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Robinhood Registered user
@uifeed.com
Subscribed 4 years, 10 months ago
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“Did 2025 end badly for OpenAI?” is not one of them.
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Presented by
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Hey Snackers,
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<p style="margin:0;margin-bottom:16px">
An unexpected beneficiary of the Iran war? Maritime shipping intelligence platforms. The owners of
<a style="text-decoration: underline; color: #5869ff;">
<strong>
MarineTraffic
</strong>
</a>
, an app that provides real-time ship movement and location data in harbors and ports, has gained millions of new users since the conflict began, and many of them are paying a premium, meaning the app’s top line has been
<strong>
</strong>
<a style="text-decoration: underline; color: #5869ff;">
<strong>
floating straight up
</strong>
</a>
.
<strong>
</strong>
</p>
<p style="margin:0">
Stocks
<a style="text-decoration: underline; color: #5869ff;">
<strong>
fell from record highs
</strong>
</a>
on Tuesday, with the S&P 500, Nasdaq 100, and Russell 2000 all trading lower as the AI trade was dragged down by a Wall Street Journal report on
<strong>
OpenAI
</strong>
(more on that below).
</p>
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JUST ASKING QUESTIONS
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<strong>
“Did 2025 end badly for OpenAI?” is the wrong question. Here are the 2 questions that do matter.
</strong>
</h1>
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<p style="margin:0;margin-bottom:16px">
<strong>
OpenAI
</strong>
once again
<a style="text-decoration: underline; color: #5869ff;">
<strong>
weighed on a raft of its suppliers and partners
</strong>
</a>
after The Wall Street Journal
<a style="text-decoration: underline; color: #5869ff;">
<strong>
reported
</strong>
</a>
<strong>
</strong>
that the company has missed a number of internal revenue and user targets, as its competition with
<strong>
Anthropic
</strong>
and others heats up.
</p>
<p style="margin:0;margin-bottom:16px">
The
<a style="text-decoration: underline; color: #5869ff;">
<strong>
goals missed
</strong>
</a>
<strong>
</strong>
reportedly include a target to hit 1 billion weekly active users by the end of 2025, its annual revenue target for ChatGPT last year, and multiple monthly revenue targets this year, as Anthropic has surged ahead in the enterprise markets.
</p>
<p style="margin:0">
So, where to from here?
</p>
</div>
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<td class="pad" style="padding-top:10px;padding-bottom:15px;padding-left:10px;padding-right:10px">
<div style="margin-left:-20px">
<ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
<li aria-level="1" style="Margin:0 0 8px 0">
We spent the final two months of 2025
<a style="text-decoration: underline; color: #5869ff;">
<strong>
punishing stocks for being close to OpenAI
</strong>
</a>
, and until April, those names remained in the penalty box, lagging the Nasdaq 100 and significantly trailing
<a style="text-decoration: underline; color: #5869ff;">
<strong>
Google
</strong>
</a>
-linked stocks.
</li>
<li aria-level="1" style="Margin:0 0 8px 0">
<a style="text-decoration: underline; color: #5869ff;">
<strong>
What really matters?
</strong>
</a>
Does OpenAI understand why it lost market share among enterprises, and can OpenAI compete on quality? Solve those two questions, and this is just a rough patch. Fail to, and no amount of compute can solve its issues.
</li>
<li aria-level="1" style="Margin:0 0 8px 0">
Most of OpenAI’s
<a style="text-decoration: underline; color: #5869ff;">
<strong>
internal
</strong>
</a>
and
<a style="text-decoration: underline; color: #5869ff;">
<strong>
external
</strong>
</a>
<strong>
</strong>
communiques in 2026 have taken care to spotlight the growth of Codex (its AI coding tool) and how enterprise revenues are gaining ground on consumer sales within the firm. This appears to be a company that’s
<a style="text-decoration: underline; color: #5869ff;">
<strong>
better balancing
</strong>
</a>
the need for enterprise depth to go along with its consumer breadth.
