Market Performance - The major European indices experienced slight gains, with the pan-European Stoxx 600 up 0.11% at 589.36, the UK's FTSE 100 rising 0.2% to 9,890.90, Germany's DAX increasing by 18.87 points or 0.1% to 24,358.93, and France's CAC 40 gaining 17.96 points or 0.22% to 8,121.54 [2] Sector Performance - In the UK market, mining stocks such as Fresnillo, Glencore, Anglo American Plc, and Antofagasta saw increases of 1% to 2%. Other notable gainers included Convatec Group, Entain, Mondi, Segro, Barratt Redrow, Berkeley Group Holdings, Persimmon, and Experian [2] - Conversely, Babcock International fell by about 2.5%, while companies like Beazley, Hiscox, British American Tobacco, BT Group, Endeavour Mining, BAE Systems, Melrose Industries, Easyjet, and Rolls-Royce Holdings experienced losses ranging from 0.9% to 1.7% [3] - In Germany, Rheinmetall slid nearly 2.5%, and Siemens Energy shed about 1%, with other companies like Munich RE, Qiagen, Fresenius, Scout 24, GEA Group, Allianz, and Deutsche Bank posting modest losses [3] - Continental saw an increase of 2.1%, with Adidas, Mercedes-Benz, BASF, Brenntag, Bayer, and Vonovia gaining between 1% to 1.7%. Other companies such as BMW, SAP, Beiersdorf, Heidelberg Materials, Zalando, and Merck also moved higher [4] - In France, ArcelorMittal climbed 1.3%, while Saint Gobain, TP, and Publicis Groupe gained between 1% to 1.2%. Moderate gains were also seen in companies like STMicroElectronics, Michelin, Sanofi, Edenred, TotalEnergies, Societe Generale, Accor, and Veolia Environment [4] - However, Thales, Safran, Eurofins Scientific, Kering, Pernod Ricard, AXA, and Danone experienced losses ranging from 0.4% to 1.2% [4] Economic Indicators - In economic news, the number of registered unemployed individuals in mainland France decreased by 21,500 in November 2025 to 3.129 million, following two consecutive periods of sharp increases. The jobless claims in October were at 3.151 million, marking a seven-month high. Year-on-year, the total number of registered unemployed increased by 197,300 compared to November 2024 [5]

Core Viewpoint - Silver futures experienced a decline of 1.9% to $75.74 an ounce after reaching a record high of $82.67 earlier in the day, driven by strong demand from various sectors [1] Group 1: Silver Market Dynamics - The price of silver surged to a new record high of $82.67, compared to around $30 in early January, indicating significant price appreciation [1] - The demand for silver has been bolstered by industries such as jewelry, data centers, and solar panel manufacturing [1] Group 2: Mining Companies Performance - Shares of mining companies Fresnillo and Hochschild Mining increased by 3.5% and 2.8%, respectively, reflecting positive sentiment from the ongoing rally in silver prices [1]

白银期货从纪录高点回落，下跌1.9%，报每盎司75.74美元。该金属当天早些时候曾飙升至每盎司82.67 美元的纪录新高，而在1月初的交易价格约为30美元。其价格一直受到珠宝商、数据中心开发商和太阳 能电池板制造商需求的支撑。矿业公司Fresnillo和Hochschild Mining的股价因该金属价格持续上涨而走 高，分别上涨4.2%和近2%。 ...

