GoGold Resources Conference Call Summary Company Overview - GoGold Resources operates in the mining sector, specifically focusing on silver and gold production in Mexico. The company has a history of building and operating mines, with significant experience in the region [1][2]. Financial Position - GoGold has a strong financial position with $141 million in cash and no debt [3][4]. - The company generates approximately $3 million in free cash flow per month from its tailings reprocessing operation, totaling around $40 million annually [3]. Key Projects Las Ricos Project - The Las Ricos project is a significant focus for GoGold, located in Jalisco, Mexico, with a strong potential for silver production [4][5]. - The project has 285 million ounces of silver-equivalent resources after extensive drilling [5]. - A final feasibility study has been completed, and the company is in the execution phase, having awarded contracts for engineering and construction [6][7]. Production Goals - The company aims to produce 9 million ounces of silver annually, with Las Ricos South expected to contribute an additional 7.2 million ounces [9]. - The all-in sustaining costs for production are projected to be around $12 per ounce, indicating a high-margin operation [9][11]. Construction and Development Plans - The construction of Las Ricos South is expected to take 24 months, with the first doré bar pour anticipated at the end of this period [7][11]. - Plans are in place to begin drilling at Las Ricos North to advance the project further [8][11]. Community and Environmental Relations - GoGold emphasizes strong community relations and environmental standards, which are crucial for obtaining permits in Mexico [12][13]. - The company has successfully engaged with local communities, receiving positive feedback regarding its projects [13][14]. Regulatory Environment - The permitting process in Mexico is community-focused, with the government actively seeking community input on mining projects [12][14]. - GoGold is optimistic about receiving necessary permits by the end of the year, although holiday delays may push this into the new year [14]. Operational Practices - GoGold employs best practices in tailings management, utilizing dry stacked tails and recycling water to minimize environmental impact [22][23]. - The company has a history of addressing old mining liabilities and ensuring compliance with modern environmental standards [23]. Future Outlook - GoGold is positioned for growth with plans to expand production capacity significantly over the next few years, aiming to become a top silver producer [11]. - The company is exploring financing options to support its growth while maintaining flexibility in capital structure [10].

Forward Looking Statement This presentation contains "forward looking statements" regarding the Company within the meaning of applicable securities legislation, including statements as to future events, results and plans. Forward-looking statements are sometimes but not always identified by such words as "targeted", "can", "will", "anticipates", "projects", "expects", "intends", "likely", "plans", "should", "could" or "may" or grammatical variations thereof. These include, without limitation, statements wit ...

Market Overview - The U.S. Senate's actions to resolve the government shutdown have restored access to delayed official data, leading to increased investor optimism regarding economic indicators related to inflation, employment, and Federal Reserve actions [1] - Major U.S. stock indexes experienced significant gains, with the S&P 500 rising 1.5% to 6,832.43, the Nasdaq Composite gaining 2.3% to 23,527.17, and the Dow Jones Industrial Average increasing 0.8% to 47,368.63, reflecting renewed confidence in the economy [2] Value Stocks - The change in market sentiment has enhanced the attractiveness of value stocks, which typically benefit from stabilizing economic conditions and reduced market volatility [3] - Companies such as Great Lakes Dredge & Dock Corporation (GLDD), StoneCo Ltd. (STNE), PG&E Corporation (PCG), and Pan American Silver Corp. (PAAS) are highlighted for their low Price to Cash Flow (P/CF) ratios, indicating strong potential for recovery as investors recognize their inherent value [4][10] Price to Cash Flow Ratio - The P/CF ratio is emphasized as a critical metric for evaluating a company's financial health, as it assesses the market price of a stock relative to its cash flow per share, with lower values being more favorable [7][11] - Positive cash flow is indicative of a company's ability to manage debt, reinvest, and provide returns to shareholders, while negative cash flow suggests liquidity issues [9] Investment Strategy - A comprehensive investment strategy should not rely solely on the P/CF metric; it should also incorporate other valuation metrics such as price-to-earnings (P/E), price-to-book (P/B), and price-to-sales (P/S) ratios to avoid value traps [10][11] - Parameters for selecting true-value stocks include a P/CF ratio less than or equal to the industry median, a minimum stock price of $5, and a Zacks Rank of 1 or 2, which indicates strong buy potential [11][14] Company Performance Highlights - Great Lakes Dredge & Dock (GLDD) has a trailing four-quarter earnings surprise of 65.5% and is projected to see sales and EPS growth of 11.6% and 31%, respectively [15][16] - StoneCo (STNE) has a trailing earnings surprise of 9.1% and is expected to grow sales and EPS by 11.8% and 24.4%, respectively, with shares having rallied 47.9% in the past year [16][17] - PG&E Corporation (PCG) has a trailing earnings surprise of 0.5% and is projected for sales and EPS growth of 6.7% and 10.3%, respectively, despite a 21.9% decline in shares over the past year [17][18] - Pan American Silver (PAAS) has a trailing earnings surprise of 45.2% and is expected to see significant growth in sales and EPS of 23.9% and 173.4%, respectively, with shares surging 70% in the past year [18][19]

