Core Insights - Silver is outperforming gold in both ETF performance and commodity price increase, with the iShares MSCI Global Silver & Metals Miners ETF (SLVP) up 141.2% this year, surpassing the VanEck Junior Gold Miner ETF (GDXY) which is up 139.7% [1] - The Abrdn Physical Silver Shares ETF (SIVR) has increased by 67.9%, outperforming the iShares Gold Trust Micro (IAUM) which is up 50.9% [2] - The current surge in precious metals is driven by macroeconomic factors including uncertainty over the U.S. government shutdown, a weaker dollar, and ongoing foreign central bank buying [3][4] Performance of Precious Metals - The WisdomTree Efficient Gold Plus Gold Miners Strategy ETF (GDMN) has seen an extraordinary increase of 192% this year, although this is achieved through leverage [5] - Platinum is also performing well, with the GraniteShares Platinum Trust (PLTM) up nearly 80% this year [5] - Gold prices have surged past $4,000 an ounce, indicating strong momentum in the gold market [6] Comparative Performance of ETFs - The following ETFs have shown significant year-to-date returns: - WisdomTree Efficient Gold Plus Gold Miners Strategy (GDMN): 192.0% - GraniteShares Platinum Trust (PLTM): 79.6% - Abrdn Physical Platinum Shares (PPLT): 78.4% - Abrdn Physical Silver Shares (SIVR): 67.8% - iShares Silver Trust (SLV): 67.3% - iShares Gold Trust Micro (IAUM): 50.8% - SPDR Gold MiniShares (GLDM): 50.7% - GraniteShares Gold Trust (BAR): 50.7% - VanEck Merk Gold Trust (OUNZ): 50.7% - Goldman Sachs Physical Gold (AAAU): 50.7% [7]

Core Viewpoint - Endeavour Silver Corp. reported strong production results for Q3 2025, with significant increases in silver production and a positive outlook for future growth as operations at the Terronera mine approach commercial production [1][2][3]. Q3 2025 Production Overview - Consolidated silver production reached 1,766,926 ounces, a 102% increase compared to Q3 2024, driven by the addition of the Kolpa mine and improved grades at Bolañitos [3][9]. - Gold production was 7,286 ounces, a 22% decrease from Q3 2024, primarily due to lower output at the Bolañitos mine [3][9]. - Silver equivalent production totaled 3.0 million ounces, reflecting a strong operational performance across the portfolio [1][9]. Mine Operations - Guanaceví's throughput increased by 48% compared to Q3 2024, despite lower silver and gold grades, resulting in a 33% increase in silver production and a 13% increase in gold production [4][11]. - Bolañitos experienced a 3% decrease in mill throughput, with silver grades 39% higher but gold grades 32% lower compared to the previous year [5][11]. - Kolpa processed 195,752 tonnes, producing 598,689 ounces of silver, contributing to a silver equivalent production of 1,286,139 ounces [6][11]. Financial and Sales Highlights - In Q3 2025, the company sold 1,762,484 silver ounces and 7,478 gold ounces, with inventories of 207,512 silver ounces and 600 gold ounces at the end of the quarter [8][9]. - For the nine months ended September 30, 2025, silver production totaled 4,456,455 ounces, a 22% increase from the same period in 2024 [10][12]. Terronera Update - The Terronera mine is nearing commercial production, achieving average recoveries of 82.8% for silver and 72.3% for gold in September [8][17]. - Operations faced temporary disruptions due to electrical issues but resumed successfully, with ongoing monitoring as the company approaches commercial production [18][19]. Company Overview - Endeavour Silver is a mid-tier precious metals company focused on sustainable mining practices, with operations in Mexico and Peru, and aims to become a premier senior silver producer [20].

