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   Why do investors like software stocks? Why are they worried about the impact of AI on software stocks?
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                      Presented by
                     </p>
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                    <h1 style="margin:0;color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:30px;font-weight:700;letter-spacing:-2.5px;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:36px">
                     <span class="tinyMce-placeholder" style="word-break: break-word;">
                      Hey Snackers,
                     </span>
                    </h1>
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                     <p style="margin:0;margin-bottom:16px">
                      <strong>
                       What3words
                      </strong>
                      is a completely free-to-use platform that’s
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        literally saved lives
                       </strong>
                      </a>
                      , but it may have the
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        worst business model we’ve ever seen
                       </strong>
                      </a>
                      . The app, which maps every 3-by-3-meter square in the world onto a unique address made up of three random words (you might find New York City’s mayor at
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        order.most.limes
                       </strong>
                      </a>
                      , for example), is just one of those very good, very simple, and therefore very rare ideas. But right now the three words pinned to it are
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        needs.more.money
                       </strong>
                      </a>
                      .
                     </p>
                     <p style="margin:0;margin-bottom:16px">
                      Stocks
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        fell
                       </strong>
                      </a>
                      from record highs on Thursday as investors digested a report that Iranian Parliament Speaker Mohammad Bagher Ghalibaf has resigned from Iran’s peace talks team.
                     </p>
                     <p style="margin:0">
                      ❓ Can you ace our
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        Snacks Seven Quiz
                       </strong>
                      </a>
                      ? Here’s a sample question:
                     </p>
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                   <td class="pad" style="padding-top:5px;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">
                       What percentage of new code at
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Google
                        </strong>
                       </a>
                       is written by AI?
                       <br/>
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Check your answer
                        </strong>
                       </a>
                       .
                       <a style="text-decoration: underline; color: #5869ff;">
                       </a>
                      </li>
                     </ul>
                    </div>
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                       <strong>
                        INVESTORS FEELING SAASY
                       </strong>
                      </span>
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                     <strong>
                      There’s no margin for error in software
                     </strong>
                    </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;margin-bottom:16px">
                      Why do investors like software stocks? Because they have high recurring revenues and extremely
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        high margins
                       </strong>
                      </a>
                      .
                     </p>
                     <p style="margin:0;margin-bottom:16px">
                      Why are investors worried about the impact of AI on software stocks? At the most basic level, AI tools reduce the barriers to entry and the cost of creating software.
                     </p>
                     <p style="margin:0">
                      Nothing shows traders’ willingness to shoot first and ask questions later (or not bother to ask questions at all!) when the crux of the case for owning software seemingly shows cracks more than
                      <strong>
                      </strong>
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        the reaction to ServiceNow’s Q1 results and updated outlook
                       </strong>
                      </a>
                      .
                     </p>
                    </div>
                   </td>
                  </tr>
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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">
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         ServiceNow
                        </strong>
                       </a>
                       cratered over 17% after the software company’s Q1 margins came in shy of estimates. Full-year guidance for ServiceNow’s gross and operating margins was revised lower, while subscription revenues got a big bump.
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       There are some extenuating circumstances that cut both ways: integrating recently acquired businesses is the proximate cause of the expected sales bump and operating margin pressure, according to management.
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       But given how important margins have been to the investment case for software stocks — and the significant profitability premium they’ve enjoyed relative to the S&amp;P 500 as a whole — details don’t seem to matter.
                      </li>
                     </ul>
                    </div>
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                     <p style="margin:0">
                      In early February,
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        Nvidia
                       </strong>
                      </a>
                      CEO Jensen Huang
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        called
                       </strong>
                      </a>
                      the idea that the software industry would be replaced by AI the “most illogical thing in the world,” arguing that AI agents will leverage existing software tools rather than reinvent them.
                     </p>
                    </div>
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                     <span class="tinyMce-placeholder" style="word-break: break-word;">
                      THE TAKEAWAY
                     </span>
                    </h1>
                   </td>
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                     <p style="margin:0;margin-bottom:16px">
                      The bear case for software is that AI tools render many established giants obsolete. But going the way of the woolly mammoth isn’t something that happens overnight. You won’t be able to find any of them to ask, obviously, but I’m told it was a 10,000- to 16,000-year process.
                     </p>
                     <p style="margin:0">
                      Well before obsolescence comes the threat of incremental substitution. And margin pressure would be one way you’d expect competitive pressures to be absorbed. At the surface level, ServiceNow is
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        affirming a base case for software stocks that traders have spent months fearing
                       </strong>
                      </a>
                      , which still apparently hasn’t taken the industry to levels where it’s viewed as attractively valued.
