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:
Models Turn Bearish: What flipped and why Lyons is hedging more aggressively.
Selling & Hedging: Taking profits in biotech, exiting uranium, hedging mid-caps and tech.
Volatility Playbook: Using VIX pullbacks to reload positions.
Correction Timing: Why this downturn may last weeks to a few months.
No Guaranteed Safe Havens: Gold, bonds, Bitcoin, dividend stocks - all require active risk management.
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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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.

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:
 
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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.
 

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
 
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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. 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
 
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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. 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
 
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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. 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. (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
 
The ramp up at Lost Creek continued with 93,523 pounds of U3O8 dried and packaged.
Ur-Energy sold 110,000 pounds of U3O8 during the quarter, at an average price of $57.48 per pound, generating revenue of $6.3 million.
Uranium sold in Q3 2025 was sourced from previously purchased inventories. Ur-Energy currently has sufficient produced inventory on hand to meet its remaining 2025 sales obligation of 165,000 pounds.
Four header houses have been brought online this year in Lost Creek's second mine unit ("MU2").
Q3 2025 cash costs per pound of produced inventory remained consistent with Q2, decreasing slightly to $43.00.
As of September 30, 2025, the Company had cash and cash equivalents of $52.0 million.
 
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 Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of UR-Energy at the time of this recording.
 
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.
Metals correction: Gold and silver are only ~10–15% off highs, but many miners - especially juniors - are down 20–40% as momentum traders and generalists step aside.
Majors vs. juniors: Large-cap producers (e.g., Newmont, Fresnillo) are holding up relatively well. Junior producers and developers have sold off sharply, creating what Shad sees as the best value.
Q4 margins & Q1 setup: With gold near $4,000 and silver around $50, producers are enjoying record margins. Shad sees a strong setup for a Q1 seasonal bounce as earnings land.
M&A & valuations: Recent takeovers (like Probe) came at low valuations. Many juniors still don’t reflect $3,500–$4,000 gold or $40–$50 silver in their NPVs.
Financing overhang: Cory highlights heavy financing activity and incoming 4-month holds as key near-term headwinds, reinforcing the need for selectivity.
Other metals:
Uranium: Spot drift to mid-$70s dampens sentiment.
Copper: Stable near $5/lb; producers outperforming the metal.
Lithium: ETF rebound—nearly doubled since April lows.
Positioning outlook: Shad is accumulating select juniors into weakness; Cory prefers patience until clearer uptrends form, though he sees potential catalysts from policy shifts or a major new discovery.
Stocks & ETFs Mentioned: GDX, GLD, SLV, PSLV, COPX, LIT, Newmont ($NEM), Fresnillo ($FRES), Silver X, Impact Silver, Guanajuato Silver, Avino Silver & Gold.
 
Let us know your thoughts on the KER Market QuickTakes - Fleck@kereport.com and Shad@kereport.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. 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 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
Project Background Springer hosts a 2012 historic resource with mineralization open in multiple directions.
Rare Earth Profile Predominantly light REEs with meaningful heavies - recent drilling shows 8–10% heavies by value.
Drill Program Results First two holes returned near-continuous mineralization, including 439m at ~1% TREO with higher-grade zones.
Resource Update Path Four-hole program supports a new current resource estimate expected in January.
Next Steps Winter drill program planned to expand the deposit toward PEA-level studies.
Cost & Infrastructure Advantages All-in drilling ~$200/m, aided by paved road access, nearby hydropower, and proximity to Sudbury/North Bay.
Valuation Snapshot ~100M shares out; ~C$23M market cap.
Upcoming News Remaining assays (including gallium), metallurgical updates, new resource, and next drill campaign.
Please email me with any follow up questions for Kerem - Fleck@kereport.com
Click here to visit the Volta Metals website. 
 
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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.