Financial Data and Key Metrics Changes - In 2025, Endeavour Silver produced 11 million ounces of silver equivalent metal, a 48% increase compared to 2024 [5] - The company reported record revenue of $468 million, up 115% from 2024, with cost of sales at $385 million and mine operating earnings of $83 million [7] - Cash costs increased to $19 per ounce of payable silver, primarily due to changes in the production profile [7] Business Line Data and Key Metrics Changes - In Q4 2025, Endeavour produced 2 million ounces of silver and 14,000 ounces of gold, totaling just shy of 4 million silver equivalent ounces, representing a 146% increase compared to Q4 2024 [6] - Excluding Coba and Terronera, production increased by 27% compared to the same period last year [6] Market Data and Key Metrics Changes - Silver and gold prices have seen exceptional gains, with gold trading above $5,000 and silver above $90, reflecting ongoing confidence in precious metals [4] - The company is well-positioned to benefit from current silver prices, indicating substantial runway remaining in this cycle [4] Company Strategy and Development Direction - Endeavour Silver's strategic initiatives include the acquisition of Kolpa, achieving commercial production at Terronera, and advancing the Pitarrilla development asset [4][5] - The company plans to invest $68 million in Pitarrilla in 2026, focusing on exploration and technical studies [12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the impact of security events in Mexico on operations, emphasizing the safety of employees as a top priority [3] - The company anticipates a substantial reduction in direct operating costs as it transitions to liquefied natural gas in Q2 2026 [8] Other Important Information - As of December 31, 2025, the company's cash position was $215 million, providing financial strength to advance strategic initiatives [10] - The company expects to achieve improved cost efficiency at Kolpa as its plant expands to 2,500 tons per day [11] Q&A Session Summary Question: Can you discuss the mill availability and electrical interruptions at Terronera? - Management confirmed improvements in January and February, with stabilization in throughput and recovery rates [16][17] Question: What is the guidance on grades at Terronera for 2026? - Management indicated a gradual increase in grades throughout the year, with higher grades expected in the second half [24] Question: How will costs at Terronera drop in 2026? - Management expects costs to decrease as one-time expenditures are reduced and operational efficiencies are realized [56][60] Question: What changes in security protocols have been implemented at Terronera? - Management stated that while there will be increased presence around transportation lines, no dramatic changes in security costs are anticipated [65] Question: What is the status of the Bolanitos sale and its accounting impact? - The sale closed on January 15, and an accounting gain is anticipated in Q1 [70] Question: What are the permitting timelines for Pitarrilla? - Management aims for a Q1 2027 permit for the tailings storage facility, with ongoing work on engineering and permitting [84][87]

Company Overview - Triple Flag Precious Metals is a leading precious metals streaming and royalty company headquartered in Toronto, Canada, leveraging a scalable, asset-light model to provide diversified exposure to gold and silver production without the operational risks of traditional mining [5] - The company has a broad portfolio of 78 assets, including 9 streams and 69 royalties, providing significant exposure to the global precious metals sector [5][7] - As of February 12, 2026, the market capitalization of Triple Flag Precious Metals is $7.38 billion, with a revenue of $388.70 million and a net income of $240.00 million [4] Recent Transaction - On February 13, 2026, Global Strategic Management Inc disclosed a new position in Triple Flag Precious Metals by acquiring 323,309 shares for an estimated $10.73 million based on quarterly average pricing [1][2] - This acquisition represents 8.95% of Global Strategic Management Inc's 13F reportable assets under management as of December 31, 2025 [3] Stock Performance - As of February 12, 2026, shares of Triple Flag Precious Metals were priced at $34.60, reflecting a 102.0% increase over the past year, with an alpha of 89.08 percentage points versus the S&P 500 [3] - The stock has advanced by 139% over the last year and is up 24% since January 1, 2026, indicating strong performance correlated to the price of precious metals [9]