Market Overview - Major U.S. index futures indicate a higher open on Monday, with stocks expected to continue the upward trend from the previous sessions [1] - Technology stocks are likely to lead the market, following strong performances last Thursday and Friday [1] Company Highlights - Oracle (ORCL) shares surged by 2.6% in pre-market trading after Wells Fargo reiterated its Overweight rating [1] - Oracle's stock spiked by 6.6% following a memo from TikTok CEO indicating an agreement to sell its U.S. operations to a joint venture including Oracle and Silver Lake [5] - Nvidia (NVDA) shares jumped by 3.9% after reports of plans to ship AI chips to China before the Lunar New Year [6] - Micron Technology also showed strong performance after better-than-expected quarterly results and guidance [5] Economic Indicators - Existing home sales in the U.S. rose by 0.5% to an annual rate of 4.13 million in November, following a 1.5% increase in October [7] - Consumer sentiment index for December was revised down to 52.9 from a preliminary 53.3, still above November's 51.0 [9] Sector Performance - The tech-heavy Nasdaq closed up 301.26 points or 1.3% at 23,307.62, while the S&P 500 rose by 59.74 points or 0.9% to 6,834.50 [4] - Biotechnology stocks performed well, with the NYSE Arca Biotechnology Index surging by 3.1% [10] - Gold stocks saw strength, with the NYSE Arca Gold Bugs Index increasing by 2.7% amid rising gold prices [10] Commodity and Currency Markets - Crude oil futures rose by $1.28 to $57.80 per barrel [12] - Gold futures jumped by $69.50 to $4,456.80 per ounce [12] - The U.S. dollar traded at 157.04 yen, down from 157.75 yen [12]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - Based on the judgment that the lead market will maintain a situation of strong supply and weak demand in 2026, prices are expected to fluctuate within a range. The main operating range for Shanghai lead is 16,000 - 18,000 yuan/ton, and for London lead, it is 1,900 - 2,100 US dollars/ton [1][67]. - In 2026, the domestic market may have a slight surplus. The supply of lead ore is expected to improve, the supply of waste batteries may increase slightly, and the production of refined lead will continue to grow. The demand side may be supported by the continued replacement consumption and the positive growth of two - wheeled electric vehicles. The energy storage demand is growing explosively, and the incremental space for lead - carbon batteries is broad. However, the export of lead - acid batteries may face pressure, and the overall supply - demand situation is weak, with prices remaining range - bound. The price - holding intention in the waste battery recycling sector is strengthening year by year, which is expected to continuously lift the bottom of the lead price [1][67]. - It is recommended to pay attention to seasonal fluctuation opportunities. After the small spring of consumption at the beginning of the year, consumption weakens marginally, and prices may fall under pressure. In the middle of the year, battery manufacturers replenish stocks in advance for the consumption peak season, while the supply of waste batteries does not increase significantly during the replacement consumption peak season, which may bring a temporary supply - demand gap and inject upward momentum into prices [2][67]. Summary by Directory 1. 2025 Review: First Decline then Rise, with a Slow Uptrend in the Center of Gravity - In January 2025, the lead price declined due to the end of downstream inventory preparation, high finished - product inventory, and a potentially longer Spring Festival holiday. In February, the price rose initially but then fluctuated after factoring in the expected production increase of large downstream manufacturers. In March, the price increased as consumption recovered and downstream battery companies increased inventory. In April, it declined due to macro - tariff impacts and the entry into the consumption off - season. In May and June, prices fluctuated in a weak supply - demand situation [7]. - From July to December, the lead price showed a complex trend. In July, it first rose and then fell due to changes in supply and demand. In August, it fluctuated weakly. In September, it rose after a period of fluctuation. In October, it trended strongly with obvious supply pressure on primary lead and incremental demand. In November, it climbed and then declined as primary lead production increased and secondary lead production grew rapidly [8][9]. 2. Supply - Demand Weakness, with Dull Fundamental Contradictions 2.1 Lead Ore Supply is Rigid, but There Will Be Increment in the Next Year - In the long - term, overseas mining enterprises' capital expenditure in lead ore has been low, resulting in relatively rigid global lead ore production. The supply cycle of lead ore is more closely related to that of zinc ore. In 2025, global lead ore supply disturbances increased, and overseas production increments were limited. For 2026, there is an expected increment of 100,000 tons, with a year - on - year growth rate of 2.2% [10][13][14]. 2.2 Domestic Mines Increased Production This Year, but Realistic Contradictions Still Exist - In 2025, from January to November, China's lead concentrate production increased by 10.4% year - on - year, mainly due to the production increase of mines such as Xinjiang Huoshaoyun. It is expected to contribute an increment of 100,000 tons in 2026. The continuous tight supply of lead concentrate has squeezed the profit margin of primary lead smelting. China's lead raw material import structure is becoming more diversified, but the import profit of lead concentrate is meager [20][26]. 2.3 Insufficient Endogenous Power, Driven by By - Product Profits - Since March 2025, the thickening of primary lead plant profits has driven high - level production. By - product profits such as silver and sulfuric acid have become the main factors driving the supply elasticity of primary lead plants. Assuming that the prices of by - products remain high in 2026, primary lead supply is expected to continue to grow slightly, and supply elasticity may increase [33][34]. 2.4 Problems in Secondary Lead Supply Still Exist, Forming a Strong Constraint - China's secondary lead production capacity is severely over - supplied, and the shortage of raw materials has led to low - level production. Since the second quarter, secondary lead enterprises have suffered losses, and it is expected that the production of secondary lead will continue to decline in 2026. Although there will be more incremental supply in the long - term, the growth rate of capacity expansion may slow down, and some enterprises are transforming to a multi - raw material production mode [36][37]. 3. Is the Demand Really Collapsing: A Flash in the Pan or a Steady Stream? 3.1 Policy Boosts Consumption, Electric Bicycles Return to Positive Growth, and Automobile Exports Contribute Significantly - In 2025, new national standards and national subsidy policies have stimulated the growth of the electric bicycle industry. Automobile consumption policies have also continuously increased, and the trade - in policy has effectively boosted consumption. It is expected that the trade - in subsidy scale will continue to be maintained at 300 billion yuan in 2026 [46][52][53]. 3.2 Explosive Growth in Energy Storage Demand, Vast Incremental Space in the Future - The energy storage demand for lead - acid/lead - carbon batteries is growing explosively. Lead - acid batteries have cost, safety, recycling, and low - temperature performance advantages, but also have performance shortcomings. In 2025, the lead consumption of lead - carbon batteries was 27,300 tons in the first three quarters, and it is expected to increase by 28,300 tons in 2026, with a marginal contribution to consumption of 0.4% [60][61]. 3.3 High Domestic - Foreign Price Ratio and Tariff Impacts Weigh on Lead - Acid Battery Exports - In 2025, the export volume of lead - acid batteries declined rapidly due to the expansion of the domestic - foreign price ratio and tariff impacts. The anti - dumping tariff imposed by the GCC on Chinese lead - acid batteries will take effect in 2026, which may significantly reduce the export volume [64]. 4. Conclusion and Investment Outlook - In 2026, the lead market will maintain a situation of weak supply and demand, with prices fluctuating within a range. The main operating range for Shanghai lead is 16,000 - 18,000 yuan/ton, and for London lead, it is 1,900 - 2,100 US dollars/ton. It is recommended to pay attention to seasonal fluctuation opportunities [67].

