The KE Report

Paul Jones, President of Versamet Royalties (TSX: VMET) (NASDAQ: VMET), joins us to outline the key benefits and considerations from the news on April 6th which announced their acquisition of a 3.52% existing gold stream, from fund entities managed by Orion Resource Partners LP and fund entities managed by affiliates of Blackstone Inc., in respect of gold production from the Eskay Creek gold-silver project; owned and operated by Skeena Resources Limited, and located in British Columbia, Canada,

 

Versamet paid an upfront cash payment of $340 million and issued 2,054,906 common shares to the Vendors. Versamet funded the upfront cash payment through an amended and restated credit facility, which includes an increase of the existing revolving facility from $200 million to $250 million, maturing in March 2029, and a new term facility in the amount of $150 million, maturing in March 2028, for a combined total of $400 million, from the Bank of Montreal and National Bank of Canada. The Amended Credit Facility provides for a $100 million accordion on the revolving facility once the term facility has been repaid in full.

 

Gold Stream Summary

 

Gold Stream:Under the Gold Stream, Versamet is entitled to receive 3.52% of the payable gold production for the life of the mine, provided that the mine successfully achieves certain completion tests on or before September 30, 2027. The Gold Stream is uncapped and has no step-downs or buydown provisions and includes an area of interest.

Production Profile:Eskay is expected to produce an average of over 300,000 ounces of gold per year in its first 5 years and an average of approximately 230,000 ounces of gold per year over its initial 12 year life.

Delivery Payments:For gold ounces delivered to the Gold Stream, Versamet will make ongoing cash payments equal to 10% of the spot gold price at the time of delivery.

Gold Stream Percentage:If the completion tests are not satisfied by September 30, 2027, the stream percentage shall increase to 3.57%, 3.62% and 3.67% if completion is achieved in the first, second or third calendar quarters following September 30, 2027, respectively, and a further additional 0.13% per quarter for the remaining calendar quarters until satisfaction of the completion test.

Minimum Delivery Provision:If a cumulative total of 2.61 million ounces of payable gold applicable to the Gold Stream has not been produced by April 1, 2040, Versamet is entitled to a one-time delivery of gold equal to the difference between cumulative gold ounces delivered to the Gold Stream at the time and 2.61 million ounces multiplied by the Gold Stream percentage at the time.

Security:The Gold Stream is secured over the Eskay Creek project assets.

 

Paul highlights the nuances between streams versus royalties, the positive tax treatment the stream will receive, the importance of partnering on robust projects with strong operators, and the torque that royalty companies can have if they can demonstrate meaningful growth to the market. 

 

Once Eskay is up and operating at full commercial production, it should augment the projected 20,000-23,000 Gold Equivalent Ounces (GEOs) by an additional 10,000 GEOs per annum.  Paul points out that by borrowing approximately 1/3 of their overall market cap, that they’ve increased the GEOs by essentially half; not including any future exploration or production upside on the Project.

 

 

If you have any follow up questions for the team over at West Red Lake Gold please email us at [email protected] and [email protected].

 

 

Click here to follow the latest news from Versamet 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, and companies profiled may be sponsors of the KE Report.

Will Robinson, VP of Exploration at West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins us to review some of the recent high-grade gold drill results returned from the Austin 904 Complex, underground at the 13 level of the Madsen Gold Project, in the Red Lake district of Ontario, Canada.  We also discuss some of the exploration news on tap in 2026, with assays pending from Fork and Rowan, underground drilling planned along the 13 East Drive into Austin and Derlak, and surface drilling planned at Starratt-Olsen.

 

AUSTIN 904 COMPLEX HIGHLIGHTS:

 

Hole MM26D-13-4881-031 intersected 5.35m @ 215.46 g/t Au, from 135.10m to 140.45m, including 2.95m @ 388.90 g/t Au, from 136.00m to 138.95m. 

Hole MM26D-13-4881-034 intersected 4.05m @ 50.34 g/t Au, from 135.5m to 139.55m, including 0.5m @ 390.36 g/t Au, from 137.05m to 137.55m.

Hole MM26D-13-4881-018 intersected 3m @ 61.70 g/t Au, from 122.5m to 125.5m, including 0.5m @ 61.70 g/t Au, from 123.5m to 124.0m.

Hole MM26D-13-4881-026 intersected 8.65m @ 13.25 g/t Au, from 122.35m to 131.00m, including 0.95m @ 42.63 g/t Au, from 123.00m to 123.95m; also including 4m @ 17.64 g/t Au, from 125m to 129m.