Core Viewpoint - Fortuna Mining Corp. reported its production results for Q3 2025, maintaining its annual production guidance of 309,000 to 339,000 gold equivalent ounces (GEO) for the year [2][3]. Q3 2025 Highlights - Total GEO production from ongoing operations was 72,462 ounces, slightly down from 75,950 ounces in Q2 2025 [3]. - The company produced 251,871 ounces of GEO in the first nine months of 2025 [3]. Production by Mine Séguéla Mine, Côte d'Ivoire - Q3 2025 production was 38,799 ounces, up from 38,186 ounces in Q2 2025, with a gold grade of 3.01 g/t [4][9]. - The mine is on track to exceed the upper end of its guidance of 134,000 to 147,000 ounces for 2025, having produced 115,484 ounces year-to-date [4][11]. Lindero Mine, Argentina - Lindero achieved its highest quarterly production of the year with 24,417 ounces in Q3 2025, a 4% increase from Q2 2025 [12][15]. - The average gold grade increased to 0.60 g/t, and a total of 1.70 million tonnes of ore were placed on the leach pad [12][15]. Caylloma Mine, Peru - Caylloma produced 9,246 ounces of GEO in Q3 2025, with silver production at 233,612 ounces and lead and zinc production at 8.5 million and 12.0 million pounds, respectively [18][21][25]. - The mine's performance was consistent with the previous quarter, although base metal production saw a decline [21]. Operational Updates - The company successfully obtained permit approvals for several satellite open pits, with mining preparation for the Sunbird open pit set to begin in Q4 2025 [7]. - Exploration activities at the Sunbird underground project and Kingfisher Deposit are ongoing, with drilling expected to continue in Q4 2025 [8]. Year-to-Date Production - Total production for the first nine months of 2025 includes 115,484 ounces from Séguéla, 68,288 ounces from Lindero, and 30,305 ounces from Caylloma [11][17][25].

Core Insights - Fortuna Mining Corp. reported its production results for Q3 2025, maintaining its annual production guidance of 309,000 to 339,000 gold equivalent ounces (GEO) for the year [2][3]. Production Results - Total GEO production for Q3 2025 was 72,462 ounces, slightly down from 73,123 ounces in Q3 2024 and up from 71,229 ounces in Q2 2025 [6]. - The total production for the first nine months of 2025 reached 251,871 ounces, including contributions from the divested Yaramoko Mine [3][6]. Mine Performance Séguéla Mine, Côte d'Ivoire - Produced 38,799 ounces of gold in Q3 2025, a 1% increase from Q2 2025 [4][8]. - The mine milled 435,770 tonnes of ore at an average grade of 3.01 g/t Au, with a gold recovery rate of 91.4% [4][8]. - Year-to-date production reached 115,484 ounces, on track to exceed the upper end of guidance [4][8]. Lindero Mine, Argentina - Achieved the highest quarterly production of the year with 24,417 ounces of gold in Q3 2025, a 4% increase from Q2 2025 [9][10]. - The mine placed 1.70 million tonnes of ore on the leach pad at an average grade of 0.60 g/t Au [9][10]. - Total production for the first nine months of 2025 was 68,288 ounces [12]. Caylloma Mine, Peru - Produced 9,246 GEO in Q3 2025, with silver production at 233,612 ounces and lead and zinc production at 8.5 million and 12.0 million pounds, respectively [13][16]. - The mine milled 140,523 tonnes of ore with a silver grade of 63 g/t and a lead grade of 3.01% [13][15]. - Year-to-date GEO production totaled 30,305 ounces [18]. Project Updates - The company received permit approvals for several satellite open pits, with mining preparation for the Sunbird open pit set to begin in Q4 2025 [5]. - Successful exploration at the Sunbird underground project and Kingfisher Deposit is expected to optimize the mine plan further [7]. Operational Efficiency - The Séguéla Mine's strip ratio was reported at 16.3:1, indicating a focus on reducing surface stockpiles [4]. - Lindero's optimization of the crushing circuit led to an average throughput of 1,061 tonnes per hour, 8% above the 2024 average [10][11]. Sustainability and Future Plans - The expansion of the tailings storage facility at Lindero is expected to provide capacity until August 2029 [11]. - The company is also progressing on the construction of a solar power plant to enhance sustainability [11].

