The KE Report

Paul Jones, President of Versamet Royalties (TSX: VMET) (NASDAQ: VMET), joins me to review the key metrics from the record Q4 and FY2025 financials, and to provide an update on key assets ramping up into production, as well as development-stage assets with workstreams working towards eventual production.  We also look ahead to future mid-sized royalty and streaming transactions to continue growing, and discuss the benefits of the coming big board US exchange listing.

 

Q4 2025 Financial Highlights

 

Record revenue of $18.4 million, an increase of 465% over Q4 2024.

Record attributable gold equivalent ounces1(“GEOs”) of 4,430, an increase of 260% over Q4 2024.

Record operating cash flow before working capital changes2of $13.9 million, an increase of 1,126% over Q4 2024.

Record net income of $15.1 million, an increase of 307% over Q4 2024.

Record adjusted EBITDA3of $13.6 million, an increase of 862% over Q4 2024.

 

Full Year 2025 Financial Highlights

 

Record revenue of $34.8 million, an increase of 189% over 2024.

Record GEOs1of 9,815, an increase of 94% over 2024.

Record operating cash flow before working capital changes2of $24.7 million, an increase of 277% over 2024.

Record net income of $20.3 million, an increase of 931% over 2024.

Record adjusted EBITDA3of $23.0 million, an increase of 336% over 2024.

 

2025 Corporate Highlights

Acquired a copper stream on Endeavour Silver’s operating Kolpa mine in Peru.

Listed on the TSX Venture Exchange and subsequently uplisted to the Toronto Stock Exchange.

Acquired 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”).

Welcomed Nemesia S.à.r.l., a private company controlled by the trusts of the Lundin Family, and Tether Investments S.A. de C.V. (“Tether”), as new shareholders of the Company.

Received inaugural royalty and stream revenues from the Blackwater, Kolpa, Kiaka, Rosh Pinah, and Santa Rita mines.

 

Post Quarter Highlights

Completed a C$142 million equity financing, adding several new institutional and retail shareholders.

Completed a C$22 million private placement with Tether, and separately welcomed Gold Mountains Asset Management Limited, a subsidiary of Zijin Mining Group Co., Ltd., as a new shareholder of the Company.

Listed on the TSX Venture Exchange and subsequently uplisted to the Toronto Stock Exchange.

Fully repaid $80 million on the term loan and repaid $46 million on the revolving credit facility, reducing the amount drawn to $45 million as of March 12, 2026.

Increased revolving credit facility capacity to $225 million, including a $25 million accordion option.

Common shares commenced trading on the NASDAQ.

 

 

If you have any questions for Paul regarding Versamet Royalties, then please email those in to me at  [email protected].

 

 

Click here to follow the latest news from Versamet Royalties

 

 

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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 daily editorial, we are joined by TG Watkins, Director of Stocks at Simpler Trading and Editor of The Profit Pilot. TG provides a deep dive into the technical setups defining the current market landscape, characterized by aggressive volatility and shifting geopolitical narratives.

Key Discussion Points:

Monetizing the Hedges: TG explains the recent "choppy" price action in the S&P 500, where large participants are cashing in puts on market drops, preventing a total crash while maintaining a downward bias.

The Iran Conflict Impact: A look at how geopolitical tensions have driven market fear and how a potential de-escalation could trigger a massive "risk-on" rotation.

Bottoming Signals in Specific Sectors: Why the Homebuilders (XHB) and Cryptocurrency markets may be signaling a short-term bottom despite broader market weakness.

The Outlook for Commodities: An analysis of why Oil (USO) may be double-topping and why Gold (GDX) and Silver (SLV) might be due for a consolidation period as money rotates back into equities and tech.

Key Stocks to Watch: Tactical commentary on leading names like NVIDIA (NVDA) and Tesla (TSLA) as barometers for overall market health.

 

Stocks and Symbols Mentioned: S&P 500 ($SPY), Homebuilders ($XHB, $NAIL), Oil ($USO), Gold ($GDX, $GDXJ), Silver ($SLV), Bitcoin ($BTC), Wolfspeed ($WOLF), Iren ($IREN), Cipher Mining ($CIFR), Hut 8 ($HUT), NVIDIA ($NVDA), Tesla ($TSLA).

 

Click here to visit the Simpler Trading website - https://www.simplertrading.com/

Click here to visit TG’s site - Profit Pilot - https://www.profit-pilot.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.

In this company update, we sit down with Charles Funk, President and CEO of Heliostar Metals (TSX-V: HSTR | OTCQX: HSTXF), to discuss the company’s current gold current gold operations and exploration in Mexico. Following a 60% increase in production guidance, Charles details how the team is optimizing operations in Mexico and leveraging innovative techniques to maximize production at high gold prices.

Key Discussion Points:

Production Growth and Guidance: Charles explains how the company has lifted production to 50-55,000 ounces this year from its Sonora and Durango mines, with a clear organic path to reach 300,000 ounces and an ultimate goal of 500,000 ounces by the end of the decade.