 

The results from Austin 904 Complex presented in this update were all drilled from the 13 Level of the Madsen Mine at approximately 650m depth. These results are in addition to those recently announced on February 25, 2026 which highlighted 219.73 grams per tonne (“g/t”) gold (“Au”) over 4.8 metres (“m”), 148.36 g/t Au over 3m and 133.13 g/t Au over 2.5m.

 

The Austin 904 presents a unique opportunity in Madsen as a completely intact panel of gold mineralization approximately 200m by 200m in size. This area of the deposit was not historically mined by the old-timers, (as it contained key ventilation infrastructure at that time which is no longer required).  This is rare for the Madsen deposit and places WRLG in a favorable position to have full access to the entire mineralized zone for mining.  This untapped potential is expected to result in larger stopes and increased efficiency during mine design and extraction.

 

Recent drilling success from the Austin 904 demonstrates the potential for discovery of additional high-grade lenses of gold mineralization in the main Austin Zone very similar to those that have already been delineated in the South Austin 4447 area during the 2025 campaign.

 

Will mentions that more assays are still pending from the 3,000 meters of drilling at Fork, and the 6,000 meters of drilling at the satellite Rowan deposit.  With regards to future exploration, there will be upcoming underground drilling planned along the 13 East Drive into Lower Austin and Derlak, and more surface drilling into the prior-producing Starratt-Olsen area; which is near-surface and adjacent to Fork.

 

 

If you have any follow up questions for the team over at West Red Lake Gold please email us at [email protected] and [email protected].

 

Click here to visit the West Red Lake Gold website and read over the recent news we discussed.

 

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, and companies profiled may be sponsors of the KE Report.

Victor Cantore, President and CEO of Amex Exploration Inc. (TSX.V: AMX) (OTCQX: AMXEF), joins me for an exclusive KER video update, with a visual overview of the Perron Gold Project located in Quebec, Canada. We review the constructive advantages to their site infrastructure, get an exploration update on their expanded land package, highlight the key metrics from the Phase 1 Feasibility Study, and outline the next key milestone as the move into a trial-mining bulk sample process.

 

Feasibility Phase 1 Highlights Released on March 13, 2026:

 

Gold production to average 147,000 oz per year over the 5 years of commercial Phase 1 production at an All in Sustaining Cost (“AISC”) of USD$910/oz Au.

Projected Post-Tax IRR of 114.6% and Post-Tax NPV5 of CAD$1.13 billion generated from a Cumulative Undiscounted Post-Tax Cash Flow of CAD$1.44 billion at an assumed gold price USD$3,500/oz.

The Phase 1 Feasibility Study evaluates an initial development scenario at Perron, building on the broader potential outlined in the September 2025 PEA, which indicated a potential mine life of approximately 17 years.

Phase 1 mine development consists of two (2) years pre-production, followed by five (5) years of commercial mining and toll milling operations

Executing a toll milling approach reduces risks and accelerates production schedule targeting revenue in 2028

 

The next key company milestone, before getting to this Phase 1 scenario outlined in the Feasibility Study, will be moving next into the development process for trial-mining of the high-grade Champagne Zone in a bulk sample, to commence the middle of 2027. 

 

This bulk sample will accomplish some of the early-stage development slated for Phase 1 in advance (lowering the stated capex in the F.S.).

The company is now permitted to proceed towards site and ramp development over the next year.

The plan is then to mine this material for the bulk sample, and process ~40,000 tonnes via toll-milling at a nearby plant; which should result in production of around 20,000-23,000 ounces of gold.

This bulk sample will be a learning experience in how the mining process, grade reconciliation, and metals recoveries compare to the economic studies in place; while also generating non-dilutive capital to assist with much of the capital needed for Phase 1 development.

 

The revenues generated from the bulk sample in 2027, then the 4-5 years of DSO toll-mining in Phase 1, will fund the exploration and development work that feeds into the Phase 2 studies.  Phase 2 will envision the move into a larger production scenario building a processing plant on site, from the robust revenues projected during Phase 1.

 

In addition to all the development slated for this year, the company is pressing forward with an aggressive 100,000 meter drill campaign, continuing to delineate and expand resources at the main Perron Project; while also beginning to explore on their expanded land package across the provincial border into Ontario.  The company has substantially increased their land holdings through a combination of staking claims and the 2 recent acquisitions of the Perron West and the Abbotsford/Hepburn properties.

