Core Viewpoint - Capitan Silver Corp. has reported significant high-grade silver mineralization results from its Cruz de Plata project in Durango, Mexico, indicating the emergence of a new large silver zone at the Jesus Maria trend [1][3][4]. Summary by Sections Drill Results - The Phase One drill program has successfully intersected high-grade silver mineralization, with drillhole 25-ERRC-26 reporting 1,767.4 g/t AgEq over 1.5 meters, part of a broader zone of 1,222.1 g/t AgEq over 3 meters, and a wider interval of 234.2 g/t AgEq over 25.9 meters [3][7]. - Drillhole 25-ERRC-21 also showed promising results, with 710.5 g/t AgEq over 1.5 meters and 353.2 g/t AgEq over 1.5 meters within a broader interval of 292.4 g/t AgEq over 6.1 meters [3][8]. - A total of 57 drillholes have been completed to date, confirming the continuity of mineralization across the property [6][9]. New Mineralized Zones - Follow-up drilling has confirmed the presence of a new broad zone of mineralization near drillhole 25-ERRC-12, suggesting that high-grade results are not anomalies but part of a larger target [5][6]. - The discovery of additional mineralized intrusive dykes indicates potential new structures for transporting mineralization across the property [3][6]. Future Plans - The company plans to continue drilling to further define the new mineralized zones and structures identified [6][9]. - An updated mineral resource estimate and a property-wide geophysical survey are also planned, with assay results pending for 25 drillholes [9][19]. Company Overview - Capitan Silver Corp. is focused on defining a new high-grade silver system at its Cruz de Plata project, supported by a proven management team and a tight share structure [19].

Core Insights - Pan American Silver (PAAS) is set to report its third-quarter 2025 results on November 12, with total sales estimated at $867.8 million, reflecting a 21.2% year-over-year increase [1][4] - The consensus estimate for earnings per share is 49 cents, indicating a 53.1% increase from the previous year's earnings of 39 cents, despite a 7.6% downward revision in estimates over the past 60 days [1][4] Financial Performance - The Zacks Consensus Estimate for PAAS's third-quarter silver production is 5.8 million ounces, representing a 6.9% year-over-year rise, while gold production is projected at 184 thousand ounces, indicating an 18.2% decline [11] - The company maintains its 2025 silver production guidance at 20-21 million ounces, down from 21.1 million ounces in 2024, and expects gold production to be between 735-800 thousand ounces, lower than 895.5 thousand ounces in 2024 [10][11] Cost and Pricing Environment - PAAS anticipates a reduction in costs for 2025, with the all-in sustaining cost (AISC) for silver expected to be between $16.25 and $18.25 per ounce, down from $18.98 per ounce in 2024 [12] - The pricing environment has been favorable, with gold prices averaging around $3,500 per ounce, a 41% year-over-year increase, and silver prices averaging $39.80 per ounce, up 34% year-over-year, contributing positively to the company's revenue [13] Production Insights - In the second quarter, PAAS produced 5.1 million ounces of silver, an increase from the previous year, with notable gains from La Colorada and El Peñon, although production was offset by declines at Cerro Moro and San Vicente [8][9] - Gold production in the second quarter was 178.7 thousand ounces, down from 220.4 thousand ounces in the prior year, primarily due to the sale of the La Arena mine and reduced activity at Dolores [10] Stock Performance - Over the past year, PAAS shares have increased by 63.2%, compared to an 83.8% growth in the industry [14]

Core Viewpoint - Silver Tiger Metals Inc. has received all necessary approvals and permits from the Mexican Federal Environmental Department for the construction of the El Tigre Stockwork Silver-Gold Project in Sonora, Mexico [1] Group 1 - The project is significant for Silver Tiger as it marks a key milestone in its development strategy [1] - The Preliminary Feasibility Study for the El Tigre Project was previously disclosed on October 22, 2024 [1]

