Core Insights - Hecla Mining Company's shares have increased by 66.3% over the past three months, outperforming the industry and the S&P 500, which returned 40.5% and 4.1% respectively [1] - The company's stock closed at $21.37, nearing its 52-week high of $22.28, and significantly above its 52-week low of $4.46, indicating strong upward momentum [4] Performance Metrics - In Q3 2025, Hecla Mining produced 4.6 million ounces of silver, a 1.5% increase from the previous quarter, and reported revenues of $409.5 million, up 35% sequentially due to higher metal prices and increased sales volumes [9] - The Greens Creek mine was a key contributor, producing 2.3 million ounces of silver and 15,600 ounces of gold during the same quarter [10] - The company generated approximately $90 million in free cash flow and reduced net leverage from 0.7x to 0.3x by the end of Q3 2025 [14] Operational Developments - The Lucky Friday project produced 1.3 million ounces of silver, benefiting from higher milled grades and stable operations, with a surface cooling project expected to enhance access to deeper ore by 2026 [11] - The Keno Hill project showed a 20% increase in silver production to 898,328 ounces, supported by improved power reliability and higher milling rates [12] - Hecla Mining's Polaris Exploration Project has received approval to begin exploration activities in 2026, and early drilling at the Midas Project has shown promising results [13] Financial Health - The company reported an increase in all-in-sustaining costs (AISC) per ounce to $11.01, up from $5.19 in the previous quarter, due to higher labor costs and increased capital spending [15] - Hecla Mining is trading at a trailing price-to-earnings ratio of 36.85X, compared to the industry average of 18.34X, with peers Pan American Silver and Avino Silver at 14.66X and 21.52X respectively [20] Future Outlook - The steady advancement of core operations and exploration projects positions Hecla Mining for sustained growth, despite facing near-term challenges such as rising operating costs [21] - The Zacks Consensus Estimate for the company's bottom line for 2025 has increased by 5% in the past 60 days, indicating positive market sentiment [18]

Core Viewpoint - Zacatecas Silver Corp. is experiencing significant operational progress and regulatory improvements in Mexico, particularly benefiting its Esperanza Gold Project and overall portfolio [1][2]. Group 1: 2025 Progress and Current Portfolio - 2025 marked a revitalization year for the company, positioning it for a catalyst-driven 2026 with key accomplishments [2]. - The company controls a high-quality, resource-backed portfolio anchored by two advanced assets in Mexico, providing leverage to silver and gold [2]. Group 2: Regulatory Developments - A notable shift in Mexico's mining sector occurred with the granting of an open-pit mining permit to Silver Tiger Metals Inc., marking the first new permit since 2020 [5]. - This approval indicates an evolving regulatory environment, potentially opening doors for advanced projects like those of Zacatecas Silver [5][6]. Group 3: Project Details - The Zacatecas Silver Project has an inferred mineral resource of 20.5 million ounces of silver equivalent from 3.41 million tonnes at 187 g/t Ag Eq [4]. - The Esperanza Gold Project has a measured and indicated mineral resource of 30.5 million tonnes at 0.97 g/t AuEq, totaling 956,000 ounces AuEq [4][21]. Group 4: Drilling and Community Engagement - The company is set to commence a 4,000-metre drill program at the Zacatecas Silver Project, focusing on high-priority targets [9][10]. - Community engagement has been a critical success factor, with recent agreements providing secure access for drilling and future exploration [11]. Group 5: Strategic Positioning - The company believes Esperanza is one of the most compelling undeveloped gold assets in Mexico, particularly with the improving permitting environment [12][13]. - The macro backdrop for silver and gold is strengthening, and the company is well-positioned to benefit from these trends [14]. Group 6: CEO Commentary - The CEO highlighted the market's shift towards re-rating high-quality, buildable assets, emphasizing Esperanza's strategic importance in the current landscape [15].

