Core Viewpoint - Fortuna Mining Corp. achieved its annual production guidance for 2025, producing 317,001 gold equivalent ounces (GEO) across its three operating mines in Latin America and West Africa, despite a decrease in fourth-quarter production due to mechanical downtime at the Lindero mine [1][6]. Fourth Quarter 2025 Highlights - GEO production for Q4 2025 was 65,130, down from 72,462 in Q3 2025 and 75,562 in Q4 2024, primarily due to mechanical downtime at Lindero [2][6]. - Lindero's production was impacted by a failure of the primary crusher and HPGR, leading to a 21% decrease in gold production compared to the previous quarter [15][16]. Full Year 2025 Highlights - Total GEO production from ongoing operations was 279,207, a decrease from 292,169 GEO in 2024, attributed to rising gold prices affecting the gold-to-base-metal ratios [6]. - Séguéla mine achieved record gold production of 152,426 ounces, exceeding the upper end of its annual guidance by 4% [11][6]. - The company streamlined its portfolio by divesting short reserve-life assets, including the San Jose and Yaramoko mines [6]. 2026 Outlook Highlights - The company aims for GEO production between 281,000 and 305,000, representing a projected increase of 1% to 9% compared to 2025 [6][28]. - Cash costs are expected to range from $895 to $1,000 per GEO, with all-in sustaining costs (AISC) projected between $1,830 and $1,975 per GEO [6][29]. - Key growth projects include advancing the Diamba Sud Gold Project and expanding the Séguéla processing plant [6][26]. Regional Performance Séguéla Mine, Côte d'Ivoire - Séguéla produced 36,942 ounces of gold in Q4 2025, with a gold grade of 3.16 g/t and a recovery rate of 92.1% [8][9]. - The mine's production was impacted by downtime due to maintenance but still achieved record annual production [11][7]. Lindero Mine, Argentina - Lindero produced 19,201 ounces of gold in Q4 2025, a 21% decrease from Q3 2025, due to mechanical issues [15][17]. - The mine's total production for 2025 was 87,489 ounces, falling short of annual guidance [17]. Caylloma Mine, Peru - Caylloma produced 39,292 GEO in 2025, with strong operational performance in base metal production exceeding guidance [20][24]. - The mine processed 555,649 tonnes of ore in 2025, maintaining consistent production levels [19][22]. Financial Position - As of December 31, 2025, the company had an estimated liquidity of $704 million and a net cash position of $382 million, supporting planned investments in project development and expansion [27].

Core Viewpoint - Aya Gold & Silver Inc. announces the retirement of two long-standing Board members, Robert Taub and Dr. Jürgen Hambrecht, who will not stand for re-election at the upcoming annual meeting, marking a significant transition in the company's governance [1][4]. Group 1: Board Member Contributions - Robert Taub has been on the Board for 10 years, serving as Chair since 2020, and has been pivotal in Aya's evolution and turnaround over the past five years, providing strategic leadership [2]. - Dr. Jürgen Hambrecht has served on the Board since 2019 and has played a key role in strengthening Aya's governance framework and advancing best practices [3]. Group 2: Shareholder Transactions - In connection with the Board transition, Robert Taub and Dr. Jürgen Hambrecht sold a total of 7.5 million shares, while remaining significant long-term shareholders of Aya [4]. - Members of management sold approximately 1.1 million shares, representing about 12% of the executive management team's holdings, primarily from shares issued upon the exercise of long-term incentive plan options [4]. Group 3: Company Overview - Aya Gold & Silver is a Canadian precious metals mining company based in Morocco, focused on expanding its resource base and land package along the Anti-Atlas Fault, a geologically rich region [6]. - The company operates the Zgounder silver mine and is advancing the Boumadine polymetallic project, which has substantial mineral resources and significant exploration potential [7].