Financial Performance - Revenues for Q3 2025 reached $21 million, a 44% increase compared to $14.6 million in Q3 2024[31] - Gross profit for Q3 2025 was $9.9 million, a 73% increase from $5.7 million in Q3 2024[31] - Net income for Q3 2025 was $7.7 million ($0.05 per share), a 559% increase compared to $1.2 million ($0.01 per share) in Q3 2024[31] - Adjusted earnings for Q3 2025 were $11.6 million ($0.07 per share), a 134% increase from $5.0 million ($0.04 per share) in Q3 2024[31] - Cash flow from operations for Q3 2025 was $8.3 million ($0.05 per share), a 101% increase from $4.1 million ($0.03 per share) in Q3 2024[31] - Free cash flow for Q3 2025 was $4.5 million, an 89% increase from $2.4 million in Q3 2024[31] Production and Costs - Mill throughput in Q3 2025 was 21% higher than in Q3 2024[23] - Cash cost per silver equivalent ounce sold in Q3 2025 was $17.09, a 14% increase compared to Q3 2024[37] - All-in sustaining cost per silver equivalent ounce sold in Q3 2025 was $24.06, a 9% increase compared to Q3 2024[37] Balance Sheet - The company had $57.3 million in cash and $50.8 million in working capital as of September 30, 2025[30]

Financial Data and Key Metrics Changes - Hecla Mining Company reported record revenues of $410 million for Q3 2025, with net income of $101 million and adjusted EBITDA of $196 million, indicating strong operational performance [5][6][8] - The net leverage ratio improved significantly from 1.8 times last year to 0.3 times in Q3 2025, representing an 83% reduction [6][8] - Operating cash flow generated was $148 million, with consolidated free cash flow at $90 million [6][9] Business Line Data and Key Metrics Changes - Silver production reached 4.6 million ounces, a 2% increase from the previous quarter, with cash costs at negative $2.03 per ounce and all-in sustaining costs at $11.01 [7][8] - Greens Creek produced 2.3 million ounces of silver, with sales of $178 million, up 46% from the last quarter [14] - Lucky Friday's silver production was 1.3 million ounces, with free cash flow nearly tripling to $13.5 million [15] - Keno Hill achieved silver production of nearly 900,000 ounces, generating $8.3 million in free cash flow [16] - Casa Berardi produced 25,000 ounces of gold, with cash costs of $1,582 per ounce [17] Market Data and Key Metrics Changes - Silver revenue accounted for 48% of total mine site revenues, followed by gold at 37% [8] - Silver margins remained robust at $31.57 per ounce, representing 74% of the realized price of silver [8] Company Strategy and Development Direction - The company is focused on long-term value creation, operational execution, and maintaining financial flexibility to pursue growth opportunities [19][48] - A disciplined capital allocation framework prioritizes safety, sustaining capital, growth capital, exploration, deleveraging, and shareholder returns [10][12] - The company plans to increase exploration investments, particularly in Nevada, targeting 2%-5% of revenues for exploration in 2026 [11][18] Management's Comments on Operating Environment and Future Outlook - Management highlighted the ongoing supply shortages in silver and the favorable market conditions expected to support prices for years [5][6] - The company expressed confidence in its ability to generate substantial free cash flow and maintain operational momentum across all assets [6][48] - The outlook for Keno Hill includes plans for commercial production around 2027, contingent on regulatory approvals [38] Other Important Information - The company has successfully de-risked its balance sheet, eliminating over $15 million in annual interest expense [6][8] - All four producing assets generated positive free cash flow for the second consecutive quarter, demonstrating operational strength [6][9] Q&A Session Summary Question: Inflationary factors affecting asset base - Management noted that labor competition and tariff costs are the main inflationary pressures, but overall impacts have been muted [24][25] Question: Exploration spending and labor costs - Drilling costs have increased due to labor, but assay turnaround times have remained normal [27] Question: Exploration and project updates - The company plans to significantly increase its exploration budget in Nevada and reinitiate dormant projects [32][33] Question: Guidance and production expectations - Management explained that production profiles can vary, and guidance reflects expected performance based on historical data [41][42] Question: Strong price realizations in the quarter - The strong price realizations were attributed to timing of shipments and the use of collars for provisional hedging [43][44]

