The KE Report
The KE Report provides exclusive interviews with private money managers and sub $10 billion market cap stocks. Interviews are published daily to help investors navigate the markets.
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Episodes
Wednesday Mar 25, 2026
Wednesday Mar 25, 2026
Dave Cole, CEO of Elemental Royalty Corporation (TSXV: ELE) (Nasdaq: ELE) joins us to review their record full-year 2025 financial metrics, and to look ahead to 2026 guidance. 2026 will be the first full year of results from the pro-forma combination of Elemental Altus Royalties with EMX Royalty Corporation last year, to form an emerging intermediate royalty company. We discuss a number of key royalty partner project updates, details of the new dividend policy, and the ability of the company to grow both organically and externally with 4 different business transaction approaches.
2025 Financial Highlights
Record full year revenue plus attributable share of Caserones of US$49.2 million, up 128% over prior year, exceeding 2025 updated guidance of US$42 million;
Gold Equivalent Ounces (“GEOs”) of 14,285 for 2025 (compared to 8,987 in 2024), driven by contributions from Karlawinda, Bonikro, Korali Sud, and Caserones, and the completion of the merger with EMX Royalty Corporation;
Adjusted EBITDA of US$34.9 million, up 131% over prior year, demonstrating strong cash flow conversion;
Adjusted operating cash flow of US$33.9 million, up 288% over prior year;
Cash and cash equivalents, as of December 31, 2025, of US$53.1 million and a working capital of US$80.1 million, demonstrating financial flexibility for growth.
Next, we go on a global tour of their royalty portfolio of 18 producing royalties, 29 advanced development assets, and ~200 total mineral royalties globally; diversified across multiple jurisdictions and across precious metals, critical minerals, and battery metals
Dave touched upon their key cornerstone producing royalty partner projects like: Leeville, Timok, Caserones, and Karlawinda, as well as a number of other solid producing royalties on Gediktepe, Balya, their suite of West African royalties (Korali-Sud, Wahgnion, and Bonikro), and the announcement by Quilla Resources on March 2nd of the successful production of first copper cathode from the Chapi Copper Project in southern Peru.
Dave also flagged a few key large development projects with compelling royalty upside, as those projects move further down the pipeline towards future production, like Diablillos in Argentina, Viscaria in Sweden, Cactus in Arizona, and Laverton in Australia.
In addition to growing royalties year over year, there are also a number of one-off incoming payments on pre-production royalties, that are still generating revenues via lease-option payments, stage-gate payments to advance properties, advanced minimum royalty payments; that come in by way of cash and/or shares in partner companies.
We also discuss the new dividend optionality of being paid in either cash or Tether Gold tokens, (which are backed by physical gold); and the corresponding value of having Tether Investments S.A. de C.V as their key stakeholder. Dave believes their Company is on the cutting edge of marrying the value of hard assets anchored in commodities and royalty instruments, with the interest from investors in the utility of digital assets.
Dave points to 4 different approaches to continue to grow future value in Elemental Royalty Corp. Beyond the organic development growth still on tap within their portfolio of royalties, there is the future upside of their continued royalty generation strategy, the potential for larger future royalty acquisitions and/or royalty financings to create new royalties, and they are always reviewing the potential for accretive M&A opportunities. The company has plenty of firepower to pursue accretive transactions; with near ~$200Million in combined cash and working capital plus a revolving credit facility, with an accordion feature.
If you have any follow up questions for Dave or the team ate Elemental Royalty Corp, then please email them to us at Fleck@kereport.com or Shad@kereport.com.
In full disclosure, Shad is a shareholder of Elemental Royalty Corp at the time of this recording, and may choose to buy or sell shares at any time.
Click to follow the latest news from Elemental Royalty Corp
For more market commentary & interview summaries, subscribe to our Substacks:
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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.