Core Insights - Aya Gold & Silver Inc. reported strong third quarter results for 2025, showcasing significant operational and financial improvements, particularly from the Zgounder silver mine [1][5][10]. Operational Highlights - Zgounder achieved record throughput of 3,326 tonnes per day (tpd), an 11% increase quarter-over-quarter (QoQ), with silver production reaching 1.35 million ounces (oz), up 278% year-over-year (YoY) and 29% QoQ [6][7]. - The average grade of ore processed was 146 grams per tonne (g/t) Ag, with a recovery rate of 92.5% [6][7]. - Underground mining operations averaged 1,276 tpd at a grade of 159 g/t Ag, while open-pit activities yielded 1,066 tpd of ore at 123 g/t Ag [7][8]. Financial Highlights - Revenue from silver sales totaled $54.3 million, reflecting a 393% increase YoY, driven by higher production volumes and a net realized silver price of $39.85/oz, up 46% from the previous year [10][11]. - The company recorded a net income of $12.4 million, or diluted earnings per share (EPS) of $0.09, compared to a net loss of $0.3 million in Q3-2024 [11][14]. - Operating cash flow was strong at $22.4 million for the quarter, with cash reserves totaling $129 million, providing financial flexibility for future projects [12][13]. Development and Exploration - The Boumadine project showed significant potential, with a recently announced Preliminary Economic Assessment (PEA) indicating a post-tax NPV5% of $1.5 billion and an internal rate of return (IRR) of 47% at base case prices [15][16]. - Exploration activities included 29,524 meters of drilling at Boumadine, confirming high-grade intercepts and extending mineralized zones [19]. - Near-mine exploration at Zgounder involved 9,770 meters of drilling, confirming continuity of high-grade mineralization beyond current resources [17]. Outlook - The company anticipates continued strong operational performance with the Zgounder ramp-up nearing completion and plans to advance the Boumadine project [21]. - Aya is positioned to enhance production, expand resources, and deliver long-term shareholder value, leveraging a robust balance sheet and positive cash flow [21].

Core Insights - Zacatecas Silver Corp. has entered into a new community access agreement with Ejido Panuco, demonstrating strong local support for its exploration initiatives [1][2] - The company has finalized a drill contract with Major Drilling for an initial 4,000 meters of angled diamond drilling, aimed at expanding the Mineral Resource Estimate [1][3] Community Access Agreement - The agreement was unanimously approved by the Ejido, allowing Zacatecas Silver to submit its application to SEMARNAT for drill permits [2] - The permitting process is expected to be straightforward, following successful previous campaigns [2] Drill Contract with Major Drilling - Major Drilling is prepared to mobilize upon receipt of the necessary permits [3] - The drilling program will focus on extending high-grade mineralization both within and beyond the current resource envelope [3][4] Panuco Highlights - The Panuco vein system remains open in all directions, with drilling aimed at extending the strike length of known mineralization [4] Company Overview - Zacatecas Silver Corp. operates two key projects: the Zacatecas Silver Project and the Esperanza Gold Project [5][8] - The Zacatecas Silver Project is located in the Fresnillo silver belt, covering 7,826 hectares, and has a Mineral Resource Estimate of 3.41 million tonnes at 187 g/t AgEq, totaling 20.5 million ounces AgEq [6][8]