Core Viewpoint - Aya Gold & Silver Inc. announces the retirement of two long-standing Board members, Robert Taub and Dr. Jürgen Hambrecht, who will not seek re-election at the upcoming annual meeting, marking a significant transition in the company's governance [1][5]. Group 1: Board Member Contributions - Robert Taub has been on the Board for 10 years, serving as Chair since 2020, and has been pivotal in Aya's evolution and turnaround over the past five years, providing strategic leadership [2]. - Dr. Jürgen Hambrecht has served on the Board since 2019 and has played a key role in strengthening Aya's governance framework and advancing best practices [3]. Group 2: Shareholder Transactions - In connection with the Board transition, Taub and Hambrecht sold a total of 7.5 million shares, while remaining significant long-term shareholders of Aya [4]. - Management members sold approximately 1.1 million shares, representing about 12% of the executive management team's holdings, primarily from shares issued through long-term incentive plan options [4]. Group 3: Company Overview - Aya Gold & Silver is a Canadian precious metals mining company based in Morocco, focused on expanding its resource base and land package along the Anti-Atlas Fault, a geologically rich region [6]. - The company operates the Zgounder silver mine and is advancing the Boumadine polymetallic project, which has substantial mineral resources and significant exploration potential [7]. - Aya is committed to responsible mining and aims to deliver sustainable value for shareholders, employees, and host communities [8].

Core Viewpoint - Fresnillo PLC is a leading precious metals mining company with a focus on silver and gold production, recently upgraded to a "Buy" rating by Citigroup due to rising silver prices [1][6] Group 1: Company Overview - Fresnillo PLC operates several mines in Mexico and is one of the largest silver producers globally, competing with firms like Pan American Silver and First Majestic Silver [1] - The company's market capitalization is approximately $37.18 billion [4] Group 2: Recent Developments - On January 14, 2026, Citigroup upgraded FNLPF, setting a new price target of 4,600 GBp, up from 4,000 GBp, while FNLPF was trading at $50.45 [2][6] - The upgrade is driven by a surge in silver prices, currently in the high $80s per ounce, with projections suggesting silver could reach $100 per ounce [2][3] Group 3: Financial Projections - Citi projects that silver prices will average $78 per ounce in 2026, potentially boosting Fresnillo's EBITDA to approximately $4.9 billion, a 24% increase from previous forecasts [3][6] - The implications of rising silver prices on Fresnillo's free cash flow and overall financial performance are substantial, as consensus estimates have not fully accounted for this impact [5]

Core Viewpoint - Platinum Group Metals Ltd. reports its financial results for the first fiscal quarter of 2026, focusing on the advancement of the Waterberg Project, which is expected to be one of the largest and lowest-cost underground platinum group metals mines globally [1] Financial Results - The company incurred a net loss of $1.84 million for the three months ended November 30, 2025, consistent with the previous year [13] - General and administrative expenses were $1.08 million, down from $1.24 million in the same period last year [13] - Share-based compensation increased to $1.13 million from $0.72 million year-over-year [13] - A foreign exchange gain of $0.23 million was recognized, attributed to the U.S. Dollar's appreciation against the Canadian Dollar [13] Project Ownership - As of November 30, 2025, the Waterberg Project is owned by Waterberg JV Resources, with Platinum Group holding a 37.32% interest [4] - The ownership structure includes Mnombo (26.0%), HJ Platinum Metals Company (21.95%), and Impala Platinum Holdings (14.73%) [4] Recent Developments - A sixth stage of work was approved for the Waterberg Project, with a budget of Rand 92.1 million (approximately $5.11 million) for fiscal year 2026 [7] - The company closed a non-brokered private placement of common shares at $1.26 per share, raising $1.0 million [8] - An interim budget of Rand 42 million (approximately $2.27 million) was approved for the continuation of work programs [9] Project Expenditures - Total expenditures on the Waterberg Project for the three months ended November 30, 2025, were approximately $0.55 million [17] - Accumulated net costs capitalized to the Waterberg Project reached $51.2 million [17] - Total expenditures since inception to November 30, 2025, amount to approximately $91.6 million [17] Future Outlook - The primary objective is to advance the Waterberg Project to a development and construction decision [19] - Approximately half of the $21.0 million Pre-Construction Program remains to be completed, covering essential site facilities and initial road access [20] - The company is assessing commercial alternatives for mine development financing and concentrate offtake [21] Technical and Economic Considerations - The base case for mine development focuses on lower-cost, bulk mining of F-Zone material from the F-Central deposit [23] - The T-Zone reserves have a more favorable 4E prill split and higher grade compared to the F-Central deposit [23] - Internal studies are evaluating the financial impact of a staged development approach, potentially allowing for lower capital expenditures [25] Environmental, Social, and Governance (ESG) - The company received a BBB score in its 2025 ESG disclosure report from Digbee, indicating a commitment to improving ESG performance [28]