Wednesday Mar 25, 2026
Wednesday Mar 25, 2026
In this Company Update, I sit down with Tim Clark, President and CEO, and Bryan Atkinson, Senior Vice President of Exploration, of Fury Gold Mines (TSX: FURY | NYSE American: FURY). We recap recent drill results and the pathway to production at the Eau Claire Project and drilling starting soon at Committee Bay.
Key Discussion Points:
Pathway to Production: Tim discusses the strategic shift toward production, emphasizing the goal of moving to a Pre-Feasibility (PFS) or Feasibility Study (FS) within the next 12 to 18 months.
Eau Claire Drill Results: Bryan recaps the recent Phase 1 results, including a highlight of 12 g/t gold over 6.63 meters, and explains the balance between infill drilling and resource expansion.
The Gap Zone & Resource Continuity: The team details the plan to "fill the holes" in the current resource model, specifically targeting the "Gap Zone" to connect resource blocks.
Committee Bay Exploration: An update on the summer program at Committee Bay in Nunavut.
2026 Strategy: A look at the upcoming Phase 2 drill program and the hiring of a dedicated project manager to drive environmental and permitting milestones.
If you have any follow up questions for Tim or Bryan please email me at Fleck@kereport.com.
Click here to visit the Fury Gold Mines website to learn more about the Company and read over the recent news - https://furygoldmines.com/
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For more market commentary & interview summaries, subscribe to our Substacks:
The KE Report: https://kereport.substack.com/
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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.
Wednesday Mar 25, 2026
Wednesday Mar 25, 2026
[Recorded on Monday March 23rd, 2026] Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me for a candid discussion on metals sector volatility, and the increasing disconnect we are seeing in the valuation that many of the gold, silver, and copper stocks are receiving after a violent sector correction in March.
Many of the advanced explorers and developers have market caps that have cratered when compared to the value of their defined resources in the ground are worth, even after the large correction in the underlying metals prices.
Erik is utilizing this correction to value-shuffle into positions that have built further value but are selling off due to the general negative market sentiment.
“Volatility is the poor man’s dry powder.”
He points to all the opportunities to take advantage of panic-selling, through micro-trading amongst positions that have held up better and those seeing disproportionate selling or that have lagged despite positive news catalysts.
He points out that: “What you do in a serious market correction is going to set your portfolio up for years into the future.”
“I can’t afford to sell the lows of a correction, especially if I know where the long-term trend is going over the next 10 years”
We review the valuation disconnects between the market caps of companies that have corrected by 30%-60% just in the month of March, versus where the NPV of the projects still are at anywhere near spot metals prices.
“With the gold juniors, you don’t really care if gold is at $5,500 or $4,500 because that is already so much overkill.”
“The lower this sector goes with this panic-selling, the odds increase that there are new multi-baggers being born everyday from these valuation levels.”
Erik is seeing compelling valuations in the silver and copper developers, in the 2nd leg of the Lassonde Curve, as well as the legitimate gold juniors, with 3rd-party validation and large strategic investors adding value to projects of merit.
Click here to follow Erik’s analysis over at The Hedgeless Horseman website
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.
Tuesday Mar 24, 2026
Tuesday Mar 24, 2026
Glenn Jessome, President & CEO of Silver Tiger Metals (TSX.V:SLVR) (OTCQX:SLVTF), joins us for a very key development update and Company milestone. The press release March 18th stated that the Board of Directors of Silver Tiger Metals has approved the construction decision of the surface mine; with commissioning and first pour targeted for December, 2027; at the El Tigre Silver-Gold Project in Sonora, Mexico.
We started off with a brief reminder on why the Company elected to take the recent financing, which closed on February 18th, in lieu of a much larger debt package with restrictive covenants. That appears to have been the right decision to bolster its strong financial position, especially in light of the market volatility that we’ve seen across the whole precious metals complex since then.
Silver Tiger has over US$86 million (or ~C$120 million) cash to execute on the immediate development initiatives.
The Company is also nearing completion of a debt financing package, with term sheets advanced and negotiations narrowed to select providers to provide flexible, non-dilutive capital options to support combined surface and underground development at El Tigre.