                     </p>
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                         Read more
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                       <strong>
                        Presented by Versamet
                       </strong>
                      </span>
                     </span>
                    </span>
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                     <strong>
                      Position Your Portfolio For Gold’s New Paradigm
                     </strong>
                    </h1>
                   </td>
                  </tr>
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                     <a target="_blank">
                      <img alt="" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Ffss%252Ffvl7w8%252Fa4c4b8f3-2e33-4ae1-a18a-0e05dbba5426%252Fversamet-gold-central-banks-apr-custom-chart-min.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCIsInRpbWUiOjE3NzcwMjcwODQuNDUwNTQ0Nn0:1wGDvA:_vp374N-wFpIxbY-8tc0i0M7OXboX1YKSKedchtSTaY" style="display:block;height:auto;border:0;width:100%" title="" width="548"/>
                     </a>
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                     <p style="margin:0;margin-bottom:16px">
                      Central banks are getting hotter on gold. In a recent World Gold Council and YouGov survey, a record
                      <strong>
                       95%
                      </strong>
                      of representatives expected global central bank gold reserves to increase from 2025 to 2026. Persistent central bank buying is just one factor indicating long-term, structural momentum behind gold’s price — but most investors haven’t considered
                      <em>
                       all
                      </em>
                      the options for capitalizing on it.
                     </p>
                     <p style="margin:0;margin-bottom:16px">
                      With a
                      <a rel="noopener" style="text-decoration: underline; color: #5869ff;" target="_blank">
                       <strong>
                        royalties-based model like Versamet’s (NASDAQ: VMET)
                       </strong>
                      </a>
                      , investors get a stake in the ownership portion of gold mining. By helping to provide capital to world-class mining projects around the world, Versamet stakeholders receive a percentage of their gold production typically for the life of the mine.
                     </p>
                     <p style="margin:0;margin-bottom:16px">
                      The upside?
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        Versamet's cut
                       </strong>
                      </a>
                      remains inflation-protected and generates consistent cash flow. Having executed nearly $750 million in acquisitions, the Versamet portfolio is anchored by high-growth assets across all stages of the business cycle. By prioritizing returns and diversification over rigid structures, Versamet offers a high-margin gateway to gold’s new era.
                     </p>
                     <p style="margin:0">
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        Get a prime cut of gold’s new growth, with Versamet
                       </strong>
                      </a>
                      .
                     </p>
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                       <strong>
                        UNSUSTAINABLE IS A MATTER OF OPINION
                       </strong>
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                     <strong>
                      Avis’ announcement of Q1 earnings may portend an imminent share offering
                     </strong>
                    </h1>
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                     <p style="margin:0;margin-bottom:16px">
                      A lack of rental cars was a big issue for American travelers in 2021.
                     </p>
                     <p style="margin:0">
                      A fresh supply of rental car company shares may become a big issue for fans of the
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        Avis
                       </strong>
                      </a>
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        short squeeze
                       </strong>
                      </a>
                      .
                     </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">
                       After the close on Wednesday, following its whopping 38% plunge, the company announced that it would be releasing
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         its Q1 results on April 29
                        </strong>
                       </a>
                       . Why is that important?
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       It would seem prudent for Avis’ management to take advantage of its richly valued shares to raise money. Its
                       <strong>
                       </strong>
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         forward price-to-earnings ratio has spiked to above 135x during this parabolic advance
                        </strong>
                       </a>
                       , and analysts at JPMorgan just downgraded the shares to “underweight,” citing an “unsustainable valuation.”
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       A share offering would alleviate one of the presumptive factors behind the ferocity of Avis’ 427% gain from March 30 through Wednesday’s close: that its two biggest holders dominate the float, and as such, it may be difficult for short sellers to extricate themselves from their bets against the stock.
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       That angle may have already passed its best-before date, however, as trading volumes in excess of $19 billion this week somewhat undermine the argument that short sellers struggling for liquidity are
                       <strong>
                       </strong>
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         locked into losing positions
                        </strong>
                       </a>
                       .
                      </li>
                     </ul>
                    </div>
                   </td>
                  </tr>
                 </table>
                 <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-5" 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">
                      It’s impossible to tell if Avis pulled forward the date of its earnings in order to capitalize on its elevated stock price. But we’d be remiss not to note that
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        Avis has not released its Q1 results in the month of April since 2006
                       </strong>
                      </a>
                      .