Innovation at La Colorada: A deep dive into the injection leaching process at the La Colorada leach pads, a low-cost method.

Aggressive Exploration Strategy: With nine drill rigs currently turning, the company is focusing on feasibility drilling at Ana Paula while simultaneously seeking to extend the mine life at San Agustin.

Strategic Asset Management: The reasoning behind the recent option agreement with Zacatecas Silver for non-core properties.

Jurisdictional Outlook in Mexico: An honest conversation regarding the current operating environment in Mexico and why Heliostar remains committed to the region despite broader market concerns.

 

Please email me at [email protected] with any follow up questions for the team at Heliostar Metals. 

 

Click here to visit the Heliostar Metals website to learn more about the Company - https://www.heliostarmetals.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.

[Recorded March 13th, 2026 – There is a technical glitch in Danie’s display for the first 45 seconds and then it comes into the video]  —  Michael Rowley, President & CEO, Dr. Danie Grobler, Vice President of Exploration, and Justin Modroo, Project Geophysicist, of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF) provide different layers of input to this exclusive video roundtable with these 3 officers of the Company. We get a visual review the evolving geological understanding from the 2025 drill program, with key exploration initiatives on tap for 2026, and the value proposition at the Stillwater West Ni-PGE-Cu-Co + Au project in Montana.

 

Mike outlines that their Stillwater West Project is a very large polymetallic resource with a substantial copper inventory and the largest nickel project in an active U.S. mining district, in addition to palladium, platinum, rhodium, copper, cobalt, chromium, and gold; plus as yet unquantified amounts of ruthenium and iridium. Overall, Stillwater West is uniquely positioned to become a primary source of 10 commodities now listed as critical, given their location immediately adjacent to Sibanye-Stillwater’s operating mine complex in Montana.

 

Danie shares an overview of the structural controls of the geological environment that hosts the mineralization, using the South African Bushveld Igneous Complex as analog, and how their five “Platreef-style” (or contact-type) Ni-Cu-Co-PGE+Au deposits may tie together in a larger sense.   He goes on to outline why their 2025 exploration initiatives were successful and shows the semi-massive to massive sulfides in the drill core, and in the assays that have been reported thus far.  He also shares how there are several mineralized events in the sulfides bringing in pockets of higher-grade polymetallic zones within the overall bulk tonnage type of deposit

 

Justin goes on to highlight what they are learning from the geophysical surveys over their district-scale land package, and why their team has high-confidence in the upcoming 2026 drill program, to keep stepping out along the parameters and character of this mineralized trend.

 

Highlights and upcoming catalysts:

 

The 2025 drill campaign is now complete, totaling 3,471m in eight holes, with all assays pending near-term release (the first 2 holes results were leased in news out today a few days after the recording of this interview)

The updated MRE will incorporate 14 drill holes totaling 5,781 meters (“m”) from the 2023 and 2025 programs, plus select historic holes not included in the current estimate.

The updated Mineral Resource Estimate is expected in the latter part of H1 2026, and it will mark the next step in advancing Stillwater West as a potential large-scale source of ten minerals listed as critical in the U.S.

The update will build upon the January 25, 2023, Inferred Mineral Resource and results will support further technical studies and economic assessments.

The work is being led by Mr. Timothy Kuhl (MTS) and Dr. Danie Grobler (Stillwater) who together previously worked with the late Dr. Harry Parker on the resource estimation and technical reports for Ivanhoe Mines’ Platreef Mine.

 

To view the YouTube video of this discussion:
https://youtu.be/LT1OhLVUPlQ

 

If you have any questions for the team at Stillwater Critical Minerals, then please email them into me at  [email protected].

 

Click here to follow the latest news from Stillwater Critical Minerals

 

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.

As geopolitical tensions in the Middle East muddy the economic waters, market veterans Rick Bensignor and Dana Lyons dive deep into the technical "cracks" forming beneath the surface of the major indices. This week’s discussion centers on a critical transition: moving away from overextended growth and the "Magnificent 7" toward defensive positioning, tactical cash reserves, and the long-term structural bull case for energy and select mining stocks.

Segment 1 & 2 - In this podcast segment, Rick Bensignor, President of Bensignor Investment Strategies, discusses his tactical approach to the current "choppy" markets and why he has been raising cash in anticipation of a potential correction. He analyzes technical signals for the S&P 500, the implications of rising 10-year Treasury yields, and provides his outlook on the energy, precious metals, and cryptocurrency sectors.

Click here to visit the In The Know Trader website - https://intheknowtrader.com/

 

Segment 3 & 4 - In this interview, Dana Lyons, a fund manager and editor of Lyons Share Pro, discusses current market volatility and his use of inverse ETFs to hedge against near-term risks in broad indexes. He also provides technical outlooks on various sectors, including a bullish long-term view on energy stocks and a cautious perspective on the precious metals complex.

Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services - https://lyonssharepro.com/

 

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 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.