</li>
</ul>
</div>
</td>
</tr>
</table>
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<tr>
<td class="pad" style="padding-bottom:10px">
<div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
<p style="margin:0">
One thing OpenAI does have going for it is that the best ability is availability. OpenAI has sought to make this a key differentiating and selling point relative to Anthropic. The Claude developer has been bedeviled by complaints about use limits and is in the midst of a mad scramble for compute that’s seen it strike or expand deals with
<strong>
</strong>
<a style="text-decoration: underline; color: #5869ff;">
<strong>
CoreWeave
</strong>
</a>
,
<strong>
</strong>
<a style="text-decoration: underline; color: #5869ff;">
<strong>
Amazon
</strong>
</a>
,
<strong>
</strong>
<a style="text-decoration: underline; color: #5869ff;">
<strong>
Google
</strong>
</a>
,
<strong>
</strong>
and
<strong>
</strong>
<a style="text-decoration: underline; color: #5869ff;">
<strong>
Broadcom
</strong>
</a>
over the past month.
</p>
</div>
</td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
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<tr>
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<span class="tinyMce-placeholder" style="word-break: break-word;">
THE TAKEAWAY
</span>
</h1>
</td>
</tr>
</table>
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<p style="margin:0;margin-bottom:16px">
Commoditization might sound like a bit of a dirty word, or like it’s devaluing the impact of
<a style="text-decoration: underline; color: #5869ff;">
<strong>
a potentially revolutionary technology
</strong>
</a>
. But at its essence, all we’re describing here is the ability of AI tools to produce a (roughly) standardized and reliable output: you don’t think twice about whether the gas you’re putting in your car at Exxon Mobil will be any better or worse than Shell’s. Both get you where you want to be.
</p>
<p style="margin:0">
To tie these two points together: if Exxon Mobil is closed and Shell is open, well, then there’s really no choice for whose fuel you’ll be using.
</p>
</div>
</td>
</tr>
</table>
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Read more
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<strong>
Presented by Versamet
</strong>
</span>
</span>
</span>
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<strong>
A New Entrant To The Royalties Race?
</strong>
</h1>
</td>
</tr>
</table>
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<a target="_blank">
<img alt="" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Ffss%252Ffvl7w8%252F33cf3ea6-2afc-46d7-b6c9-412d21432735%252Fversamet-gold-vs-economics-chart-apr-min.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCIsInRpbWUiOjE3Nzc0NTkxNTQuODYyMTkzM30:1wI2K2:9BDEnOz2dVVpjNRS4AB4YyTiQKDq44G3LSJdxwaL4fY" style="display:block;height:auto;border:0;width:100%" title="" width="548"/>
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<p style="margin:0;margin-bottom:16px">
For decades, three names have owned the gold royalty sector. There has never been a credible fourth — but Versamet is positioning to take the spot.
</p>
<p style="margin:0;margin-bottom:16px">
Led by a team that has already built and sold a gold royalties company from the ground up,
<a style="text-decoration: underline; color: #5869ff;">
<strong>
Versamet (Nasdaq: VMET)
</strong>
</a>
is a rapidly growing precious metals powerhouse.
</p>
<p style="margin:0;margin-bottom:16px">
Here’s the math: Versamet acquires royalties and streams on world-class mining projects, which return revenue as attributable Gold Equivalent Ounces (GEOs). More GEOs mean more cash flow to fund new deals, creating a compounding growth effect. After nearly doubling 2024 GEOs to ~9,815 in 2025,
<sup>
1
</sup>
Versamet projects a jump to 20,000–23,000 GEOs by the end of 2026,
<sup>
2
</sup>
representing 4x growth in just three years.
</p>
<p style="margin:0;margin-bottom:16px">
As gold continues to gain structural strength, the company could be entering a major inflection point in its growth curve. And with an average mine life of 15 years across the portfolio,
<a style="text-decoration: underline; color: #5869ff;">
<strong>
Versamet (Nasdaq: VMET) has a long-term cash flow duration
</strong>
</a>
that can provide a stable foundation of underlying value.