                     </p>
                    </div>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-9" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                  <tr>
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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%">
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                     <p style="margin:0;margin-bottom:16px">
                      Share offerings are what companies that benefit from big spikes out of nowhere tend to do (ask
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        AMC
                       </strong>
                      </a>
                      !), unless they can’t. And if they can’t, they aim to find a way around that (ask
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        GameStop
                       </strong>
                      </a>
                      !).
                     </p>
                     <p style="margin:0">
                      About two years ago, during the return of Roaring Kitty meme mania 2.0, the video games and collectibles retailer was seemingly constrained from offering shares because it was in a “blackout period” ahead of earnings (which had been scheduled for June 7). As such, management
                      <strong>
                      </strong>
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        released preliminary results on May 17
                       </strong>
                      </a>
                      <strong>
                      </strong>
                      along with plans to sell up to 45 million shares on the open market.
                     </p>
                    </div>
                   </td>
                  </tr>
                 </table>
                 <table border="0" cellpadding="10" cellspacing="0" class="button_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                        <strong>
                         Read more
                        </strong>
                       </span>
                      </span>
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                    </a>
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                       <strong>
                        THE BEST THING WE READ TODAY
                       </strong>
                      </span>
                     </span>
                    </span>
                    <!--[if mso]></center></v:textbox></v:roundrect><![endif]-->
                   </td>
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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">
                     <strong>
                      2 truths and a lie from Tesla’s earnings call
                     </strong>
                    </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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                    <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">
                      Investor excitement over
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        Tesla
                       </strong>
                      </a>
                      ’s
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        surprisingly good earnings report
                       </strong>
                      </a>
                      Wednesday quickly faded as it became clear that the financial pain they’d been bracing for is
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        still ahead — and likely worse than expected
                       </strong>
                      </a>
                      . On the earning’s call, CEO Elon Musk brought expectations
                      <strong>
                      </strong>
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        further down to earth
                       </strong>
                      </a>
                      — a real change from someone better known for promising the stars.
                     </p>
                     <p style="margin:0">
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        What he said
                       </strong>
                      </a>
                     </p>
                    </div>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-11" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
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          <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>
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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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                       <span style="word-break: break-word;">
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                  </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>
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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">
                     <strong>
                      Snacks Shots
                     </strong>
                    </h1>
                   </td>
                  </tr>
                 </table>
                 <table border="0" cellpadding="0" cellspacing="0" class="list_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word;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" width="100%">
                  <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 style="Margin:0 0 8px 0">
                       ⚽️
                       <strong>
                        Spursy:
                       </strong>
                       Markets are pricing in
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         a 58% chance
                        </strong>
                       </a>
                       * that Tottenham Hotspur defeats Wolverhampton this weekend in the English Premier League, yet another in a sequence of close calls that is truly a must-win for the beleaguered Spurs. Wolverhampton is already a lock to face relegation, but Tottenham is currently contending with
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         a humiliating 48% chance
                        </strong>
                       </a>
                       that it’ll be relegated down.
                      </li>
                      <li style="Margin:0 0 8px 0">
                       💊
                       <strong>
                        Psychedelic:
                       </strong>
                       Following the news from the FDA that the federal government will have
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         a decision out on psychedelic treatments
                        </strong>
                       </a>
                       sooner than not, the market for “Will the FDA approve any psychedelic substance for medical use before 2027?” has
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         spiked from an implied probability of 26% to around 44%
                        </strong>
                       </a>
                       .
                      </li>
                      <li style="Margin:0 0 8px 0">
                       🏈
                       <strong>
                        NFL:
                       </strong>
                       Round 1 of the NFL draft is in the books, and over the next two days, fans of the college game will be keeping a close eye on which school generated the most prospects drafted in the first three rounds, a metric that has long served as a source of bragging rights but in today’s NIL-fueled college game is more important than ever. Ohio State has
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         the best chance of being the school that produces the most players drafted in the first three rounds
                        </strong>
                       </a>
                       , but Miami and Texas are still in this.