 

 

If you have any questions for Victor regarding Amex Exploration, then please email them into me at [email protected], and we’ll get those addressed or covered in future interviews.

 

In full disclosure, Shad is a shareholder of Amex Exploration 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 Amex Exploration

 

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, and companies profiled may be sponsors of the KE Report.

Maura Kolb, President, of Dryden Gold Corp (TSX.V: DRY) (OTCQB: DRYGF), joins me for an exploration update where there have been three new high-grade gold discoveries on the Big Master Gold System at Gold Rock. The new Sparrow and Ruby discoveries represent 300-meter step-outs to the northeast from the known high-grade zones at Treasure and Barrelman (Figures 1 & 2).   We also discuss the 2026 work program at the 3 regional areas:  Gold Rock Camp, Sherridon, and Hyndman across their Dryden Gold District, in Northwestern Ontario, Canada.  

We’ll be covering all of these 3 regional areas of focus in visual detail in an upcoming webinar next Tuesday May 21st (more information down below).

 

We start off reviewing some the key targets drilled last season and this season so far at 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. 

 

 Highlights:

 

Confirms high-grade gold on two new fault intersection targets.
-Drill hole DGR-048 intercepted 4.25 meters grading 32.87 g/t gold, including 0.50 meters of 252.00 g/t gold on BM1 (Sparrow).
- Drill hole DGR-049 intercepted 4.00 meters grading 6.51 g/t gold, including 1.50 meters of 16.10 g/t gold on BM2 (Ruby).

Extends high-grade gold mineralization below the historical Big Master Mine.
- Drill hole DRG-047 was collared 300 meters south of (Barrelman) near the historic Big Master Mine and intercepted 3.80 meters grading 13.08 g/t gold, including 1.15 meters of 41.45 g/t gold (Buccaneer).

Development of new 3-D figures featuring BM1 and BM2 mineralized structures as grade thickness contoured long sections with D3 structural intersections.

Click for interactive 3-D link and video https://mininghub.com/3d/v/x3JTVxwP

 

We discuss the significance of the broader bulk tonnage mineralization that is then being upgraded by these multiple high-grade intercepts along the hanging wall and foot wall parallel trends; and why it is encouraging to keep seeing both types of mineralization for the overall continuity of the deposit.

 

Next we discussed the upcoming work programs on tap in the Gold Rock Camp to test the depth components along the Elora-Jubilee and Big Master trends.  Additionally, the Mud Lake target, further up the Gold Rock trend is going to be getting more exploration work this season, as potential similar style deposit.

 

Wrapping up, we shifted over to the regional Sherridon and Hyndman area.  The first 6 holes were drilled at Hyndman this season and they pending assays coming back from the lab imminently.   

 

TO REGISTER FOR THE UPCOMING DRYDEN GOLD WEBINAR NEXT TUESDAY APRIL 21ST at 10am Pacific / 1PM Eastern, then click on the link below:

https://us06web.zoom.us/webinar/register/WN_DX5gVzGSR_23fo5V7hE-Yg

 

Click here to follow the latest news from Dryden Gold

 

If you have any questions for Maura regarding Dryden Gold, then please email them into me at [email protected].

 

 

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, and companies profiled may be sponsors of the KE Report.

In this Daily Editorial, we are joined by Dave Erfle, Founder and Editor of Junior Miner Junky, to discuss the broad market rebound and the shifting sentiment within the precious metals sector. As gold and silver recover from recent drops, Dave provides a deep dive into whether the "bottom is in" for the mining stocks.

Key discussion points include:

Market Sentiment and Geopolitical Shifts: Exploring how the broader markets are projecting an end to Middle East tensions and what this means for the recent rotation out of the oil sector and back into equities.

Technical Corrections in Gold and Silver: A breakdown of the recent peaks and the subsequent de-leveraging event that saw sharp but healthy corrections in both the physical metals and the mining ETFs.

Key Moving Averages for GDX and GDXJ: Identifying the critical price levels and weekly closes required to confirm that the mining sector has officially bottomed.

The "Universal Chart" Phenomenon: Assessing the synchronized movement across gold, silver, copper, and uranium, and whether we are looking at a V-shaped recovery or a longer consolidation period.

Mining Sector Fundamentals and Dividends: Why current producer margins and balance sheets are arguably the strongest in decades, even as generalist investors have yet to fully return to the space.

 

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter - https://www.juniorminerjunky.com/

 

----------------

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.