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]

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].

Core Viewpoint - First Majestic reported record silver production and significant revenue growth for Q3 2025, yet its stock price has declined due to investor concerns over a tax dispute with the Mexican government [1][3]. Financial Performance - The company achieved a record silver production of 3.9 million ounces in a single quarter, representing a 96% year-over-year increase [5]. - Revenue for the quarter reached $285.1 million, marking a 95% increase compared to the same period last year [5]. Stock Performance - First Majestic's stock has decreased by 14.6% from the end of last Friday's market session to the end of trading today [2]. - The current stock price is $10.90, with a market capitalization of $5 billion [4][5]. Tax Dispute - A recent ruling by the Mexican Supreme Court against a wholly-owned subsidiary of First Majestic regarding a tax appeal related to the San Dimas mine has raised concerns among investors [3]. - The CEO of First Majestic, Keith Neumeyer, downplayed the significance of the tax dispute, stating it has been ongoing for 13 years and that the company is actively working with the Mexican government to resolve the issue [5]. Investment Opportunity - The stock is currently valued at 13.3 times operating cash flow, which is a discount compared to its five-year average cash flow multiple of 25.3, suggesting a potential buying opportunity for investors [6].

Core Insights - Chemours reported quarterly earnings of $0.20 per share, missing the Zacks Consensus Estimate of $0.24 per share, and down from $0.40 per share a year ago, representing an earnings surprise of -16.67% [1] - The company posted revenues of $1.5 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.19%, with year-ago revenues also at $1.5 billion [2] - Chemours shares have declined approximately 28.7% year-to-date, contrasting with the S&P 500's gain of 15.6% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.21 on revenues of $1.4 billion, and for the current fiscal year, it is $1.15 on revenues of $5.87 billion [7] - The estimate revisions trend for Chemours was unfavorable prior to the earnings release, resulting in a Zacks Rank 5 (Strong Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Chemical - Diversified industry, to which Chemours belongs, is currently ranked in the bottom 9% of over 250 Zacks industries, suggesting a challenging environment for the stock [8]

Core Insights - Apollo Silver Corp. is advancing the Calico Silver Project, which is recognized as the second largest primary silver deposit in the US, following the US Department of the Interior's inclusion of silver in the 2025 List of Critical Minerals [1][2]. Industry Developments - The US government has added silver to the USGS List of Critical Minerals, highlighting its growing importance for economic and national security, which may lead to enhanced government support for domestic silver mining [1][2]. - The designation of silver as a critical mineral emphasizes its strategic value, especially as the US imported 64% of its silver consumption in 2024, indicating a reliance on foreign sources [2]. Company Updates - Apollo Silver's Calico Project has an updated Mineral Resource Estimate (MRE) of 55 million tonnes at a grade of 71 grams per tonne, totaling 125 million ounces of silver, with an inferred resource of 17.6 million tonnes at the same grade for an additional 58 million ounces [2]. - The inclusion of silver on the Critical Minerals List strengthens the case for the Calico Project under the Fast-41 program, which aims to streamline permitting processes for critical projects [2]. Company Overview - Apollo Silver is focused on developing the Calico Project, which contains significant barite and zinc credits, recognized as critical minerals essential to various sectors in the US [5]. - The company also holds an option on the Cinco de Mayo Project in Mexico, which features a high-grade carbonate replacement deposit [5].

Financial Performance - Sales increased by 38% year-over-year to $251.4 million in Q3 2025[11, 12] - Operating income increased significantly by 204% year-over-year to $154.6 million[16] - Net cash from operating activities before working capital was $113.9 million, or $0.37 per share[3, 16] - Free cash flow from ongoing operations reached $73.4 million, up from $57.4 million in Q2 2025[3, 16] Production and Operations - Q3 production from continuing operations was 72,462 GEO (Gold Equivalent Ounces)[3, 5] - Séguéla Mine produced 38,799 ounces of gold with cash costs of $688/oz Au and AISC of $1,738/oz Au[5] - Lindero Mine produced 24,417 ounces of gold with cash costs of $1,117/oz Au and AISC of $1,570/oz Au[5] - Caylloma Mine produced 233,612 ounces of silver with cash costs of $17.92/oz Ag Eq and AISC of $25.17/oz Ag Eq[6] Diamba Sud Gold Project - The PEA (Preliminary Economic Assessment) for Diamba Sud projects an initial 3-year average production of 147,000 ounces of gold[6] - The Diamba Sud PEA estimates construction capital costs of $283.2 million[6] - The Diamba Sud PEA indicates an after-tax NPV5% of $563 million and an after-tax IRR of 72% at a gold price of $2,750/oz[6, 7]

Core Points - Rio Silver Inc. intends to settle $293,250 of indebtedness through the issuance of 1,396,428 common shares at a deemed price of $0.21 per share and 420,238 common share purchase warrants [1][2] - The common shares issued to non-arm's length creditors will total 976,190 shares, with no warrants issued to them [1] - Each warrant is exercisable into a common share at a price of $0.28 per share for a period of three years from the date of issue [2] - The transaction is subject to approval from the TSX Venture Exchange and will help improve the company's working capital deficiency [2]