</p>
<p style="margin:0">
<a style="text-decoration: underline; color: #5869ff;">
<strong>
Get diversified gold exposure with Versamet
</strong>
</a>
.
</p>
</div>
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</td>
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<strong>
BAGS MAY SHIFT DURING OUR ASCENT
</strong>
</span>
</span>
</span>
<!--[if mso]></center></v:textbox></v:roundrect><![endif]-->
</td>
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<strong>
The 6 biggest US airlines spent $1.2 billion more on fuel in Q1, and things are about to get worse
</strong>
<strong>
</strong>
<a style="text-decoration: underline; color: #5869ff;">
</a>
</h1>
</td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
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<p style="margin:0">
Collectively, the country’s six biggest carriers spent
<a style="text-decoration: underline; color: #5869ff;">
<strong>
about $1.2 billion more
</strong>
</a>
on fuel in the quarter that ended in March than in Q1 of 2025. Given this year’s first quarter included only one month of the war in Iran, things are likely going to get worse.
</p>
</div>
</td>
</tr>
</table>
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<tr>
<td class="pad" style="padding-top:10px;padding-bottom:15px;padding-left:10px;padding-right:10px">
<div style="margin-left:-20px">
<ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
<li aria-level="1" style="Margin:0 0 8px 0">
Carriers expect to pay about $4.26 per gallon for jet fuel in Q2, up from $2.80 in Q1.
</li>
<li aria-level="1" style="Margin:0 0 8px 0">
Looking ahead, carriers expect the seat belt sign to stay on.
<a style="text-decoration: underline; color: #5869ff;">
<strong>
Delta Air Lines
</strong>
</a>
forecast a $2 billion hike to its Q2 fuel bill, and
<a style="text-decoration: underline; color: #5869ff;">
<strong>
Alaska Air
</strong>
</a>
guided for an increase of “$600 million or more.”
</li>
<li aria-level="1" style="Margin:0 0 8px 0">
As recent flyers will know, airlines have been making attempts to “recapture” fuel costs through higher fares, fewer flights, and the
<a style="text-decoration: underline; color: #5869ff;">
<strong>
hiking of bag fees
</strong>
</a>
<strong>
</strong>
in recent weeks. Still, those efforts are slow-going and need to be carefully done to have the lowest impact on demand.
</li>
<li aria-level="1" style="Margin:0 0 8px 0">
“To state the obvious, the best type of fuel recapture is not to purchase the fuel in the first place,” Delta CEO Ed Bastian said on the company’s earnings call earlier this month. The company said it expects to recover up to half of its higher fuel costs in the quarter.
</li>
</ul>
</div>
</td>
</tr>
</table>
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<tr>
<td class="pad" style="padding-bottom:10px">
<div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
<p style="margin:0">
<a style="text-decoration: underline; color: #5869ff;">
<strong>
United Airlines
</strong>
</a>
and
<a style="text-decoration: underline; color: #5869ff;">
<strong>
American Airlines
</strong>
</a>
similarly guided for up to 50% recovery in Q2, while
<a style="text-decoration: underline; color: #5869ff;">
<strong>
JetBlue
</strong>
</a>
expects to recapture up to 40% of its Q2 fuel bill.
<a style="text-decoration: underline; color: #5869ff;">
<strong>
Southwest Airlines
</strong>
</a>
COO Andrew Watterson called recapture
<a style="text-decoration: underline; color: #5869ff;">
<strong>
forecasts a “dangerous game.”
</strong>
</a>
</p>
</div>
</td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
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<tbody>
<tr>
<td>
<table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
<tbody>
<tr>
<td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:top" width="100%">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
<tr>
<td class="col-pad" style="padding-left:25px;padding-right:25px">
<table border="0" cellpadding="0" cellspacing="0" class="heading_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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<h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:23px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:28px">
<span class="tinyMce-placeholder" style="word-break: break-word;">
THE TAKEAWAY
</span>
</h1>
</td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
<tr>
<td class="pad" style="padding-bottom:10px">
<div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
<p style="margin:0;margin-bottom:16px">
Per United CEO Scott Kirby, to recover the full amount of higher fuel costs, the carrier would need to earn between 15% and 20% more per passenger.