Core Viewpoint - Sierra Madre Gold and Silver Ltd. has successfully closed the first tranche of its brokered private placement offering, raising gross proceeds of approximately $39.68 million through the issuance of 30,521,724 subscription receipts at a price of $1.30 each [1][2]. Group 1: Offering Details - The offering is linked to the proposed acquisition of the Del Toro Silver Mine in Mexico from First Majestic Silver Corp. [2] - Each subscription receipt will convert into one common share upon meeting specific escrow release conditions, including necessary approvals [3]. - The gross proceeds from the first tranche, after deducting agents' fees, amount to approximately $38.57 million, which will be held in escrow until the release conditions are satisfied [4]. Group 2: Financial Implications - The company plans to use the net proceeds from the offering for the completion of the acquisition, exploration and development of Del Toro, and general working capital [5]. - The agents received a cash commission of approximately $2.03 million, with half of this amount placed into escrow [6]. Group 3: Regulatory and Compliance - The securities issued are subject to a four-month hold period and require final approval from the TSX Venture Exchange [7]. - A total of 219,250 subscription receipts were subscribed by certain directors and officers, amounting to gross proceeds of $285,025, which is classified as a related party transaction [8]. Group 4: Company Overview - Sierra Madre Gold and Silver Ltd. focuses on precious metals development and exploration, particularly in the Guitarra mine and Tepic property in Mexico [10]. - The Guitarra mine has a processing facility that resumed commercial production in January 2025 [10]. - The Tepic Project hosts low-sulphidation epithermal gold and silver mineralization with an existing historic resource [11].

Core Viewpoint - Perpetua Resources Corp. (NASDAQ:PPTA) is recognized as one of the top precious metal stocks to consider following the U.S. Venezuela Mission, with a significant share price increase of over 107% in the last six months as of January 9, and a consensus Buy rating from analysts [1] Group 1: Stock Performance and Analyst Ratings - Perpetua Resources Corp. shares have increased by over 107% in the last six months [1] - All analysts covering PPTA maintain a positive outlook, with a consensus Buy rating and a median 1-year price target of $32, indicating an upside of approximately 8.77% [1] - RBC Capital raised its price target on PPTA from $28 to $40 while maintaining a Buy rating, highlighting the potential of the Stibnite project [2] Group 2: Project Developments and Investments - The Stibnite project in Idaho is viewed as a large-scale, high-margin gold operation with strategically important antimony byproduct, presenting a significant opportunity for Perpetua [2] - On December 16, Perpetua announced the hiring of Hatch Ltd. as the Engineering, Procurement, and Construction Management contractor for the Stibnite Gold project, with Hatch investing $4 million in the company [3] - Hatch's private placement consists of 138,696 common shares of Perpetua at a price of $28.24 per share, reflecting confidence in the project's potential [4]