Summary of Mining Equities Conference Call Industry Overview - **Sector Performance**: In 2025, mining equities outperformed equity benchmarks, primarily driven by gold and copper, while ferrous metals and energy remained flat or declined [1][15] - **2026 Outlook**: Expectations for copper, aluminium, and lithium to outperform due to supply constraints and energy transition, with a cautious view on traditional end markets in developed economies [2][15] Key Commodities Insights Copper - **Market Dynamics**: The medium-term outlook for copper remains bullish, with expectations of market tightness in 2026 due to limited growth in global mine output and a deficit in refined output [3][4] - **Investment Opportunities**: Freeport is highlighted as a top pick due to its discounted valuation and expected production recovery at the Grasberg mine [4][23] Aluminium - **Demand vs Supply**: The outlook for aluminium is mixed; while demand holds up, supply constraints are expected, particularly from China and developed markets [5][24] - **Investment Recommendation**: A buy recommendation for Norsk Hydro is reiterated, with expectations of stable operations and potential cash returns [8][24] Gold - **Market Sentiment**: Gold remains a consensus macro trade, with equities delivering strong returns in 2025. However, valuations are less compelling than at the start of the year [9][22] - **Top Picks**: Barrick and Newmont are identified as top picks, with potential for further catalysts in 2026 [10][22] Iron Ore - **Price Forecast**: The medium-term outlook for iron ore is bearish, with prices expected to stabilize around $100/t in the short term and decline to $90/t by 2027 due to increased supply from Simandou [11][20] Coal - **Market Conditions**: Met coal prices have risen above $200/t due to demand and supply disruptions, while thermal coal remains stable at $110/t [12][20] Diversified Miners - **Performance Comparison**: Vale outperformed in the bulks sector, while RIO and BHP performed in line with benchmarks. A preference for RIO over Vale and BHP is noted due to better growth prospects [13][25] Earnings and Price Target Changes - **Adjustments**: Earnings estimates and price targets have been adjusted based on commodity price forecasts, with notable upgrades for copper miners like FCX and KGHM [28][29] Conclusion - **Investment Strategy**: The report emphasizes a selective investment approach in mining equities, focusing on commodities with strong fundamentals and potential for price gains, particularly copper, aluminium, and gold [2][15][22]