Core Viewpoint - Silver X Mining Corp. reported strong operational results for the fourth quarter of 2025, highlighting significant growth in production and throughput at its Nueva Recuperada property in Peru, which positions the company for sustained production growth and value creation [3][10]. Production Highlights - Processed tonnage increased to 41,635 tonnes in 4Q25, up 24% from 33,505 tonnes in 3Q25 [8]. - Silver equivalent ounces ("AgEq") processed rose to 266,995 oz in 4Q25, a 17% increase from 227,315 oz in 3Q25, driven by higher throughput while maintaining consistent head grades [8]. - Gold production increased to 667 ounces in 4Q25, representing a 67% quarter-over-quarter increase from 398 ounces in 3Q25 [8]. - Average silver prices in 4Q25 were approximately US$55/oz, up from US$40/oz in 3Q25, indicating operational stability despite higher prices [8][6]. Strategic Initiatives - The company is advancing a 40,000-meter drilling program and developing new mining fronts to support both near-term production growth and long-term resource expansion [4][3]. - Continued investment in underground development and improved operational coordination are expected to facilitate further production growth in upcoming quarters [3]. Future Outlook - Silver X aims to scale production at the Tangana Mining Unit and plans to restart the Plata Mine, targeting approximately 6 million AgEq ounces annually by 2029 [10].

Core Insights - Kootenay Silver Inc. has announced additional assay results from its ongoing 50,000-meter drill program at the Columba High Grade Silver Project in Chihuahua, Mexico, focusing on expanding known resource bodies [1][11] Drilling and Resource Expansion - The drilling program is aimed at expanding the inferred Mineral Resource Estimate (MRE) of 54.1 million ounces (Moz) of silver, based on 5.92 million tonnes (Mt) at a grade of 284 grams per tonne (gpt) [2][3] - The current drilling includes nine holes, with four targeting the D Vein and five targeting the B2/Lupe Vein System, testing extensions of known mineralized structures at approximately 100-meter spacing [3][5] D Vein Highlights - The D Vein Trend shows aggressive extension drilling, with all holes targeting intercepts around 100 meters beneath existing known mineralization, indicating the vein remains open at depth and along strike [3][11] - Significant results include a 12.9-meter interval averaging 87 gpt Ag, with deeper holes indicating a pattern of mineralization that is expected to repeat in the down dip direction [7][11] Lupe-B2 Vein System - The Lupe-B2 Trend shows strong potential for wide and high-grade mineralization, remaining open along strike and to depth [5][11] - Notable intercepts include 7.6 meters averaging 299 gpt Ag from the Lupe Vein and 4.53 meters averaging 390 gpt Ag from the B2 Vein, both within broader low-grade envelopes [13][15] Ongoing Drilling and Future Plans - The company is currently 13,000 meters into the 50,000-meter drilling program, with additional holes awaiting assay results and plans to increase the number of drill rigs at the project [11][12] - The exploration team emphasizes the potential for further expansion of high-grade resources, particularly in the B2/Lupe corridor [12][11] Corporate Developments - Kootenay Silver has extended its marketing services agreement with Sideways Frequency LLC for an additional three-month term at a cost of $250,000 [18] - The company has also raised funds through an "at-the-market" equity distribution program, generating net proceeds of $256,721 during the fiscal quarter ended December 31, 2025 [19]