Silver Tiger just announced that it has entered into an Engineering Procurement and Construction Management Contract ("EPCM") with Kappes, Cassidy & Associates ("KCA") and Kappes, Cassiday del Norte S de RL de CV ("KCN") to assist in the construction of the mine and process plant at El Tigre. The Company has also now hired its own experienced mine construction executive team to work with KCA and KCN.
Significant development progress has already been made to date including:
Basic engineering for the Mine has been prepared by KCA and is 90% complete
Engineering for the heap leach and waste dump for the Mine has been completed by WSP
Land clearing for the Mine construction area has commenced, including flora and fauna rescue
The personnel camp for the Mine and the construction offices have been designed and are currently in a bid process
Engineering for improvements to the 46 km road from Colonia Morelos to El Tigre, which was built by the Corporation in 2023 and 2024, is complete and the contract to carry out the road improvements is currently in a bid process
The Company is nearing completion of its ongoing metallurgical and geotechnical drilling program in the Stockwork Zone, with this program expected to wrap up within the next 30 days. Upon completion, the Company will immediately transition to exploration drilling targeting the high-potential vein systems north of the main El Tigre area, near the historic North Tigre Mine. This priority zone aligns directly with the El Tigre North Mine Design outlined in Section 24 of the Company's recently filed Preliminary Economic Assessment (PEA dated January 20, 2026).
If you have any follow up questions for Glenn regarding Silver Tiger Metals, then please email them into me at Shad@kereport.com.
In full disclosure, Shad is a shareholder of Silver Tiger Metals at the time of this recording, and may choose to buy or sell shares at any time.
Click here to follow the latest news from Silver Tiger Metals
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.
Tuesday Mar 24, 2026
Tuesday Mar 24, 2026
In this Daily Editorial, we welcome back Dave Erfle, the founder and editor of Junior Miner Junky, to make sense of one of the worst weeks for precious metals in over 40 years. Following a significant drop in gold prices and a sharp sell-off in mining equities, Dave breaks down the technical damage, the impact of global margin calls, and whether the sector has finally reached a capitulation point.
Key Discussion Points:
Market Capitulation and Deleveraging: Dave explains how the recent price action was driven by forced liquidations and margin calls rather than a shift in long-term fundamentals.
Technical Breakdown of Mining ETFs: An analysis of the GDX and GDXJ, focusing on the formation of bear flags below key support levels and the importance of the 200-day moving average.
The Disconnect Between Fundamentals and Price: Why the structural case for gold remains robust due to rising national debt, central bank buying, and stagflationary pressures, even as paper markets face extreme volatility.
Strategies for the Current Environment: The importance of maintaining cash positions during deleveraging events and why the "energy" created by this sell-off could fuel the next major move higher.
Junior Miner Performance: Insight into the high-volume spikes seen in quality junior explorers and what the Bullish Percentage Index (BPGDM) tells us about a potential bottom.
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter - https://www.juniorminerjunky.com/
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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.
Tuesday Mar 24, 2026
Tuesday Mar 24, 2026
In this Daily Editorial, we welcome back Trader Ferg, an independent speculator and author of the popular Trader Ferg Substack. As geopolitical conflicts continue to reshape global trade, Ferg joins us to discuss the structural "off-ramps" disappearing in the energy sector and where he is finding the most asymmetric value in a volatile market.
Discussion Highlights:
The Global LNG Shortfall: The discussion begins with the severe damage to Qatari LNG infrastructure, which Ferg notes could take years to fully recover. This has led to a massive energy deficit in Europe and Asia.
The Strategic Pivot to Coal: With LNG supplies constrained, Ferg highlights the "knife fight" for coal in the Asian cooling season. He identifies high-quality thermal coal as a primary beneficiary of the current energy gap.
Agriculture and the Fertilizer Link: Ferg explains why he is bullish on Corn, citing the massive disruption in fertilizer shipments through the Strait of Hormuz during peak planting season.