Core Insights - Americas Gold and Silver Corporation reported a significant increase in consolidated silver production, achieving 765,000 ounces in Q3-2025, a 98% increase year-over-year and an 11% increase quarter-over-quarter, driven by operational improvements at the Galena Complex and progress at the Cosalá Operations [3][11][15] - The company experienced a consolidated revenue increase to $30.6 million for Q3-2025, a 37% rise compared to $22.3 million in Q3-2024, attributed to higher silver production and realized prices despite lower production of zinc and lead [3][4][10] - The company confirmed the viability of supplying significant antimony production to meet U.S. domestic supply requirements, with year-to-date antimony production reported at 447,466 pounds [3][8][19] Production and Operations - Consolidated silver production included approximately 440,000 ounces from the Galena Complex, a 36% increase from Q3-2024, and 325,000 ounces from the Cosalá Operations, a 70% increase year-over-year [3][15][19] - The Galena Complex's production was supported by consistent access to higher-grade tetrahedrite ore, while the Cosalá Operations transitioned into the high-grade EC120 Project [3][15][19] - The company completed a planned 10-day shutdown for Phase 1 upgrades to the Galena No. 3 Shaft, achieving a 100% productivity improvement ahead of schedule [3][5][14] Financial Performance - The company reported a net loss of $15.7 million for Q3-2025, slightly improved from a net loss of $16.1 million in Q3-2024, as it continues to invest strategically in operations [3][4][10] - Adjusted loss for Q3-2025 was $4.3 million, an improvement from an adjusted loss of $11.8 million in Q3-2024, with adjusted EBITDA of $1.9 million compared to an adjusted EBITDA loss of $1.3 million in the prior year [4][10][48] - Cash and cash equivalents stood at $39.1 million as of September 30, 2025, with $50 million remaining undrawn on the existing credit facility [3][10] Cost Metrics - The average cost of sales per silver equivalent ounce produced was $22.95, with cash costs averaging $24.11 and all-in sustaining costs at $30.06 for Q3-2025 [3][12][40] - Cash costs per silver ounce increased compared to the previous year, primarily due to lower by-product credits as the company transitions into new mining zones [12][35][39] Strategic Initiatives - The company engaged Lot Sixteen, a government relations firm, to discuss support for antimony production with the U.S. Government and explore the potential construction of a dedicated antimony processing plant in Idaho [3][8][19] - Recent metallurgical testing confirmed over 99% antimony extraction from copper concentrate, indicating a strong potential for future revenue from antimony [6][7][8] - The company is focused on increasing production and lowering costs through various operational improvements and capital investments [4][5][10]

Core Viewpoint - Endeavour Silver Corp. has reported disappointing financial performance despite some positive production metrics, indicating ongoing challenges in meeting market expectations [2][3][6]. Financial Performance - The company reported an earnings per share (EPS) of -$0.01, missing the estimated EPS of $0.02, which reflects a significant deviation from expectations [2][6]. - Revenue for the quarter was $111.4 million, falling short of the estimated $170.4 million, although this represents a substantial increase from $53.44 million reported a year ago [3][6]. - The company has only surpassed consensus revenue estimates twice in the last four quarters, highlighting ongoing challenges [3]. Production Metrics - Silver equivalent production rose by 88% year-over-year, indicating strong operational performance [4]. - The achievement of commercial production at the Terronera mine is viewed positively by the CEO, suggesting optimism for future growth [4]. Financial Ratios - The company has a negative price-to-earnings (P/E) ratio of -29.26 and a negative earnings yield of -3.42%, indicating current unprofitability [5]. - The price-to-sales ratio is 8.43, and the enterprise value to sales ratio is 8.77, suggesting that investors are paying a premium for the company's sales [5]. - The high enterprise value to operating cash flow ratio of 69.62 indicates a valuation significantly higher than its cash flow [5]. - The debt-to-equity ratio of 0.26 suggests a conservative use of debt, while the current ratio of 0.93 indicates potential difficulties in covering short-term liabilities [5].

Core Insights - Giant Mining Corp. has expanded its engagement with RESPEC Company LLC to incorporate silver assays from recent and historic drilling at the Majuba Hill project, enhancing the project's potential [1][2][3] Engagement Purpose - RESPEC's updated interpretation will include results from the latest drill program, specifically core data from drill holes MHB-30 through MHB-36 [2] - The integration of silver assays will refine the geological model, evaluate new findings' impact on project potential, and guide further drilling strategies [3] Project Highlights - Majuba Hill has previously reported high-grade silver intercepts, including 74.0 feet of 30.1 g/t Ag, emphasizing its polymetallic strength and potential for significant by-product value [4] - The project is located in Nevada, a top-ranked mining jurisdiction, covering 9,684 acres with existing infrastructure that provides cost advantages [7][9] Strategic Impact - The updated interpretation will strengthen the technical foundation for future economic potential and highlight new target zones, aligning with U.S. demand for secure supply chains [7] - The U.S. Geological Survey's recent designation of copper and silver as critical minerals underscores the strategic relevance of Majuba Hill's mineral system [6][7] Market Awareness - The company has entered into a consulting agreement with Plutus Invest & Consulting GmbH for marketing and investor awareness in the European market, with a total payment of EURO 120,000 [12] Company Overview - Giant Mining is focused on advancing late-stage copper and copper/silver/gold projects to meet the growing global demand for critical metals, driven by initiatives like the Green New Deal [13][14] - The Majuba Hill project is positioned to become a significant copper deposit, essential for meeting increasing demand [15]