Question-and-Answer SessionIgnacio CouturierChief Financial Officer Hi, John, and hi to all the listeners. It's a pleasure to be here again. This is -- I think this is my third year, John, doing these presentations, and I always enjoy a good conversation with you. And absolutely, it's a really exciting time to be at Pan American. And as you mentioned, yes, we're enjoying some amazing unprecedented metal prices, especially on the gold side. And silver, I think we're very close to the all-time record. So yes, ...

Core Insights - Starcore International Mines Ltd. has successfully oversubscribed its $5 million private placement, indicating strong investor interest [1][2] - The first tranche of the financing closed on September 26, 2025, raising gross proceeds of approximately $2.66 million through the issuance of over 10.64 million units, which included common shares and warrants [1] - The company is expanding its global reach, with participation from investors across seven different countries [2][3] Financial Details - Tranche 1 of the financing generated gross proceeds of $2,661,788.75 [1] - A total of 10,647,155 units were issued, which included 10,647,155 common shares and 5,323,577 warrants [1] - An additional 183,680 warrants were issued to finders for their efforts in the financing [1] Company Overview - Starcore International Mines focuses on precious metals production, primarily in Mexico, and has exploration and development projects across North America [3] - The company is also involved in a project in Côte d'Ivoire, showcasing its international expansion [3] - Starcore emphasizes Corporate Social Responsibility and aims to make value-driven decisions to enhance long-term shareholder value [3]

Coeur Mining (NYSE:CDE) 2025 Conference Summary Company Overview - Coeur Mining is a precious metals mining company headquartered in Coeur d'Alene, Idaho, with operations primarily in North America, including three mines in the U.S. and two in Mexico [doc id='8'][doc id='10']. - The company has undergone significant organizational and cultural changes since relocating to Chicago in 2013, focusing on building a stronger foundation [doc id='8']. Financial Performance - The stock price of Coeur Mining has significantly increased, quadrupling or quintupled in 2025 [doc id='1']. - In 2023, the company reported an EBITDA of $142 million and a free cash flow of -$297 million, with a leverage ratio of 4.5 times [doc id='4']. - For 2025, the projected EBITDA is over $900 million, and free cash flow is expected to exceed $500 million, with a goal to reduce the leverage ratio to zero by year-end [doc id='5']. - The second quarter of 2025 marked a significant inflection point, with nearly $150 million in free cash flow [doc id='6']. Operational Highlights - Coeur Mining produced approximately 410,000 ounces of gold and around 18 million ounces of silver in 2025, with a revenue mix of about two-thirds gold and one-third silver [doc id='9'][doc id='10']. - The acquisition of SilverCrest Metals Inc. and the addition of the Las Chispas mine in Mexico have contributed positively to the company's performance [doc id='3'][doc id='4']. - The company has a diversified portfolio across five operations, reducing concentration risk [doc id='11']. Strategic Initiatives - The company has invested heavily in exploration and expansion, with a total of nearly $300 million over the last five years, resulting in significant additions to reserves and resources [doc id='27']. - The Rochester mine expansion, costing approximately $730 million, is expected to significantly increase production capacity and cash flow [doc id='15'][doc id='24']. - Coeur Mining is focusing on maintaining a balanced portfolio, with a cautious approach to increasing exposure in Mexico due to regulatory changes [doc id='12']. Market Conditions - The company has benefited from rising precious metal prices, which have contributed to margin expansion, with EBITDA margins increasing from 17% to potentially over 50% [doc id='21']. - Inflationary pressures on operating costs have subsided, allowing for improved profitability [doc id='20']. Future Outlook - The company anticipates continued growth in production and cash flow, particularly from Las Chispas and the ramp-up of the Rochester mine [doc id='40']. - Coeur Mining is exploring opportunities at the Silvertip project in British Columbia, which has potential for high-grade silver production [doc id='53']. - The management emphasizes a commitment to safety, governance, and community relations, having been recognized as the safest mining company in America for three consecutive years [doc id='62']. Key Risks and Considerations - The company faces challenges related to permitting and regulatory changes, particularly in Mexico, which could impact future operations [doc id='12'][doc id='32']. - The reliance on external financing and the management of debt levels remain critical as the company transitions to a more stable financial position [doc id='64'][doc id='65']. Conclusion - Coeur Mining is positioned for significant growth and improved financial health, driven by strategic investments, operational efficiencies, and favorable market conditions. The focus on exploration and maintaining a balanced portfolio will be crucial for sustaining long-term success [doc id='63'][doc id='70'].