The Structural Bull Case for Uranium: The conversation shifts to the nuclear sector, where Ferg emphasizes that energy security concerns are forcing countries like Japan, China, and South Korea to pivot back to uranium as a reliable baseload power source.
Constraints on the AI Energy Buildout: Ferg expresses skepticism regarding the rapid expansion of AI data centers, noting that the physical constraints of the U.S. electrical grid.
Click here to visit Trader Ferg’s Substack. - https://traderferg.substack.com/
Companies & Stocks Mentioned: Whitehaven Coal (ASX: WHC), Arch Resources (NYSE: ARCH), CONSOL Energy (NYSE: CEIX), Newhope (ASX: NHC), Yancoal (ASX: YAL), Thungela Resources (LSE: TGA), Bannerman Energy (ASX: BMN), Cameco (NYSE: CCJ), Kazatomprom (LSE: KAP), Sprott Physical Uranium Trust (TSX: U.UN), Yellow Cake PLC (LSE: YCA)
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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.
Tuesday Mar 24, 2026
Tuesday Mar 24, 2026
In this KER Company Update, I am joined by Greg Smith, Vice President of Exploration at Newcore Gold (TSX.V: NCAU | OTCQX: NCAUF). Following the March 18th release of the updated Mineral Resource Estimate (MRE) for the Enchi Gold Project in Ghana, Greg provides a deep dive into the technical milestones and the strategic vision moving the project toward a Pre-Feasibility Study (PFS).
Key Discussion Points:
Updated Resource Milestone: Greg explains the work behind growing the resource to 1.5 million ounces in the Indicated category and 626,000 ounces Inferred, focusing specifically on open-pit constrained ounces to feed into the upcoming PFS.
Different Types Of Mineralization: An analysis of the oxide, transition, and fresh rock mineralization.
Strategic Infrastructure Placement: Why the proximity of the Boin and Sewum deposits is critical, allowing for centralized infrastructure to service multiple high-grade pits.
Aggressive Exploration Outlook: Details on the 60,000-meter drill program, including step-out holes at Kojina Hill and testing high-grade lenses at depth to further expand the project's footprint.
If you have any follow up questions for Luke please email me at Fleck@kereport.com.
Click here to visit the Newcore Gold website. - https://newcoregold.com/
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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.
Tuesday Mar 24, 2026
Tuesday Mar 24, 2026
In this KER Company Update, I am joined by Scott Berdahl, CEO and Director of Snowline Gold (TSX:SGD - OTCQB:SNWGF), to discuss the company’s strategic trajectory for 2026. Despite broader sector volatility, Snowline Gold remains focused on the high-quality fundamentals of its flagship Valley deposit and its extensive exploration pipeline in the Yukon.
Key Discussion Points:
Resource Quality and Economic Resilience: Scott discusses the robustness of the Valley deposit, emphasizing its high-grade nature and low strip ratio, which allow the project to remain highly attractive even at lower gold price scenarios.
Balancing Development and Exploration: A general overview of the 2026 strategy, focusing on de-risking the Valley resource through the Pre-Feasibility Study (PFS) while simultaneously pursuing aggressive regional exploration to identify the next major discovery.
Infrastructure and Permitting Milestones: Insights into the company’s reinforced development team and the conceptual development timeline.
Expansion Potential at Valley: A look at the upside within and around the Valley intrusion.
Financial Position and Market Recognition: With a treasury of approximately $100 million and recent inclusion in the GDXJ, the company is well-capitalized to execute its multi-pronged 2026 work program.
If you have any follow up questions for Scott please email me at Fleck@kereport.com.
Click here to visit the Snowline Gold website to read over the recent news and learn more about the Company - https://snowlinegold.com/
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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.
