Core Viewpoint - GR Silver Mining Ltd. has amended its agreement with Research Capital Corporation and Red Cloud Securities Inc. to increase the size of its bought-deal offering, raising a total of $17,500,200 through the sale of 58,334,000 units at $0.30 each [1][10]. Group 1: Offering Details - Each unit consists of one common share and one-half of a common share purchase warrant, with each whole warrant allowing the purchase of one common share at an exercise price of $0.42 for 36 months [2]. - The net proceeds will be allocated to advancing the Plomosas Project in Mexico, working capital, and general corporate purposes [3]. - The Underwriters have an option to increase the offering size by up to 3,999,333 units for the LIFE Offering and 4,333,500 units for the Private Placement Offering, potentially raising total gross proceeds to $20,000,049.90 if fully exercised [4]. Group 2: Regulatory and Legal Framework - The LIFE Offering will be conducted under the 'listed issuer financing exemption' and will be available in all Canadian provinces except Quebec, as well as in other qualifying jurisdictions, including the United States [5]. - The Private Placement Offering will be available to accredited investors in Canada and other jurisdictions where it can be lawfully made, with a statutory hold period of four months and one day from closing [7]. - The closing of the offerings is anticipated around the week of December 15, 2025, subject to necessary regulatory approvals [8]. Group 3: Financial Terms - The Underwriters will receive a cash commission of 6.0% of the aggregate gross proceeds and broker warrants equal to 6.0% of the units sold, with each broker warrant allowing the purchase of one unit at the offering price for 36 months [9].

Core Viewpoint - Pan American Silver Corp. is highlighted as a strong investment opportunity in the silver mining sector, with RBC Capital maintaining a Buy rating and setting a price target of $45 following the company's robust Q3 2025 performance, characterized by record free cash flow [1][2]. Financial Performance - The company reported revenue of $854.6 million for the quarter, which fell short of the expected $860.78 million. The adjusted EPS was $0.48, missing the analyst estimates of $0.51. Despite these misses, free cash flow reached a record $251.7 million, attributed to high-margin production from the newly acquired Juanicipio mine and favorable metal prices [2][3]. Production Metrics - During the quarter, Pan American Silver produced 5.5 million ounces of silver and 183,500 ounces of gold. The increase in silver output was partly due to a one-month contribution from the Juanicipio acquisition, while gold production was slightly lower due to technical issues at the Cerro Moro and El Peñon mines [3]. Dividend and Guidance - The Board of Directors increased the quarterly dividend by approximately 16% to $0.14 per share, reflecting confidence in cash generation. Additionally, the company raised its full-year 2025 silver production guidance to 22.0–22.5 million ounces, citing the positive impact of the Juanicipio integration [4]. Company Overview - Pan American Silver Corp. is a Canadian mining company engaged in the acquisition, exploration, development, and operation of silver and gold mines across the Americas, primarily producing silver and gold bullion from high-grade underground and open-pit mines [5].

Core Points - Avino Silver & Gold Mines Ltd. has filed a prospectus supplement on November 25, 2025, to its short form base shelf prospectus dated May 26, 2025 [1] - The filing is made with securities commissions across all provinces and territories in Canada, excluding Québec [1] - The company may distribute common shares at its discretion under a sales agreement with Cantor Fitzgerald & Co. dated June 13, 2023 [1]

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Core Viewpoint - GoGold Resources Inc. has filed a final short form prospectus for a C$125 million bought deal public offering, consisting of 47,170,000 units priced at C$2.65 each, with each unit comprising one common share and half a warrant [1][2]. Group 1: Offering Details - The offering includes an over-allotment option allowing underwriters to purchase up to an additional 15% of the offering within 30 days of closing [2]. - The closing of the offering is expected around November 27, 2025, with conditional approval from the Toronto Stock Exchange [3]. Group 2: Company Overview - GoGold Resources is a Canadian-based silver and gold producer focused on high-quality projects in Mexico, including the Parral Tailings mine and the Los Ricos exploration projects [6]. - The company aims to build a portfolio of low-cost, high-margin projects [6].

Core Viewpoint - Vizsla Silver Corp. has successfully closed an offering of 5.00% convertible senior unsecured notes due 2031, raising an aggregate principal amount of US$300 million, which includes an additional US$50 million from initial purchasers exercising their option [1][2]. Summary of the Offering - The offering consists of 5.00% convertible senior unsecured notes with a total principal amount of US$300 million, aimed at supporting the development of the Panuco project and other corporate purposes [1][14]. - The net proceeds from the offering are approximately US$286 million after deducting commissions and fees, providing the company with a strong financial position for exploration and development activities [6][14]. - The notes feature a cash interest coupon of 5.00% per annum, payable semi-annually, with the first payment scheduled for July 15, 2026 [6][14]. Financial Flexibility - The structure of the notes is unsecured and covenant-light, allowing the company greater financial flexibility in managing cash flows from the Panuco project [2][6]. - The annual coupon rate of 5.00% is approximately 50% lower than traditional project financing rates, reducing expected debt service obligations during the construction phase [3][6]. - The company retains the ability to settle conversions of the notes in cash, shares, or a combination, which helps mitigate shareholder dilution [14]. Strategic Growth Opportunities - The offering allows Vizsla Silver to pursue strategic growth opportunities while maintaining flexibility in the use of project cash flows for share buybacks, dividends, or acquisitions [6][14]. - The capped call transactions associated with the offering are designed to compensate for potential economic dilution upon conversion of the notes, further enhancing the company's capital-raising capabilities [2][14]. Project Development - With cash holdings approximately double the capital requirement for the Panuco project, the company is well-positioned to advance both project development and district-scale exploration [6][11]. - The initial conversion rate for the notes is set at 171.3062 common shares per US$1,000 principal amount, translating to an initial conversion price of about US$5.84 per share, which is a 25% premium to the closing price at the time of pricing [6][14].