Financial Data and Key Metrics Changes - In Q3 2025, the company produced 1.8 million ounces of silver and 7,300 ounces of gold, totaling approximately 3 million silver equivalent ounces, representing an 88% increase compared to Q3 2024 [3] - Revenue for the quarter was reported at $111 million, a 109% increase year-over-year, driven by higher precious metal prices and increased production [3] - Mine operating cash flow before working capital changes rose by 102%, while cash costs increased to $18 per payable silver ounce [4] - The company reported a net loss of $37.5 million for the period, primarily due to a loss on derivative contracts of $39 million [5] Business Line Data and Key Metrics Changes - Colpa produced 1.3 million silver equivalent ounces in Q3 2025, continuing to align with historical performance benchmarks [8] - All-in sustaining costs increased to $30.53 per ounce, net of byproduct credits, due to elevated exploration and initial capital investments [4] - Terronera experienced a mine operating loss of $3.6 million during the commissioning period, but has since reached commercial production [5][6] Market Data and Key Metrics Changes - The average silver price during the quarter was $38, with expectations for Q4 to be around $48 [57] - The company is experiencing higher costs due to inflation and operational challenges, including reliance on diesel generators while awaiting LNG permits [59] Company Strategy and Development Direction - The company aims to optimize operations at Terronera and expects to refine processes to improve throughput and recoveries [6] - Management is focused on advancing the Pitarrilla project, with plans to upgrade inferred resources to indicated and publish a feasibility study by mid-2026 [9] - The integration of the Colpa acquisition is progressing smoothly, with ongoing exploration to validate historical resource estimates [8] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving free cash flow in Q4 2025, contingent on operational efficiencies at Terronera [57] - The company is evaluating refinancing options for its project loan facility now that Terronera is in commercial production [30] - Management acknowledged the volatility in the market due to derivative liabilities but remains focused on long-term growth and shareholder value [78] Other Important Information - The company incurred $1.5 million in exploration expenses in Q3 2025 as part of its commitment to validate historical resources at Colpa [8] - The company has room for about 60,000 tons of stockpile at Terronera, with plans to increase throughput to 2,500 tons per day [24][9] Q&A Session Summary Question: What has been seen with Colpa versus expectations? - Management noted throughput is above 2,000 tons per day, but grades were slightly lower than expected. Community and labor relations are strong, and exploration results have been positive [14][15] Question: Update on Terronera's performance in October? - Management reported steady performance with no significant events, focusing on refining and optimizing plant operations [28][29] Question: Update on balance sheet and ATM usage? - The company has not used the ATM in the past month and is evaluating refinancing options for the project finance facility [30] Question: Clarification on CapEx spending? - Management indicated that CapEx spending would be consistent, with no significant catch-up expected in Q4 [37] Question: How critical is development at Guanacevi? - Sustaining capital is essential for maintaining production levels, and the company is on track with its development plans [49] Question: When can positive free cash flow be expected? - Management expects to achieve free cash flow in Q4 2025, driven by operational improvements at Terronera [57] Question: Will capital return policies be discussed soon? - Management indicated that cash flow from Terronera will be reinvested into Pitarrilla before considering capital returns to shareholders [62][63] Question: What is the exposure to derivative liabilities going forward? - Management clarified that they are not interested in entering new gold hedges and will focus on producing and delivering into existing contracts [82]

Company Strategy & Growth - Endeavour Silver aims to become a leading senior silver producer through organic growth and strategic acquisitions [17] - The company targets production of 30 million ounces of silver equivalent (AgEq) by 2030, dubbed "30 by 30" [16] - Endeavour Silver strategically acquires key assets, exemplified by the acquisition of the Kolpa mine in Peru [14, 24] Production & Operations - YTD 2025 production reached 74 million ounces AgEq [19] - Guanaceví contributed 52% to YTD 2025 metal sales quantity, followed by Kolpa at 20% and Bolañitos at 28% [20] - Terronera mine commenced commercial production on October 1, 2025, with average daily production of 1,841 tonnes in July [18, 43, 52] Kolpa Mine Acquisition - The Kolpa mine acquisition is expected to increase Endeavour's annual production profile by approximately 50 million ounces AgEq [25] - Since May 1, 2025, Kolpa has produced 209 million ounces AgEq [22] - In Q3 2025, Kolpa produced 598,689 ounces of silver, 5,664 tonnes of lead, 3,666 tonnes of zinc, and 120 tonnes of copper [29] Pitarrilla Project - Endeavour Silver is advancing an economic study for the Pitarrilla project, one of the world's largest undeveloped silver deposits [18, 60] - In 2025, an estimated $257 million is allocated for Pitarrilla, including $166 million for feasibility study, development, and exploration [18] - Pitarrilla's resource mix is 60% silver and 40% lead/zinc [59]