Core Insights - The article discusses the performance and outlook of three silver mining companies: First Majestic Silver (AG), Pan American Silver (PAAS), and Wheaton Precious Metals (WPM), highlighting their financial results and market positioning amid rising silver prices and geopolitical tensions. Company Performance - First Majestic Silver reported an EPS of $0.07, missing the consensus of $0.11 by $0.04, resulting in a -36% earnings surprise. Sales were $285.1 million, up 8% YOY, but net income fell 49% YOY to $26.98 million due to cost pressures [2][3] - Pan American Silver's latest earnings showed an EPS of $0.48, slightly below the consensus of $0.49, translating to a -2% earnings surprise. Sales reached $854.6 million, up 5% YOY, while net income decreased 11% YOY to $168.6 million [11] - Wheaton Precious Metals achieved an EPS of $0.62, beating the estimate of $0.59 by $0.03, resulting in a 5% earnings surprise. Net income was $367.2 million, up 26% YOY, driven by higher realized prices [16] Market Valuation - First Majestic Silver trades at a forward P/E ratio of 48.5 and a price-to-sales multiple of 8.4, both significantly above sector medians. The stock is currently priced at $17.51 with a market cap of approximately $7.9 billion [3] - Pan American Silver has a trailing earnings multiple of 30.8, compared to a sector median of 18.6, indicating a premium valuation. The stock is priced at $53 with a market cap of $21.5 billion [10] - Wheaton Precious Metals has a trailing earnings multiple of 52.4 and a forward multiple of 35.8, reflecting a strong premium. The stock is currently at $123 with a market cap of $53.5 billion [14][15] Future Expectations - First Majestic Silver's next earnings release is expected on February 19, with estimates of EPS at $0.16 for the December quarter, implying a growth rate of 433% YOY [7] - Pan American Silver's next earnings date is set for February 18, with projected EPS of $0.88 for the quarter, indicating a growth rate of 151% YOY [12] - Wheaton Precious Metals is scheduled to report earnings on March 12, with an expected EPS of $0.84 for the December quarter, suggesting a growth rate of 91% YOY [17] Analyst Ratings - First Majestic Silver has a consensus "Moderate Buy" rating with an average price target of $16.65, indicating a potential downside of 5% from current levels [8] - Pan American Silver also holds a "Moderate Buy" rating, with an average price target of $50.10, suggesting a potential downside of nearly 6% [13] - Wheaton Precious Metals has a "Strong Buy" rating based on 16 analysts, with an average price target of $132.86, implying an 8% potential upside [18] Industry Outlook - The silver market is expected to benefit from safe-haven flows, dollar weakness, and solid industrial demand, with a bullish trend anticipated heading into 2026 [19]

Economic Indicators - Q3 nonfarm productivity is expected to increase by +4.7%, while unit labor costs are projected to rise by +0.3% [1] - Initial weekly unemployment claims are anticipated to rise by 12,000 to 211,000 [1] - December nonfarm payrolls are expected to grow by +59,000, with the unemployment rate projected to decrease by -0.1 to 4.5% [1] - Average hourly earnings for December are expected to increase by +0.3% month-over-month and +3.6% year-over-year [1] - October housing starts are expected to rise by +1.4% month-over-month to 1.325 million, and building permits are expected to increase by +1.1% month-over-month to 1.350 million [1] - The University of Michigan's January consumer sentiment index is expected to rise by 0.6 points to 53.5 [1] Labor Market - November JOLTS job openings fell by -303,000 to a 14-month low of 7.146 million, below expectations of 7.648 million [2] - December ADP employment change increased by +41,000, which is weaker than the expected +50,000 [2] - MBA mortgage applications rose by +0.3% in the week ending January 2, with the purchase mortgage sub-index down -6.2% and the refinancing sub-index up +7.4% [2] Stock Market Performance - Stock indexes are mostly higher, with the S&P 500 reaching a new all-time high and the Nasdaq 100 hitting a 3.5-week high [5] - The Dow Jones Industrial Average fell from a record high due to mixed economic news [5] - The 10-year T-note yield decreased by -2 bp to 4.15% [5] Sector Performance - Cybersecurity stocks are performing well, with Crowdstrike Holdings up more than +4% and Palo Alto Networks up more than +3% [13] - Chip makers and data storage companies are under pressure, with Western Digital down more than -7% [11] - Mining stocks are declining, with silver down more than -5% and copper down more than -3% [12] International Markets - Overseas stock markets are mixed, with the Euro Stoxx 50 down by -0.16% and China's Shanghai Composite up by +0.05% [7] - European government bond yields are decreasing, with the 10-year German bund yield dropping to a 1-month low of 2.792% [9]

Core Viewpoint - Kuya Silver Corporation has increased its brokered private placement offering from $15,000,000 to $25,500,000 due to strong investor demand [1] Group 1: Offering Details - The upsized offering will consist of the sale of up to 25,500,000 units at a price of $1.00 per unit, with each unit comprising one common share and one-half of a common share purchase warrant [2] - Each warrant will allow the holder to acquire an additional common share at a price of $1.30 for a period of 36 months from issuance [2] - The offering will be completed under the LIFE Exemption and OSC Rule 72-503, allowing for distributions outside Canada [3] Group 2: Use of Proceeds - The net proceeds from the offering will be used for general corporate purposes, advancing the Bethania project in Peru, exploring the Silver Kings Project in Ontario, and discretionary growth capital [5] Group 3: Closing Timeline - The offering may close in multiple tranches, with the first tranche expected to close around January 14, 2026, and the final closing no later than February 20, 2026 [6]