Financial Data and Key Metrics Changes - The company reported record Q3 silver production of 3.9 million ounces, with year-to-date production reaching 11.3 million ounces [10] - Revenues for the quarter were also at a record level, contributing to a cash flow of $140 million and a cash position exceeding $560 million [10][16] - EBITDA reached another record of $128 million, indicating strong operational performance [19] Business Line Data and Key Metrics Changes - The company is on track to meet its guidance of over 30 million silver equivalent ounces for the year, with a breakdown of 55% silver, 35% gold, and 10% lead and zinc [12] - Significant improvements were noted at the San Dimas operation, with production increasing and costs decreasing, returning to budget after previous challenges [14] - At La Encantada, a transition to sub-level caving is expected to reduce costs and enhance operations by Q1 2026 [15] Market Data and Key Metrics Changes - The company maintained a strong inventory level, holding 758,000 ounces of silver and nearly 4,000 ounces of gold, representing $50 million in potential revenue [16][17] - Marketable securities valued at $140 million as of September 30, indicating substantial liquidity [18] Company Strategy and Development Direction - The company is focused on operational efficiencies and cost reductions while continuing to explore and develop its assets, particularly at Los Gatos and Santa Elena [12][13] - Plans to increase throughput at Los Gatos to 4,000 tons per day are underway, with further guidance expected in January 2026 [12][21] - The company aims to enhance its exploration efforts, particularly at Jerritt Canyon, with updates anticipated by early 2026 [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a strong Q4 and ending 2025 positively, despite ongoing tax issues that are not viewed as material to the business [10][11] - The company is actively working with the Mexican government to resolve a long-standing tax dispute, with no significant changes expected in the near term [4][6] Other Important Information - The company has a solid dividend policy in place, with potential for increases depending on future performance [20] - Safety and sustainability performance have improved, positioning the company favorably within the mining sector [18] Q&A Session Summary Question: Are you doing any share buyback at these prices? - The company confirmed that share buybacks were conducted recently, indicating active management of capital [23]

Financial Data and Key Metrics Changes - The company reported record Q3 numbers, with silver production reaching 3.9 million ounces and year-to-date production at 11.3 million ounces [10] - Revenues for the quarter were also a record, contributing to a cash flow of $140 million and a cash position exceeding $560 million [10][19] - EBITDA reached another record of $128 million, indicating strong operational performance [19] Business Line Data and Key Metrics Changes - The company is on track to meet its guidance of over 30 million silver equivalent ounces for the year, with a breakdown of 55% silver, 35% gold, and 10% lead and zinc [12] - Significant improvements were noted at San Dimas, with production increasing and costs decreasing, bringing the operation back within budget [14] - At La Encantada, a transition to sub-level caving is expected to reduce costs and enhance operations by Q1 2026 [15] Market Data and Key Metrics Changes - The company maintained a strong inventory level, holding 758,000 ounces of silver and nearly 4,000 ounces of gold, representing $50 million in potential revenue [16] - Marketable securities amounted to $140 million as of September 30, contributing to the company's liquidity [18] Company Strategy and Development Direction - The company is focused on operational efficiencies and cost reductions while continuing to enhance its production capabilities [3][10] - The integration of the Los Gatos acquisition is progressing well, with plans to increase throughput to 4,000 tons per day [12] - Exploration efforts at Santa Elena have yielded two major discoveries, which are expected to extend the mine's life significantly [13] Management's Comments on Operating Environment and Future Outlook - Management views the ongoing tax dispute with the Mexican government as non-material and continues to work towards resolution [4][6] - The company is optimistic about ending 2025 on a positive note, anticipating a strong Q4 performance [10] - Management emphasized the importance of focusing on operational achievements rather than sensationalized media reports [3][8] Other Important Information - The company plans to provide further guidance in January 2026 regarding its budget and production targets [12][21] - Safety and sustainability performance have improved, positioning the company favorably within the mining sector [18] Q&A Session Summary Question: Are you doing any share buyback at these prices? - The company confirmed that share buybacks were conducted recently [23]

Financial Data and Key Metrics Changes - The company reported a record silver production of 3.9 million ounces for Q3 2025, with year-to-date production reaching 11.3 million ounces [11] - Revenues for the quarter were also at a record level, contributing to a cash flow of $140 million, and the company holds over $560 million in cash [11] - EBITDA reached a record of $128 million, indicating strong operational performance [19] Business Line Data and Key Metrics Changes - The company is on track to meet its guidance of over 30 million silver equivalent ounces for the year, with a breakdown of 55% silver, 35% gold, and 10% lead and zinc [13] - Significant improvements were noted at the San Dimas operation, with production increasing and costs decreasing, now operating within budget [15] - At La Encantada, a transition to sub-level caving is expected to reduce costs and improve operations by Q1 2026 [15] Market Data and Key Metrics Changes - The company maintained a strong inventory level, holding 758,000 ounces of silver and nearly 4,000 ounces of gold, representing $50 million in potential revenue [16] - Marketable securities valued at $140 million as of September 30, 2025, contribute significantly to the company's liquidity [19] Company Strategy and Development Direction - The company is focused on operational efficiency and cost reduction while continuing to explore and develop its assets, particularly at Los Gatos and Santa Elena [14][15] - The integration of systems from the Los Gatos acquisition is progressing well, with plans to increase throughput to 4,000 tons per day [14] - Future guidance for 2026 will include updates on production and cost strategies [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a strong Q4 2025, building on the positive results from Q3 [11] - The ongoing tax dispute with the Mexican government is not viewed as a material issue, and management is focused on operational performance rather than tax concerns [5][7] - The company is optimistic about exploration results, particularly at Santa Elena, which could extend the mine's life significantly [14] Other Important Information - The company plans to update resource estimates at the Navidad project in March 2026, indicating ongoing exploration and development efforts [21] - The dividend policy remains intact, with potential for increases depending on future performance [20] Q&A Session Summary Question: Are you doing any share buyback at these prices? - The company has conducted share buybacks recently, indicating confidence in its stock value [22]