</p>
<p style="margin:0">
“As yields increase, there will be an elasticity effect on demand, [which] we’re estimating will lead to less overall demand,” said Kirby. “While we haven’t actually seen that decline yet, Econ 101
<a style="text-decoration: underline; color: #5869ff;">
<strong>
makes us believe it’s coming
</strong>
</a>
.”
</p>
</div>
</td>
</tr>
</table>
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<strong>
THE BEST THING WE READ TODAY
</strong>
</span>
</span>
</span>
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<strong>
Meta could be getting ready to post its highest revenue growth since 2021
</strong>
</h1>
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<p style="margin:0">
When
<a style="text-decoration: underline; color: #5869ff;">
<strong>
Meta
</strong>
</a>
reports first-quarter earnings today after the bell, analysts and
<a style="text-decoration: underline; color: #5869ff;">
<strong>
Meta itself
</strong>
</a>
expect that its revenue could rise more than 30% compared to the same period last year — the company’s biggest year-over-year jump since 2021. Meta is even
<a style="text-decoration: underline; color: #5869ff;">
<strong>
expected to surpass
</strong>
</a>
<a style="text-decoration: underline; color: #5869ff;">
<strong>
Google
</strong>
</a>
in one
<a style="text-decoration: underline; color: #5869ff;">
<strong>
key revenue stream
</strong>
</a>
.
</p>
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<td class="col-pad" style="padding-left:25px;padding-right:25px">
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<strong>
Snacks Shots
</strong>
</h1>
</td>
</tr>
</table>
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<tr>
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<div style="margin-left:-20px">
<ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
<li aria-level="1" style="Margin:0 0 8px 0">
🎬
<strong>
“The Devil Wears Prada”:
</strong>
“The Devil Wears Prada 2,” the highly anticipated sequel, comes out this week. While the embargo for formal reviews lifts today, reactions have already been hitting social media, and
<a style="text-decoration: underline; color: #5869ff;">
<strong>
the general consensus seems mostly positive
</strong>
</a>
. Following the social media embargo lifting, the prediction market odds* of the film’s Rotten Tomatoes score coming in above 70
<a style="text-decoration: underline; color: #5869ff;">
<strong>
rose from 26% to 65%
</strong>
</a>
.
</li>
<li style="Margin:0 0 8px 0">
⛽
<strong>
Gasoline:
</strong>
US gas prices climbed on Tuesday to their highest level in four years as peace talks between the US and Iran remain at a standstill. The national average gas price
<a style="text-decoration: underline; color: #5869ff;">
<strong>
is currently $4.18 per gallon, according to the American Automobile Association
</strong>
</a>
. The probability that gas finishes April at $4.25 or higher has shot up from 7% as recently as Monday
<strong>
</strong>
<a style="text-decoration: underline; color: #5869ff;">
<strong>
to 56% as of yesterday evening
</strong>
</a>
.
</li>
</ul>
</div>
</td>
</tr>
</table>
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<tr>
<td class="pad">
<div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
<p aria-setsize="-1" id="message-list_1761932419.092419" role="listitem" style="margin:0;margin-bottom:16px" tabindex="0">
</p>
<p style="margin:0;margin-bottom:16px">
*Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.