Core Viewpoint - Bayhorse Silver Inc. is advancing its work program for the first half of 2026, driven by strong silver and gold prices, which have increased investor interest and funding availability [1][8] Group 1: Work Program Overview - The work program includes completing a groundwater baseline study for the Full Operating Permit Application to resume underground mining operations at the Bayhorse Silver Mine, targeting up to 200 tons per day [1][5] - A limited bulk sample of 25 tons will be taken from three underground locations for metallurgical processing, with geochemical assays planned for both portions of the sample [2][3] - The program will also involve a minimum of five surface drill holes to test four identified IP targets, extending from the mine access road [4][5] Group 2: Resource and Production Details - The Bayhorse Silver Mine has a National Instrument 43-101 inferred resource of 292,300 tons at a grade of 21.65 opt (673 g/t), equating to approximately 6.3 million ounces of silver [9] - The company has received over $650,000 from the exercise of warrants and options, facilitating the acceleration of its work programs [1][8] - The milling and flotation processes will utilize a state-of-the-art 40 ton per hour Steinert Ore-Sorter, which reduces waste rock by up to 85% [9] Group 3: Environmental and Technical Aspects - The groundwater baseline study will include installing testing pumps and conducting independent groundwater tests, with samples analyzed by Pace Environmental Labs [1][3] - The Sorter Reject material has been previously tested and shows an acid/base analysis (ABA) of 29, indicating it is not acid generating, which is crucial for mine permitting [3][7] - The company plans to conduct a full antimony leach pilot program on the flotation concentrate, aiming to confirm high leaching rates of antimony [5][7]

Core Viewpoint - Hecla Mining Company has achieved significant stock performance, reaching an all-time high, driven by rising silver prices and a shift in investor sentiment towards safer assets amid geopolitical tensions [1][2]. Group 1: Stock Performance - Hecla Mining's stock reached a peak of $22.18 during intra-day trading, ultimately closing at $22.27, reflecting a 12.87% increase [2]. - The spot price of silver rebounded to around $81, close to its previous high of $83, as investors sought safety in precious metals [2]. Group 2: Company Developments - Hecla Mining announced an Investor Day scheduled for January 26, where it will outline its strategy, finance, operations, exploration, sustainability, and innovation, coinciding with its 135th anniversary [3]. - The company’s President and CEO, Rob Krcmarov, emphasized the resilience and operational performance of Hecla over its 135 years, highlighting a transformational outlook for 2025 [4]. - Krcmarov also stated that the company is well-positioned to create value for shareholders while maintaining a focus on its silver strategy [5].

Core Viewpoint - Silverco Mining Ltd. has achieved significant operational milestones at its Cusi Project in Mexico, including the completion of dewatering at Promontorio, which is essential for the planned restart of production [1][3][4]. Operational Update - Dewatering of the underground workings at Promontorio has been successfully completed, allowing full access to the initial restart zone [6]. - A project manager has been hired to oversee the mine restart, with key discipline managers being recruited to build the project and operations team [6]. - Early-stage rehabilitation works have commenced, including ramp scaling and ground support installation [6]. - JDS Energy & Mining Inc. has been engaged to produce a Restart Study, which is progressing well and will utilize the updated Mineral Resource Estimate [6][9]. - Metallurgical optimization test work is nearing completion, with results expected shortly [6][10]. - Crews are repairing and upgrading essential underground services to meet production requirements [7]. Resource Estimate - The updated Mineral Resource Estimate (MRE) confirms Cusi as a high-grade silver-primary project, with significant resources outlined [10]. - The MRE includes: - Measured: 0.69 million tonnes at 277 g/t Ag - Indicated: 4.21 million tonnes at 195 g/t Ag - Inferred: 4.07 million tonnes at 172 g/t Ag [11]. Corporate Milestone - Silverco plans to apply for graduation to a Tier 1 Issuer on the TSX Venture Exchange, reflecting the company's increased scale and asset quality [12]. Exploration and Future Plans - The company is finalizing its 2026 exploration program, with field activities expected to resume by mid-Q1 2026 [13][14]. - A property-wide LiDAR survey has been completed to optimize target generation for the upcoming exploration season [14].