2 2017 本报告中的信息均源于公开可获得的资料，国资税货力求准确可靠。但下对上述信息的准确性及完整推做"何保证、本报告不可或个人投资建议。也未定对"别投资者帮放的设备后、好多优规或需要，投资 者需自行判随本报告中的任何意见或避处是否符合其特定状况，据此投资，责任自负。本报告仅向使定客户推进、未经国资期货股股许可，任何引用、转载以及南第三京传播的行为收购成"回贸路路的反爱 声明 我司将视情况追究法律责任。 期市有风险,入市需谨慎。 IIC E K | | | | | 国贸期货研究院 | | | 投资咨询号:Z0013700 | | 2026/2/27 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 贵金属与新能源研究中心 白素娜 | | | 从业资格号:F3023916 | | | | 内外盘金 | 日期 | 伦敦金现 | 伦敦银现 | COMEX黄金 | COMEX白银 | AU2604 | AG2604 | AU (T+D) | AG (T+D) | | 银15点价 - | | (美元/盎司) | (美元 ...

本文自南都·湾财社。 采写 |南都·湾财社记者 刘常源 2月24日，农历正月初八，深圳水贝贵金属市场在春节"不打烊"的喧嚣后，迎来了马年首个正式工作日。 尽管国际金价在假期尾声已重拾涨势，于2月23日就已再度突破5100美元/盎司关口，但这并未浇灭全国"淘金客"的热情。节后开工首日，水贝市场依旧人 流如织，黄金销售延续了春节假期的火爆态势。 香港男孩买金手镯赠妈妈 2月24日14时许，水贝国际珠宝交易中心内人流熙熙攘攘，计算器的敲击声、消费者的询价声、导购员的介绍声互相交织。多家黄金零售档口前围满了来 自各地的顾客前来询价买金。 此前因金价冲高而积压的消费需求，在价格回调后迅速释放。水贝一商场相关负责人此前向媒体透露，春节假期期间，商场人流量"爆棚"，日均人流量达 6000至8000人，高峰期甚至破万，而记者大年初八在深圳水贝现场看到，这股热潮并未随假期结束而退去。 黄金档口火爆，马年金钞受青睐 黄金市场的火爆也带火了相关上下游产业。"春节前是最忙的"，从事黄金饰品手模行业两年多的王小姐告诉南都·湾财社记者，节前几天最忙的时候，她 一天可以拍摄十几件黄金饰品用于宣发，而节后返工首日，新的拍摄需求已经"纷至沓来 ...

Table of Contents As filed with the Securities and Exchange Commission on February 17, 2026. Registration No. 333-293083 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 2 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Paloma Acquisition Corp I (Exact name of registrant as specified in its charter) Cayman Islands 6770 N/A (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Em ...

The iShares MSCI Global Silver and Metals Miners ETF (NYSEMKT:SLVP) and the Sprott Gold Miners ETF (NYSEMKT:SGDM) both offer targeted exposure to precious metals miners, but they take distinct approaches. SLVP tracks global companies heavily involved in silver and metals mining, while SGDM zeroes in on U.S. and Canadian gold producers. This comparison looks at cost, performance, risk, sector tilts, and liquidity to help investors assess which fund may better match their portfolio needs. Snapshot (cost & ...

Core Viewpoint - Gold.com's stock has experienced significant gains in 2026, with a notable increase of 76% as of February 14, 2026, driven by strong financial performance and market conditions [6]. Company Overview - Gold.com is a global precious metals company engaged in wholesale precious metals, direct-to-consumer sales, and secured lending, providing access to gold, silver, platinum, and palladium [5]. - The company's revenue for the trailing twelve months (TTM) is $15.68 billion, with a net income of $12.48 million and a dividend yield of 1.31% [4]. Recent Transactions - Brian Aquilino, the Chief Operating Officer, sold 10,000 shares of common stock for approximately $595,000, reducing his direct holdings to zero [1][2][8]. - The transaction involved the exercise of stock options, which were immediately converted into common shares and sold in the open market [8]. Market Context - The price of physical gold has surged due to global tariffs and geopolitical tensions, contributing to a historic year for gold in 2025 [7]. - Tether, a fintech company, announced a $150 million investment in Gold.com to support the growth of its stablecoin, Tether Gold, which is backed by physical gold [7]. Investment Implications - With strong financials and consistent price gains, Gold.com's stock is positioned as a viable long-term investment, particularly for those willing to accept the inherent volatility of precious metals [9].

