The KE Report

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 [email protected] or [email protected].

 

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

 

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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 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 [email protected]. 

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.

[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.

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 [email protected].

 

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.

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.