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Core Viewpoint - The article emphasizes the importance of a diversified investment portfolio that includes both dividend and growth stocks, particularly focusing on European small-cap companies with a 5-7 year investment horizon [1]. Group 1: Investment Strategy - The investment group European Small Cap Ideas is dedicated to providing exclusive access to actionable research on attractive Europe-focused investment opportunities [1]. - The strategy highlights high-quality ideas in the small-cap sector, aiming for capital gains and dividend income to ensure continuous cash flow [1]. Group 2: Portfolio Features - The investment group offers two model portfolios: the European Small Cap Ideas portfolio and the European REIT Portfolio [1]. - Weekly updates and educational content are provided to enhance understanding of European investment opportunities [1]. - An active chat room is available for discussions regarding the latest developments of the portfolio holdings [1].

Core Insights - Pinnacle Silver and Gold Corp. has initiated an underground drilling program at the El Potrero gold-silver project in Durango, Mexico, following systematic underground channel sampling that identified high-grade mineralization [1][3] - The drilling program will involve approximately 2,600 metres of drilling across 112 holes, with a focus on delineation rather than exploration, aiming to establish a preliminary mine plan [2][3] Geological and Sampling Details - The geological team has conducted systematic underground channel sampling, collecting 773 samples from three historic mine workings along 500 metres of the Dos de Mayo epithermal vein system, with grades reaching up to 85.1 g/t Au and 520 g/t Ag [1][2] - Surface channel samples above the historic mines showed grades up to 37.4 g/t Au and 2,280 g/t Ag, indicating continuity of mineralization to the surface [1] Drilling Program Overview - The drilling program will test the vein structure every 12.5 metres along strike and vertically, with drill holes expected to be relatively short, ranging from 20 to 25 metres [2] - The entire drilling program is anticipated to take about six weeks to complete, with initial development work required in the historic workings to ensure safe drilling conditions [3] Project Background - The El Potrero project is located in the Sierra Madre Occidental region, within 35 kilometres of four operating mines, indicating a favorable mining environment [14] - The project features a low-sulphidation epithermal breccia vein system with significant exploration potential, having not been systematically explored by modern methods for nearly 40 years [15] Future Development Plans - The company plans to refurbish a previously operational 100 tpd plant on-site and rehabilitate historic underground mine workings to achieve near-term production once permits are secured [16] - Pinnacle aims to earn an initial 50% interest upon commencing production, with the goal of generating cash flow to further develop the project and increase ownership to 100% [17] Company Overview - Pinnacle Silver and Gold Corp. focuses on developing precious metals projects in the Americas, with a commitment to building long-term, sustainable value for shareholders [18]

VANCOUVER, BRITISH COLUMBIA, December 9, 2025 – TheNewswire - (TSXV: PINN, OTC: PSGCF, Frankfurt: P9J) – Pinnacle Silver and Gold Corp. ("Pinnacle" or the “Company") is pleased to announce that it has received conditional TSX Venture Exchange (“TSXV” or “the Exchange”) approval for all Finder’s Fee shares associated with the staged option of the high-grade El Potrero gold-silver project in Durango, Mexico.  Further to Pinnacle news release of February 24, 2025, a Finder’s Fee of 4% of the measurable benefi ...