Core Insights - The iShares Silver Trust (SLV) and Goldman Sachs Physical Gold ETF (AAAU) provide direct exposure to silver and gold respectively, with significant returns over the past year [2][3] Cost & Size Comparison - SLV has an expense ratio of 0.50% and an AUM of $44.77 billion, while AAAU has a lower expense ratio of 0.18% and an AUM of $3.13 billion [3] - The 1-year return for SLV is 137.63%, significantly higher than AAAU's 73.1% [3] Performance & Risk Comparison - Over the past five years, SLV has a max drawdown of 37.65%, compared to AAAU's 20.94% [4] - The growth of $1,000 invested over five years is $2,764 for SLV and $2,681 for AAAU [4] Market Context - The precious metals market has seen a surge in 2025, with gold and silver prices benefiting from geopolitical and economic tensions [6] - Since the start of 2025, gold prices have nearly doubled, while silver prices have surged by 170% [7] Volatility Considerations - Precious metals are known for their volatility, with silver being twice as volatile as gold, necessitating caution for investors [8] - An example of this volatility is a 27% drop in silver's price in one day on January 30 [8] Investment Opportunities - Both AAAU and SLV are considered effective ways for investors to gain exposure to the precious metals market, provided they are aware of the associated volatility [9]

Core Insights - Eric Sprott executed an open-market purchase of 200,000 shares of Hycroft Mining Holding Corporation for approximately $9.2 million, increasing his indirect ownership to over 40% of the company [1][9] - The transaction reflects a smaller incremental addition to Sprott's holdings, representing only 0.55% of his total indirect shares [7] Transaction Summary - Shares traded: 200,000 [2] - Transaction value: $9.2 million [2] - Post-transaction indirect shares held: 36,753,704 [2] Company Overview - Current share price (as of January 29, 2026): $45.73 [4] - Market capitalization: $2.98 billion [4] - Net income (TTM): -$45.61 million [4] - 1-year price change: 2,080% [4] Company Operations - Hycroft Mining operates the Hycroft mine in Nevada, focusing on gold and silver production across approximately 70,671 acres [8] - The company has measured and indicated mineral resources of 9.6 million ounces of gold and 446.0 million ounces of silver [8] - Revenue is primarily generated from the extraction and sale of gold and silver, targeting commodity buyers and industrial customers [8] Ownership Structure - All shares are held through Sprott Mining Inc., which is fully owned by 2176423 Ontario Ltd, ultimately controlled by Eric Sprott [7] - Sprott has invested over $225 million in Hycroft since June 2025, with shares increasing significantly due to rising gold and silver prices [9] Historical Context - In December 2025, AMC Entertainment sold around 80% of its equity stake in Hycroft to Sprott Mining for $24.1 million, following Sprott's advice to diversify [10]

Core Viewpoint - The iShares MSCI Global Silver and Metals Miners ETF (SLVP) and the iShares Gold Trust (IAU) provide exposure to precious metals but exhibit significant differences in returns, volatility, and portfolio structure [1][2]. Cost & Size - SLVP has an expense ratio of 0.39% and assets under management (AUM) of $1.2 billion, while IAU has a lower expense ratio of 0.25% and significantly larger AUM of $79.6 billion [3][4]. - SLVP offers a dividend yield of 1.5%, whereas IAU does not provide any dividends [4]. Performance & Risk Comparison - Over the past year, SLVP achieved a return of 189.5%, compared to IAU's 73.0% [3]. - The maximum drawdown for SLVP over five years is -55.41%, while IAU does not have a reported maximum drawdown [5]. - An investment of $1,000 in SLVP would grow to $2,518 over five years, while the same investment in IAU would grow to $2,733 [5]. Portfolio Composition - IAU is designed to track gold prices directly, with no equities or other assets, making it one of the largest and most liquid gold ETFs available [6]. - SLVP invests exclusively in global companies focused on silver and metals mining, with a concentrated portfolio of just 30 holdings, including major companies like Hecla Mining, Indust Penoles, and Fresnillo Plc [7]. Investment Implications - Holding shares in mining companies through SLVP may provide better long-term value growth compared to holding physical commodities, as successful businesses tend to grow over time and may offer dividends [9].