</p>
<p aria-label="Start of unread messages." aria-roledescription="separator" aria-setsize="-1" id="message-list_unreadDivider" role="listitem" style="margin:0" tabindex="-1">
</p>
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</td>
</tr>
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</td>
</tr>
</tbody>
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<tbody>
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<td>
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</span>
</td>
</tr>
</table>
</td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="heading_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
<tr>
<td align="center" class="pad" style="width:100%;padding-bottom:10px">
<h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:25px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:30px">
<span class="tinyMce-placeholder" style="word-break: break-word;">
What else we're Snackin'
</span>
</h1>
</td>
</tr>
</table>
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<tr>
<td class="pad" style="padding-bottom:5px;padding-left:10px;padding-right:10px">
<div style="margin-left:-20px">
<ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
<li aria-level="1" style="Margin:0 0 8px 0">
<a style="text-decoration: underline; color: #5869ff;">
<strong>
Bitcoin
</strong>
</a>
<a style="text-decoration: underline; color: #5869ff;">
<strong>
slid as markets went risk-off
</strong>
</a>
, shrugging off teases of “big” strategic reserve news that couldn’t arrest the sell-off
</li>
<li aria-level="1" style="Margin:0 0 8px 0">
The UAE is
<a style="text-decoration: underline; color: #5869ff;">
<strong>
ditching OPEC
</strong>
</a>
to chart its own course on oil production, pledging to gradually boost output in line with global demand
</li>
<li aria-level="1" style="Margin:0 0 8px 0">
Watch out
<a style="text-decoration: underline; color: #5869ff;">
<strong>
Grindr
</strong>
</a>
,
<a style="text-decoration: underline; color: #5869ff;">
<strong>
Match Group
</strong>
</a>
is
<a style="text-decoration: underline; color: #5869ff;">
<strong>
pouring $100 million into Sniffies
</strong>
</a>
with an option to acquire the racy startup
</li>
<li aria-level="1" style="Margin:0 0 8px 0">
<a style="text-decoration: underline; color: #5869ff;">
<strong>
Spotify
</strong>
</a>
’s
<a style="text-decoration: underline; color: #5869ff;">
<strong>
disappointing Q2 operating profit forecast
</strong>
</a>
drowned out an otherwise solid first-quarter performance from the streaming giant
</li>
<li aria-level="1" style="Margin:0 0 8px 0">
<a style="text-decoration: underline; color: #5869ff;">
<strong>
Google
</strong>
</a>
will
<a style="text-decoration: underline; color: #5869ff;">
<strong>
provide AI models to the Pentagon under a classified contract
</strong>
</a>
, joining
<strong>
OpenAI
</strong>
and
<strong>
xAI
</strong>
in the race to win government defense work
</li>
</ul>
</div>
</td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
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<tbody>
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<td>
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<tbody>
<tr>
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</td>
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</tbody>
</table>
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Snack Fact of the Day
</span>
</h1>
</td>
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</table>
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<p style="margin:0">
<a style="text-decoration: underline; color: #ffffff;" target="_self">
<strong>
A third of websites created since 2022 are AI-generated.
</strong>
</a>
</p>
</div>
</td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
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<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="heading_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
<tr>
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<h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:25px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:30px">
<span class="tinyMce-placeholder" style="word-break: break-word;">
Wednesday
</span>
</h1>
</td>
</tr>
</table>
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<div style="margin-left:-20px">
<ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
<li aria-level="1" style="Margin:0 0 8px 0">
Premarket earnings:
<strong>
AbbVie
</strong>
,
<strong>
Wingstop
</strong>
,
<strong>
Regeneron Pharmaceuticals
</strong>
,
<strong>
Yum! Brands
</strong>
,
<strong>
Biogen
</strong>
,
<strong>
Lemonade
</strong>
,
<strong>
Brinker
</strong>
,
<strong>
Etsy
</strong>
,
<strong>
SoFi
</strong>
, and
<strong>
Avis
</strong>
</li>
<li aria-level="1" style="Margin:0 0 8px 0">
Federal Reserve interest rate decision at 2 p.m. ET
</li>
<li aria-level="1" style="Margin:0 0 8px 0">
Postmarket earnings:
<strong>
Meta
</strong>
,
<strong>
Google
</strong>
,
<strong>
</strong>
<strong>
Amazon
</strong>
,
<strong>
Microsoft
</strong>
,
<strong>
Ford
</strong>
,
<strong>
Chipotle
</strong>
,
<strong>
KLA Corp.
