The KE Report

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
 
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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.
 
 

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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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 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
 
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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.

In this KE Report Company Update, we’re joined by Bob Archer, President and CEO of Pinnacle Silver and Gold (TSX.V:PINN - OTC:PSGCF - FSE:P9J), for an update on the El Potrero Project in Mexico.
Bob discusses the latest sampling results, upcoming drill plans, and the company’s growth strategy as Mexico’s mining sector shows renewed momentum.
Key Discussion Highlights:
New Mineralized Zone: Over 700 underground samples confirm both extensions of known veins and a newly identified zone within the Dos de Mayo system.
Drill Plans: Underground drilling expected to begin in Q1 2026, starting at Pinos Ques, then Dos de Mayo and La Dura.
Positive Permitting Environment: Recent approvals, like Silver Tiger’s, signal that Mexico is open for mining again.
Exploration Expansion: A LiDAR survey is underway to map structures and identify new targets such as La Australia, 500m south of the main trend.
Growth Outlook: Pinnacle is actively reviewing additional past-producing projects to fast-track future production.
Please email me with any follow up questions you have for Bob - Fleck@kereport.com.
 
Click here to visit the Pinnacle Silver and Gold website to learn more about the company and read over the recent news 
 
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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 companie

In this KE Report Company Update, we’re joined by Brett Heath, CEO of Metalla Royalty & Streaming (TSX.V:MTA - NYSE:MTA), to review the company’s record-breaking Q3 financials and updates on key royalty assets advancing toward higher production.
Key Discussion Highlights:
Record Q3 Results: First-ever positive net income alongside record revenue, cash flow, and adjusted EBITDA.
Rising Gold Equivalent Ounces: Deliveries climbed to 1,155 GEOs, driven by Tocantinzinho, La Guitarra, and new Endeavor royalties.
Côté-Gosselin Royalty Expansion: Increased to 1.5% NSR on IAMGOLD’s growing project, expected to exceed 10Moz by 2026.
Top Performing Assets: Tocantinzinho and Wharf mines showing strong output; Endeavor began paying royalties in Q3.
Growth Pipeline: Copper World (Hudbay–Mitsubishi), Taca Taca, and Castle Mountain moving toward construction.
Financial Strength: Near net-cash position with a US$75M credit facility to fund future acquisitions.
Please email me with any other questions you have for Brett - Fleck@kereport.com. 
 
Click here to visit the Metalla Royalty & Streaming website to learn more about the Company and portfolio of royalty and stream assets. 
 
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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.

Precious metals rebound, copper positioning, and insights from the New Orleans Investment Conference
This week’s Weekend Show dives deep into the current phase of the metals bull market - exploring how investors should navigate the sharp rebounds in gold and silver and where to look next as copper and base metals build momentum.
Segment 1 & 2 - We’re joined by Matt Geiger, Managing Partner at MJG Capital, to unpack the precious-metals pullback and rebound - his base case is a multi-month consolidation within an intact bull market, with producers showing leverage and M&A accelerating. He discusses how MJG has trimmed precious-metals exposure, built cash, stayed overweight copper on looming supply deficits, and is favoring high-quality juniors and prospect generators.
Click here to visit the MJG Capital website to learn more about Matt’s fund
 
Segment 3 & 4 - Wrapping up the show with Brien Lundin, editor of The Gold Newsletter and host of the New Orleans Investment Conference, discussing the strong turnout and investor optimism at this year’s event, the continued undervaluation and upside potential in precious metals and energy stocks, the importance of identifying credible newsletter writers, and his insights on portfolio strategy and standout exploration plays in the current metals bull market.
Click here to learn more about the New Orleans Investment Conference and access the conference recordings. 
 
If you enjoy the show, be sure to subscribe to our podcast feed (KER Podcast), YouTube channel, and follow us on X for more market commentary and company interviews. Don’t forget to subscribe and leave us a review!
 
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 may own shares in companies mentioned.
 

In this KE Report Company Update, we’re joined by Craig Nicol, Founder and CEO of Graphene Manufacturing Group (TSX.V:GMG - OTCQX:GMGMF), for a detailed discussion on the company’s latest milestones across its Thermal-XR®, G® Lubricant, and battery divisions - including key distribution deals, EPA approval timelines, and next-generation production plans.
 
Interview Highlights:
Thermal-XR® Expansion: New Beijer Ref and Kirby Network agreement in Australia adds coating as a standard option on HVAC coils, backed by a 5-year warranty and energy savings.
U.S. Market Entry: EPA approval expected by December, enabling Nu-Calgon rollout and first shipments to U.S. customers.
G® Lubricant Rollout: European sales launching with palletized product; strong trial feedback and early fleet testing showing up to 30% fuel savings.
Battery Development: Advancing fast-charge graphene aluminum-ion battery; validation testing underway with Rio Tinto (NYSE:RIO) and other partners.
Graphene Scale-Up: Gen-2 production system under construction in Brisbane - 20× output increase, low capex (~A$2M), and future North America expansion planned.
Upcoming Catalysts:
EPA approval and U.S. product launch
Distribution & fleet data updates
Battery testing results
Gen-2 plant commissioning mid-2026
Please keep the questions coming! Email me at Fleck@kereport.com.
Click here to visit the GMG website to learn more about the Company. 
 
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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.

In this KE Report Daily Editorial, we chat with Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of Marc to Market, about shifting global monetary policies, currency trends, and the ongoing dominance of the AI trade in shaping market sentiment.
Key Discussion Highlights:
Fed and BoE Divergence: Markets cut odds of a Fed rate cut in December, while expecting the Bank of England to ease after weak U.K. data.
Currency Moves: Dollar Index steadies near 99; Sterling holds firm despite growth worries.
BOJ and Yen: Bank of Japan unlikely to hike soon; yen nears 155 per USD, raising chances of intervention.
AI Market Hype: Mark compares today’s AI boom to the dot-com era, warning of overbuild and excess capacity.
Beyond Tech: Notes weakness in rare earths, but ongoing opportunity in Bombardier and regional transport.
Overall, global markets remain range-bound as traders await clearer signals from central banks and tech leaders.
 
Click here to visit Marc’s site - Marc To Market - https://www.marctomarket.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.

Targa Exploration (CSE:TEX - OTCQB:TRGEF - FRA:V6Y) is expanding its portfolio with new option agreements on two gold projects in Argentina while advancing its Opinaca Gold Project in Quebec. CEO Cameron Tymstra joins me to outline this strategic move and what’s next for the company.
Key Discussion Points:
Argentina Expansion: Option to earn up to 80% interest in El Zanjón and Venidero projects.
Low-Cost, Low-Dilution Terms: Minimal cash outlay and manageable work commitments.
District Potential: El Zanjón sits on the same trend as Cerro Vanguardia, a 6Moz gold–80Moz silver producer.
Next Steps: ~2,000m drill program and new IP surveys at El Zanjón; early-stage work at Venidero.
Opinaca Update: Over 3,600m drilled, assays expected early December.
Year-Round Exploration: Argentina projects offset Quebec’s winter, ensuring steady news flow.
Click here to visit the Targa website and read over the recent news. 
 
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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.