                      </li>
                     </ul>
                    </div>
                   </td>
                  </tr>
                 </table>
                 <table border="0" cellpadding="10" cellspacing="0" class="paragraph_block block-4" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
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                     <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">
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         </td>
        </tr>
       </tbody>
      </table>
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       <tbody>
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                      <td class="divider_inner" style="font-size:1px;line-height:1px;border-top:1px solid #5869ff">
                       <span style="word-break: break-word;">
                       </span>
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                    </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%">
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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;">
                      What else we're Snackin'
                     </span>
                    </h1>
                   </td>
                  </tr>
                 </table>
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                   <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">
                       Airlines hit turbulence:
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         American Airlines
                        </strong>
                       </a>
                       cut its
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         full-year earnings forecast
                        </strong>
                       </a>
                       while
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Southwest Airlines
                        </strong>
                       </a>
                       reported
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         lower-than-expected Q1 revenue
                        </strong>
                       </a>
                       and forecast a
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         $1 billion headwind this quarter
                        </strong>
                       </a>
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       Let’s get this bread:
                       <strong>
                        Jersey Mike’s
                       </strong>
                       IPO could become the
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         biggest listing
                        </strong>
                       </a>
                       that the US restaurant industry has seen in years. Here’s how its growth
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         stacks up
                        </strong>
                       </a>
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Bitcoin
                        </strong>
                       </a>
                       bounce: the OG crypto is testing an
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         $80,000 resistance level
                        </strong>
                       </a>
                       , but analysts warn that crossing $78,000 is “a bounce, not a bottom”
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       An oracle of doom?
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Super Micro Computer
                        </strong>
                       </a>
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         cratered
                        </strong>
                       </a>
                       <strong>
                       </strong>
                       on a report that
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Oracle
                        </strong>
                       </a>
                       canceled a $1 billion-plus contract due to
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         allegations against
                        </strong>
                       </a>
                       the server maker’s cofounder
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       Gett that money:
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Lyft
                        </strong>
                       </a>
                       is
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         acquiring London black cab app Gett UK
                        </strong>
                       </a>
                       as part of its strategy to expand “out” into more locations and “up” into higher-value segments
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       It’s good to be the king? This chart shows how Donald Trump is
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         the king of stock market volatility
                        </strong>
                       </a>
                      </li>
                     </ul>
                    </div>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-13" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <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;border-radius:0;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-bottom:5px;padding-left:25px;padding-right:25px;padding-top:5px">
                 <table border="0" cellpadding="0" cellspacing="0" class="divider_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
                  <tr>
                   <td align="center" class="pad" style="padding-top:25px;padding-bottom:25px">
                    <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
                     <tr>
                      <td class="divider_inner" style="font-size:1px;line-height:1px;border-top:1px solid #5869ff">
                       <span style="word-break: break-word;">
                       </span>
                      </td>
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                    </table>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-14" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-size:auto" width="100%">
       <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:#5869ff;background-size:auto;border-bottom:30px solid #fff;border-left:30px solid #fff;border-radius:10px;border-right:30px solid #fff;border-top:30px solid #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;border-bottom:4px solid #5869ff;border-left:4px solid #5869ff;border-right:4px solid #5869ff;border-top:4px solid #5869ff;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-bottom:15px;padding-left:25px;padding-right:25px;padding-top:15px">
                 <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%">
                  <tr>
                   <td align="center" class="pad" style="width:100%">
                    <h1 style="margin:0;color:#fff;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:center;margin-top:0;margin-bottom:0;mso-line-height-alt:30px">
                     <span class="tinyMce-placeholder" style="word-break: break-word;">
                      Snack Fact of the Day
                     </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-top:10px;padding-bottom:10px;padding-left:40px;padding-right:40px">
                    <div style="color:#000;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.2;text-align:center;mso-line-height-alt:22px">
                     <p style="margin:0">
                      <a style="text-decoration: underline; color: #ffffff;">
                       <strong>
                        Only one Trump Gold Card has been issued to date.
                       </strong>
                      </a>
                     </p>
                    </div>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-15" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <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;border-radius:0;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="divider_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
                  <tr>
                   <td align="center" class="pad" style="padding-top:25px;padding-bottom:25px">
                    <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
                     <tr>
                      <td class="divider_inner" style="font-size:1px;line-height:1px;border-top:1px solid #5869ff">
                       <span style="word-break: break-word;">
                       </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%">
                    <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;">
                      Friday
                     </span>
                    </h1>
                   </td>
                  </tr>
                 </table>
                 <table border="0" cellpadding="0" cellspacing="0" class="list_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word;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" width="100%">
                  <tr>
                   <td class="pad" style="padding-top:5px;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">
                       Premarket earnings:
                       <strong>
                        Procter &amp;
                       </strong>
                       <strong>
                        Gamble
                       </strong>
                       ,
                       <strong>
                        Hasbro
                       </strong>
                       , and
                       <strong>
                        Gilead
                       </strong>
                      </li>
                     </ul>
                    </div>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-16" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <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="divider_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
                  <tr>
                   <td align="center" class="pad" style="padding-top:25px;padding-bottom:25px">
                    <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
                     <tr>
                      <td class="divider_inner" style="font-size:1px;line-height:1px;border-top:1px solid #5869ff">
                       <span style="word-break: break-word;">
                       </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:
                      </strong>
                     </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>
                    </div>
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