Monday Mar 23, 2026
Monday Mar 23, 2026
Elaine Ellingham, President and CEO of Omai Gold Mines Corp. (TSXV: OMG) (OTCQB: OMGGF), joins me for an exploration update, with mineralization expanding upon the updated Resource Estimate of 6.5 million ounces of gold in all categories, from the combined Wenot and Gilt Creek Projects at the Company’s 100%-owned Omai Gold Project in Guyana, South America. We also discuss the dual path of the company now, split between exploration, and all the project derisking being factored into development and the upcoming updated economic study.
The Omai Property hosts two orogenic gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit, with a combined updated MRE of:
2,121,000 ounces of gold (Indicated MRE), averaging 2.07 g/t Au in 31.9Mt &
4,382,000 ounces of gold (Inferred MRE), averaging 1.95 g/t Au in 69.6Mt
Multiple drills have been turning from the second half of 2025 through present where an additional ~18,000 meters of new drilling was completed at the Omai Gold property, which will then factor into the imminent updated project Resource Estimate. That updated model will then be incorporated into the upcoming Preliminary Economic Assessment (PEA), slated for Q2 of 2026.
Multiple zones of gold mineralization were intersected in each of these recent assays from drills holes released February 25th, which will be included in the upcoming Mineral Resource Estimate ("MRE"). Highlights from the recent drill holes include:
Hole 25ODD-119W
4.18 g/t Au over 14.6m; including 9.12 g/t Au over 4.1m
2.38 g/t Au over 23.3m; including 3.95 g/t Au over 11.8m
07 g/t Au over 27.4m; including 11.64 g/t Au over 1.1m
73 g/t Au over 17.3m; including 8.61 g/t Au over 5.1m
Hole 25ODD-150W3
1.94 g/t Au over 30.3m; including 3.03 g/t Au over 15.9m, and also including 14.35 g/t Au over 2.5m
Hole 25ODD-159
1.75 g/t Au over 19.3m, and
14.45 g/t Au over 2.5m
The Company is also pleased to announce that next phase of exploration, with a 50,000-metre diamond drill program has commenced. It is designed to further pursue opportunities to expand the overall Omai gold resources, explore certain nearby geophysical anomalies, while continuing the priority work of upgrading the categories from inferred to indicated in the large Wenot resource; which is an important next step. We discussed some of the regional targets of focus at Wenot East, the Camp Zone, BBH, and the Wenot "Handle Target", highlighted through geophysics studies.
This updated Preliminary Economic Assessment will be building upon the prior PEA that was released in 2024, which was only on 45% of the mineral inventory focused on the open-pit at Wenot. That prior PEA did not yet include rest of the resources there at Wenot, nor did it include the underground project economics from the Gilt Creek deposit. The updated PEA slated for next quarter will be much more advanced and will factor in the combined economics of the open-pit at Wenot, and the underground at Gilt Creek, representing the value proposition of the total project more accurately.
Next we reviewed the results from the very long hole, over 2,000 meters in length, that was drilled through the underground deposit at Gilt Creek over into the area deep under the Wenot deposit. The geological thesis of drill hole # 25ODD–122W held up proving that there are additional deep sheer resources well below the known mineralization at Wenot. This points to the much longer mine life that is inferred, even though there has not yet been extensive drilling at depth, below known Wenot mineralization, prior to that hole proving the geological thesis.
Wrapping up we discussed the company valuation compared to peers on a P/NAV basis, recent metallurgical testing, the ongoing permitting process work towards the EIA, and other derisking work on the Project, gathering all the data to be utilized in the upcoming PEA.
If you have any questions for Elaine regarding Omai Gold Mines, then please email those to me at Shad@kereport.com.
Click here to see the latest news from Omai Gold Mines.
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.
Monday Mar 23, 2026
Monday Mar 23, 2026
Drew Clark, President and CEO of Summit Royalties Ltd. (TSX.V: SUM) (OTCQB: SUMMF), joins me to outline the transformational acquisition of Star Royalties and recent acquisition of a 1% NSR on the Saddle North Project, taking their portfolio up to 50 royalty partner projects, across 3 core jurisdictions being Canada, USA, and Australia; mostly focused on gold and silver. Summit is a relatively new company having just gone public in the 2nd half of last year, but is now the fastest growing company in the precious metals royalty sector.
