerem - [email protected]

Click here to visit the Volta Metals website. 

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For more market commentary & interview summaries, subscribe to our Substacks:

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.