John Tumazos Very Independent Research Virtual Metals Conference October 2025 NYSE: CDE NYSE: CDE JC 2016 1 Cautionary Statements This presentation contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements involving strategic priorities and company strategies, growth, anticipated production, costs and expenses, exploration and development efforts, operations, expectations and initiatives at Las Chispas, Palmarejo, Rochester, Kensin ...

Summary of Triple Flag Precious Metals Conference Call Company Overview - **Company Name**: Triple Flag Precious Metals (NYSE: TFPM) - **Founded**: 2016 - **Market Position**: Fourth largest streaming and royalty company in the precious metals sector [2][3] - **Current Sales Guidance**: 105,000 to 115,000 gold-equivalent ounces for 2025, projected to rise to 135,000 to 145,000 by 2029 [3][30] - **Portfolio**: 237 assets, with 30 currently producing [3] Financial Performance - **Dividend**: $0.23 per share, increased annually since IPO in May 2021 [3] - **Available Liquidity**: Approximately $1 billion for new investments [3] - **Capital Deployment**: $2.8 billion since inception, correlating to about $280 million annually [14][15] - **Free Cash Flow**: Operating cash flow and free cash flow are effectively the same due to the absence of ongoing capital expenditures [13] Business Model and Strategy - **Streaming and Royalty Model**: Generates robust free cash flows without the drag of capital expenditures, allowing for a diverse portfolio [4][5] - **Diversification**: Includes various operators, commodities (primarily gold and silver), and jurisdictions [5][21] - **Optionality**: Embedded in contracts, allowing for direct benefits from rising commodity prices without margin variability [6][10] - **Focus on Cash Flow**: Emphasis on acquiring producing mines and near-mine exploration to quickly add value [45][46] Growth Drivers - **Current and Future Projects**: Growth to 135,000 to 145,000 gold-equivalent ounces will come from expansions of existing mines and new exploration projects [30] - **Key Assets**: Northparkes, Beta Hunt, and Hope Bay are highlighted as significant contributors to future growth [30][49] - **Recent Acquisitions**: - 1% royalty on Arthur Gold Project for slightly less than $250 million [51] - 0.5% royalty on Zhejiang's flagship lithium mine for just under $30 million [55] - 5% silver stream on Arcata and Azuca for $35 million [57] Market Outlook - **Gold Price**: Currently nearing $4,000 per ounce, with a positive long-term outlook due to structural factors such as government debt [10][11] - **Investment Philosophy**: Focus on high-quality assets with significant exploration potential, while maintaining a strong balance sheet [40][74] Cultural and Operational Insights - **Team Background**: Predominantly from larger mining companies, emphasizing a blend of operational and financial expertise [44] - **Transparency and Due Diligence**: Strong emphasis on detailed asset evaluation and open communication with partners [47][48] Conclusion - **Long-term Vision**: Commitment to growing free cash flow per share and maintaining alignment with shareholder interests, with a focus on high-quality precious metals exposure [40][74]

Core Insights - The article highlights the rising gold prices and the weakening U.S. dollar, indicating a shift towards real assets as a store of value [3][4] - ESGold Corp. is positioned to benefit from the current market dynamics with a fully funded business plan and a clear pathway to production in 2026 [4][5] Industry Overview - Gold prices are reaching new records, trading near $3,700 to $3,730 per ounce, driven by expectations of Federal Reserve cuts and a softer dollar [3] - Silver has also seen significant gains, reaching its highest level in over 14 years, with central banks consistently buying gold, indicating a trend of dedollarization [3] Company Profile - ESGold Corp. is a fully permitted, preproduction resource company focused on clean mining and exploration innovation, with expertise in Quebec [5] - The company's flagship Montauban property is located 80 kilometers west of Quebec City and is designed to exemplify responsible mining practices while offering near-term production potential [5]