On March 16, 2026, Summit Royalties announced that they have entered into an arrangement agreement pursuant to which, Summit has agreed to acquire all of the issued and outstanding common shares and Star Royalties Ltd. (TSXV: STRR, OTCQX: STRFF).
Transaction Highlights and Strategic Rationale
Immediate Scale & Quality
50 royalties and streams
~63% of net asset value ("NAV") from assets in production or with committed timelines to production; and
Diversified revenue base with 4 assets currently in production, expected to increase to 6 by 2027.
Value accretive transaction on both a NAV per share and 2027E CFPS basis;
Significantly improved near-term cash flow profile with the addition of Copperstone and immediate revenue from Keysbrook;
Addition of a high-quality gold stream on Copperstone that is expected to have significant expansion and exploration upside, with multiple near-term catalysts expected throughout 2026 including a PFS (April 2026), a maiden open-pit resource (H2 2026), and the anticipated commencement of construction later in the year; and
Enhanced Tier-1 jurisdictional exposure.
Industry-Leading GEOs Growth
~47% GEOs CAGR expected over the next 3 years, which would be the highest among junior royalty and streaming companies based on analyst consensus estimates;
Visibility driven by existing development assets and growth from material assets with committed timelines to production; and
Additional upside from identified pipeline and from disciplined future acquisitions.
Accretive & Cash Flow Enhancing
~US$2M of identified annual cost synergies through the elimination of duplicate public company costs, personnel changes, and operational changes;
Copperstone and Pitangui expected to be in production by 2027, increasing estimated 2027 revenue to over US$15M at consensus metal prices; and
Small, agile team with minimal G&A funnels cash flow back into the business.
Meaningful Re-Rate Potential
~C$184M expected pro forma fully-diluted in-the-money market capitalization;
Improved capital markets presence and trading liquidity, with supportive shareholder base; and
Pro forma Summit valued at a significant discount to peers on Price/NAV and Price/2027E cash flow per share ("CFPS") basis.
The Corporation intends to become the next mid-tier streaming and royalty company through future actionable and accretive acquisitions to increase production and cash flow growth. The Corporation currently has no debt and sufficient cash on-hand for use in future acquisitions.
Drew takes us through the growth on tap for 2026 and beyond at their now 4 producing royalties and streams.
Madsen – 1% NSR Royalty focused on gold and operated by West Red Lake Gold Mines in Ontario, Canada
Bomboré – 50% Silver Stream; operated by Orezone in Burkina Faso
Zancudo – 0.5% NSR Royalty; operated by Denarius Metals in Colombia
Keysbrook – 2% minerals royalty on a producing mineral sands mine in Western Australia
Additionally, they will retain exposure to the Green Star Royalties Ltd. joint venture between Star Royalties Ltd. (TSXV: STRR, OTCQX: STRFF), Agnico Eagle Mines Limited (TSX, NYSE: AEM) and Cenovus Energy Inc. (TSX, NYSE: CVE) that invests into North American carbon offset projects in nature-based solutions, renewable energies, as well as other green technologies.
Next we reviewed their key development royalties:
Pitangu – $80/oz until 250 Koz produced – 1.5% NSR thereafter; operated by Jaguar Mining in Brazil and slated to go into production in 2027.
AurMac – 0.5% – 2.0% NSR Royalty Coverage; operated by Banyan Gold in the Yukon, Canada
On March 12, 2026, Summit Royalties Ltd. announced that it has entered into an agreement to acquire a 1.0% net smelter return ("NSR") royalty on the Saddle North Deposit, owned by Newmont Corporation, for consideration of C$5 million paid in shares of Summit.
If you have any follow up questions for Drew about Summit Royalties, then please email them into me at Shad@kereport.com.
Click here to follow the latest news from Summit 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.