Core Viewpoint - Mirasol Resources Ltd. has signed a definitive agreement with Ampere Metals Pty. Ltd. for the sale of mineral rights and landholdings within the Virginia Silver Project in Argentina, which is expected to provide significant funding for ongoing exploration projects while retaining a royalty for shareholders [1][2]. Summary by Sections Agreement Details - The definitive agreement allows Ampere Metals to acquire 51% of the Virginia Project for a total consideration of US$4 million, with an option to acquire the remaining 49% for an additional US$4 million. Mirasol will retain a 2% net smelter royalty [3][6]. Financial Terms - The payment structure includes an initial payment of US$50,000 upon signing the memorandum of understanding, followed by various payments totaling US$8 million over 7 years, with specific amounts due at different intervals [7][6]. Resource Estimate - The Virginia Project hosts an indicated mineral resource of 11.7 million ounces of silver at a grade of 357 g/t and an inferred mineral resource of 7.9 million ounces at a grade of 184 g/t, highlighting the project's high-grade mineralization potential [2]. Company Background - Mirasol Resources Ltd. is an exploration company with over 20 years of experience in Argentina and Chile, currently self-funding exploration at its flagship Sobek Copper-Gold project and advancing a pipeline of early and mid-stage projects [10]. Ampere Metals Overview - Ampere Metals is an Australian-based mining company focused on high-quality silver-gold projects, aiming to deliver sustainable returns through economically viable assets [11].

Core Points - AbraSilver Resource Corp. has submitted an application for its Diablillos silver-gold project to be included under Argentina's Large Investment Incentive Regime (RIGI) [1][2] - RIGI aims to attract major development projects in Argentina by providing long-term fiscal stability agreements and various tax, customs, and foreign-exchange benefits [2] - Approval under RIGI is expected to enhance project economics and investment certainty as Diablillos progresses to its next development phase [2] Company Overview - AbraSilver is focused on advancing its 100%-owned Diablillos silver-gold project located in Salta province, Argentina [3] - The current Measured and Indicated Mineral Resource estimate for Diablillos is 73.1 million tonnes grading 79 g/t silver and 0.66 g/t gold, containing approximately 186 million ounces of silver and 1.6 million ounces of gold [3] - The company has an earn-in option and joint venture agreement with Teck on the La Coipita project in San Juan province, Argentina [3]

Core Insights - The market has not yet fully recognized the structural changes occurring within Avino Silver & Gold Mines (ASM) [1] Company Analysis - Avino Silver & Gold Mines is experiencing significant structural changes that may not be reflected in its current market valuation [1] - The company is positioned to benefit from a deep-value investment approach, focusing on underfollowed or undervalued assets [1] Market Context - The analysis connects macroeconomic factors with company-level valuation, indicating a potential for long-term investment opportunities in ASM [1] - The investment philosophy emphasizes a long-term vision, particularly in dynamic markets like Argentina, which may influence the performance of local assets [1]

Core Insights - Silver North Resources Ltd. has reported significant results from the first three holes of its 2025 exploration program at the Haldane Silver Property, with notable intersections of high-grade silver and gold [1][2][4] Exploration Results - The first hole, HLD25-31, intersected a mineralized zone of 13.15 meters averaging 818 g/t silver, 1.39 g/t gold, 2.54% lead, and 0.98% zinc, including a sub-interval of 3.2 meters averaging 2014 g/t silver and 1.72 g/t gold [2][3] - HLD25-32 and HLD25-33 also reported significant mineralization, with HLD25-32 yielding 22.65 meters averaging 160 g/t silver and HLD25-33 intersecting 5.56 meters averaging 176 g/t silver [6][7] Geological Context - The Haldane Property is located in the Keno Hill Silver District, adjacent to Hecla Mining's Keno Hill Silver Mine, and features numerous occurrences of silver-lead-zinc-bearing quartz siderite veins [1][15] - The mineralization at the Main Fault continues to show impressive widths and grades, with indications of higher gold concentrations compared to other targets on the property [2][4] Future Plans - The company is awaiting analytical results from five additional holes drilled in the 2025 program, which tested the Main Fault on sections 50 and 100 meters southwest of previous holes [7][8]