Core Insights - Endeavour Silver Corp. reported strong financial and operational results for Q3 2025, with significant increases in production and revenue, highlighting operational excellence and future growth potential [2][4]. Financial Overview - Silver ounces produced in Q3 2025 reached 1,766,926, a 102% increase from Q3 2024, while gold production decreased by 22% to 7,285 ounces [4][5]. - Silver equivalent production was 3,037,156 ounces, an 88% year-over-year increase [4][5]. - Revenue from operations was $111.4 million, a 109% increase compared to $53.4 million in Q3 2024 [6]. - Operating cash flow before working capital changes was $39.7 million, up 102% from $19.6 million in Q3 2024 [6][11]. - Adjusted EBITDA for Q3 2025 was $28.2 million, compared to $13.9 million in the same quarter of 2024, reflecting higher metal prices and contributions from new operations [5][6]. Production Costs - Cash costs per silver ounce were $18.09, a 59% increase from $11.35 in Q3 2024, driven by higher royalties and costs of third-party materials [9][10]. - All-in sustaining costs (AISC) per ounce rose to $30.53, an 18% increase from $25.82 in Q3 2024, influenced by higher corporate costs and cash costs [10][11]. - Direct operating costs per tonne increased to $144.88, slightly higher than $138.54 in Q3 2024, due to the addition of Kolpa and lower throughput at Bolañitos [8][10]. Operational Highlights - The company achieved commercial production at the Terronera mine in October 2025, with the plant exceeding 90% of its designed capacity during Q3 2025 [5][6]. - Processed tonnes increased to 400,245, a 129% increase from 175,065 tonnes in Q3 2024 [4][6]. Earnings and Losses - The company reported a net loss of $42.0 million for Q3 2025, compared to a net loss of $17.3 million in Q3 2024, primarily due to losses on derivative contracts [14][15]. - Adjusted net loss was $2.1 million, a significant decline from adjusted net earnings of $1.6 million in Q3 2024 [15][16].

Hecla Mining Company Conference Call Summary Company Overview - Hecla Mining Company (NYSE:HL) has a long history of 134 years, primarily focused on silver mining in North America, specifically the U.S. and Canada [2][3] - The company is undergoing a generational change in management, with new leadership including CEO Rob Krcmarov, who has extensive experience in mining and finance [3][4] Key Assets - Hecla operates four producing mines: - **Greens Creek**: Located in Alaska, it is the flagship asset, producing silver, gold, lead, zinc, and some copper [3][4] - **Lucky Friday**: Situated in Idaho, it has been producing for about 80 years with a reserve life of nearly 17 years [4][18] - **Keno Hill**: A newer silver-focused mine in the Yukon, with a high grade of 950 grams per ton silver equivalent and a 16-year reserve life [21][22] - **Casa Berardi**: A gold mine in Quebec, combining open-pit and underground operations, generating significant free cash flow [26][27] Financial Performance - In Q2 2024, Hecla produced 13.4 million ounces of silver, making it the largest silver producer in the U.S. and Canada [9] - The average all-in sustaining cost (AISC) for silver production was approximately $13.06, significantly below the peer average [11] - The company reported $69 million in free cash flow from Greens Creek in Q2, contributing to over $100 million in the first half of the year [16] - Hecla's debt was reduced to $268 million by the end of Q2, with plans for further repayment using free cash flow [32][71] Strategic Focus - The management is focused on improving capital allocation and enhancing resource value, aiming to close the valuation gap compared to peers [8][9] - Hecla is committed to maintaining a strong focus on silver, with approximately 40% of Q2 revenue derived from silver sales [6][32] - The company is exploring opportunities in Nevada, with plans for increased exploration spending in the coming year [30][41] Market Outlook - There is a structural deficit in the silver supply, expected to support robust silver prices in the coming years [35] - The management is optimistic about the potential for higher silver prices, which could further enhance cash flow and support debt repayment [61][62] ESG and Safety Initiatives - Hecla emphasizes safety with a program called Safety 365, aiming to improve safety culture across its operations [12][13] - The company is also involved in reclamation work funded by the Canadian government, strengthening relationships with local communities and First Nations [24][50] Additional Insights - The management believes that the Keno Hill mine has significant potential, despite challenges in ramping up production [21][46] - Hecla is not currently pursuing major M&A but is open to low-cost acquisitions that can add value without diluting shareholder equity [69][70] Conclusion - Hecla Mining Company is positioned for growth with a strong focus on silver production, effective debt management, and strategic exploration initiatives. The new management team is committed to enhancing shareholder value through improved capital allocation and operational efficiency.

Core Viewpoint - Aya Gold & Silver Inc. reported strong operational and financial results for Q2-2025, highlighting record revenues and significant increases in silver production, driven by the ramp-up of the Zgounder plant and ongoing exploration efforts [4][11][24]. Operational Summary - Silver production reached 1.04 million ounces, a 141% increase year-over-year, attributed to the new Zgounder plant's ramp-up [8][10]. - The average throughput was 3,005 tonnes per day, with mill availability at 98% and recovery rates improving to an average of 86.5% for the quarter [7][10]. - Ore processed increased by 239% year-over-year to 273,471 tonnes, with a 10% quarter-over-quarter increase [10][11]. Financial Summary - Revenue from silver sales totaled $38.6 million, up 182% year-over-year, reflecting higher sales volumes and a net realized silver price of $33.86 per ounce, a 29% increase from the previous year [11][20]. - Net income for the quarter was $8.6 million, or diluted EPS of $0.06, compared to $6.8 million and $0.05 in Q2-2024 [12][20]. - Cash costs per ounce sold increased to $21.26, reflecting early-stage development costs, with expectations for normalization in the second half of 2025 [12][20]. Development and Exploration - The company is advancing its Boumadine project, with a Preliminary Economic Assessment (PEA) expected later this year, which is anticipated to highlight its potential as a major production hub [6][24]. - Exploration activities included 33,510 meters of drilling at Boumadine and 5,915 meters at Zgounder, with new targets identified, including the Asirem Gold-Copper zone [19][21]. - The regional land package has expanded by 12% to 452.7 km², with ongoing geological mapping and prospecting [18][21]. Recent Developments - Aya received an $8 million payment under bank guarantees from EPC contractor Duro Felguera, reinforcing project oversight and contract enforcement [17]. - The company completed a C$144 million bought deal financing, ending the quarter with $114 million in cash, providing flexibility for future developments [15][16]. Outlook - The company expects continued strong operational execution, with milling throughput and recoveries projected to remain above feasibility study rates [24]. - Key catalysts for the second half of 2025 include the Boumadine PEA and ongoing drill results, which are expected to further demonstrate growth potential [24].