</strong>
,
<strong>
Carvana
</strong>
,
<strong>
MGM Resorts
</strong>
,
<strong>
Qualcomm
</strong>
, and
<strong>
eBay
</strong>
</li>
</ul>
</div>
</td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
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</table>
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<tbody>
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<tr>
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</span>
</td>
</tr>
</table>
</td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
<tr>
<td class="pad" style="padding-top:10px;padding-bottom:5px;padding-left:10px;padding-right:10px">
<div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:11px;font-weight:400;letter-spacing:0;line-height:1.2;text-align:left;mso-line-height-alt:13px">
<p style="margin:0;margin-bottom:16px">
<strong>
Advertiser's disclosures:
<br/>
</strong>
1 Please refer to the Company’s
<a style="text-decoration: underline; color: #1d1d1d;">
financial statements
</a>
and
<a style="text-decoration: underline; color: #1d1d1d;">
MD&A
</a>
for the year ended December 31, 2025 for more information.
</p>
<p style="margin:0;margin-bottom:16px">
2 Potential for attributable GEO production to be over 20,000 GEOs in 2026 based on assumption that Greenstone, Kiaka, Toega, Kolpa, Rosh Pinah Zinc, Santa Rita and Blackwater and Mercedes production is at a rate that is within 15% of the latest publicly disclosed forecast by each mine operator as of March 2025.
</p>
<p style="margin:0;margin-bottom:16px">
<strong>
IMPORTANT: HIGH-RISK INVESTMENT
</strong>
</p>
<p style="margin:0;margin-bottom:16px">
Investing in mining stocks involves a high degree of risk. You could lose your entire investment.
</p>
<p style="margin:0;margin-bottom:16px">
This content is sponsored by Versamet Royalties Corporation (“Versamet Royalties”). Katusa Research (www.katusaresearch.com) has received cash compensation of one million three hundred thousand dollars from Versamet Royalties for the preparation and dissemination of this content. Katusa Research is extremely biased. Katusa Research, its owners, directors, and employees may directly or indirectly own shares of Versamet Royalties. Measures are in place such that no shares will be sold during the active marketing awareness campaign.
</p>
<p style="margin:0;margin-bottom:16px">
Katusa Research, as a publisher, is not a broker, investment advisor, or financial advisor in any jurisdiction. The information provided is for informational purposes only and does not constitute a recommendation to buy, sell, or hold any security. Please do not rely on the information presented as personal investment advice. If you need personal investment advice, please consult a qualified and registered broker, investment advisor, or financial advisor.
</p>
<p style="margin:0;margin-bottom:16px">
This content contains forward-looking statements that involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those anticipated. Such factors include those set out under the heading “Risk Factors” in the Versamet Royalties’ final non-offering long form prospectus dated May 12, 2025 and short-form base shelf prospectus dated August 1, 2025, both available for review on the Versamet Royalties’ profile at www.sedarplus.ca, as well as the Company’s Form 20-F filed with the SEC on March 4, 2026, available for review on the Company’s profile at www.sec.gov/edgar.
</p>
<p style="margin:0;margin-bottom:16px">
There can be no assurance that any forward-looking statements will prove to be accurate. Readers should not place undue reliance on forward-looking information. Neither Katusa Research nor Versamet Royalties undertakes any obligation to update forward-looking statements except as required by law.
</p>
<p style="margin:0;margin-bottom:16px">
Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves. Inferred mineral resources have a lower level of confidence than Indicated mineral resources and must not be converted to mineral reserves. Investors are cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable.
</p>
<p style="margin:0;margin-bottom:16px">
The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant factors.
</p>
<p style="margin:0;margin-bottom:16px">
Past performance is not indicative of future results. Historical returns, including those referenced in this content, should not be taken as an indicator or predictor of future stock prices. The value of investments can go down as well as up, and investors may lose their entire investment.
</p>
<p style="margin:0;margin-bottom:16px">
Before making any investment decision, readers should review Versamet Royalties’ public filings available at www.sedarplus.ca (for Canadian filings) and www.sec.gov (for U.S. filings), including annual information forms, technical reports, and financial statements.
</p>
<p style="margin:0">
Information in this content regarding Versamet Royalties has been derived from its SEDAR+ and SEC filings.
</p>
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