Core Viewpoint - Wheaton Precious Metals Corp. (NYSE:WPM) has shown significant growth, with a 129% increase over the past year, making it one of the top precious metal stocks to consider following recent geopolitical events [1]. Group 1: Analyst Ratings and Price Targets - 94% of analysts covering WPM rate the stock as a Buy, with a median price target of $132.50, suggesting a potential upside of 6.22% [1]. - Berenberg Bank raised its price target for WPM from $128 to $147 while maintaining a Buy rating [2]. - Jefferies analyst Fahad Tariq increased the price target from $137 to $138, also maintaining a Buy rating, citing a strong outlook for the metals and mining sector in 2026 [3]. Group 2: Company Overview and Market Position - Wheaton Precious Metals operates in Europe, Africa, North America, and South America, primarily producing gold and exploring for silver, palladium, platinum, and cobalt [4]. - Analysts expect gold companies, including Wheaton, to increase margins and generate higher free cash flow (FCF) in 2026 compared to 2025, driven by elevated gold prices [4].

Core Viewpoint - Integra Resources Corp. announced that its DeLamar Heap Leach Project has been selected for inclusion in the U.S. Federal Permitting Improvement Steering Council's FAST-41 Transparency Projects Program, marking a significant milestone in the project's advancement [1][3]. Project Overview - The DeLamar Project, located in southwestern Idaho, includes the DeLamar and Florida Mountain gold and silver deposits and has shown significant resource growth since its acquisition in 2017 [5]. - The project is expected to produce a total of 1.1 million ounces of gold equivalent over a 10-year mine life, with an average annual production of 106,000 ounces at an All-in Sustaining Cost of $1,480 per ounce [7]. Economic Assessment - The 2025 Feasibility Study indicates a robust economic outlook, with an after-tax Net Present Value (NPV5%) of $774 million and an Internal Rate of Return (IRR) of 46% based on base case prices of $3,000 per ounce for gold and $35 per ounce for silver [7]. - If recent prices of $4,250 per ounce for gold and $60 per ounce for silver are considered, the after-tax NPV5% increases to $1.7 billion and the IRR to 89% [7]. Permitting Process - The FAST-41 Transparency Projects Program aims to enhance visibility and predictability in the federal permitting process, with a dedicated project advisor assigned to monitor progress [6]. - The anticipated timeline for the permitting process includes a Record of Decision (ROD) expected in Q3 2027, following a 15-month National Environmental Policy Act (NEPA) review [6]. Company Strategy - Integra is focused on building a high-quality portfolio of heap-leach operations in the Great Basin, with DeLamar positioned as a cornerstone asset in this strategy [3][9]. - The company emphasizes sustainable value creation through operational excellence, disciplined capital allocation, and adherence to high environmental, social, and governance standards [9].

Core Insights - Goliath Resources Limited is focused on expanding its high-grade gold Surebet Discovery at the Golddigger Property, which spans 91,518 hectares in the Eskay Rift, British Columbia, near significant historical gold mines [1][11] - The company has completed over 150,000 meters of diamond drilling, confirming a 1.8 square kilometer area with multiple mineralized zones and high-grade gold [2][12] - Goliath is actively participating in several mining conferences in January 2026 to showcase its discoveries and engage with investors [3][5][6] Company Overview - Goliath Resources is an explorer of precious metals in the Golden Triangle of Northwestern British Columbia, with all projects in high-quality geological settings [17] - The Surebet discovery has shown good metallurgy with gold recoveries of 92.2%, including 48.8% free gold from gravity alone, indicating no deleterious elements present [2][12] - The Golddigger Property is strategically located near communities with existing infrastructure, including a permitted mill site and direct barge access to Prince Rupert [13][14] Infrastructure and Support - The property benefits from proximity to the Dolly Varden Silver Mine Road and access to major transportation routes, enhancing logistical capabilities for mining operations [14] - Goliath is a member of CASERM, a research center focused on advancing mining science, which has supported research on the Surebet Discovery [15][17] - The company completed its largest drill campaign in 2025, totaling 64,364 meters, and is fully funded for a similar program in 2026 [18]