Core Insights - First Majestic Silver Corp. reported record financial results for Q3 2025, driven by significant increases in silver production and revenue compared to the same period in 2024 [2][8][9] Financial Highlights - Record quarterly silver production of 3.9 million ounces, a 96% increase year-over-year from 2.0 million ounces in Q3 2024 [2][12] - Total revenue reached $285.1 million, marking a 95% increase from $146.1 million in Q3 2024, with 56% derived from silver sales [2][8] - Mine operating earnings were $99.1 million, up from $28.5 million in Q3 2024, primarily due to the addition of the Los Gatos Silver Mine [2][8] - Operating cash flow before changes in working capital and taxes was a record $141.3 million, compared to $39.8 million in Q3 2024 [2][8] - Net earnings for the quarter were $43.0 million (EPS of $0.06), compared to a net loss of $26.6 million (EPS of ($0.09)) in Q3 2024 [2][8][9] - Free cash flow reached a record $98.8 million, up from $31.3 million in Q3 2024 [2][8] Operational Highlights - The company processed 997,002 tonnes of ore, a 47% increase from 678,397 tonnes in Q3 2024 [4][11] - Cash costs per silver equivalent ounce decreased to $14.83, down from $15.17 in Q3 2024 [2][12] - All-in sustaining cost (AISC) was $20.90 per silver equivalent ounce, a slight decrease from $21.03 in Q3 2024 [2][12] Additional Developments - First Mint, the company's minting facility, achieved record sales of $11.1 million, compared to $2.7 million in Q3 2024 [5] - The company declared a cash dividend of $0.0052 per common share for Q3 2025, payable on or about November 28, 2025 [5][16] - The company received a 30.0 ESG risk rating from Sustainalytics, placing it in the medium risk category [5]

Group 1 - Avino Silver & Gold Mines Ltd. will participate in the 51st Annual New Orleans Investment Conference from November 2 to 5, 2025, with VP Technical Services Peter Latta presenting on November 3 [1] - The New Orleans Investment Conference is a prominent event that gathers successful analysts, newsletter writers, and investors to discuss major asset classes, including equities [2] - Avino is a silver producer operating the Avino Mine in Mexico, with unhedged production of silver, gold, and copper, and aims for sustainable and profitable mining operations [3] Group 2 - The New Orleans Investment Conference serves as a platform for sophisticated investors to discover new opportunities, exchange ideas, and plan for the upcoming year [4] - The conference has featured notable speakers over the past 50 years, including political figures and economists, highlighting its significance in the investment community [5] - This year's speaker lineup includes various influential figures in finance and investment, indicating a diverse range of insights and strategies to be shared [6]

Financial Data and Key Metrics Changes - The company reported record results for the second consecutive quarter, with cash balance expected to exceed $500 million by year-end, indicating a strong net cash position heading into 2026 [2][4] - Full year EBITDA is now expected to exceed $1 billion, and free cash flow is projected to top $550 million, both higher than previous estimates [2][4] - Metal sales increased by 15% to $555 million during the quarter, driven by a rise in ounces sold and a 15% increase in silver prices [16] Business Line Data and Key Metrics Changes - Las Chispas operation generated $66 million in free cash flow, with silver production increasing to 1.6 million ounces and gold production to 17,000 ounces [3][8] - Palmarejo delivered $47 million in free cash flow, with strong recoveries and mill throughput reaching the highest levels in six quarters [9] - Rochester saw a 3% increase in gold production and a 13% increase in silver production compared to the previous quarter, resulting in $30 million in free cash flow [10][12] - Kensington achieved free cash flow of $31 million, its highest in over six years, with gold production exceeding 27,000 ounces [12][14] - Wharf's gold production increased by 16% to 28,000 ounces, leading to free cash flow of $54 million [13][14] Market Data and Key Metrics Changes - The company noted a strong performance in the context of rising metals prices, benefiting from a balanced North American asset portfolio [14] - The average cash cost per ounce for gold and silver was reported at $1,215 and $14.95, respectively, showing positive trends compared to Q3 2024 [8] Company Strategy and Development Direction - The company is focused on maintaining a free cash flow positive phase while exploring opportunities that align with its operational quality and jurisdictional preferences [33][34] - The integration of the SilverCrest acquisition and ramping up Rochester to steady state were highlighted as key priorities for the year [33] - Future growth opportunities, particularly regarding the Silvertip project, are being assessed with a long-term perspective [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a strong finish to the year and a record year in 2026, driven by operational improvements and favorable market conditions [20][34] - The company is experiencing a favorable cost environment with flat input costs despite higher royalty obligations due to increased metal prices [56] Other Important Information - The company recorded a one-time $162 million non-cash tax benefit related to U.S. net operating losses during the quarter [18] - The net debt ratio was reported at 0.1 times, with a goal of achieving a net debt to EBITDA ratio of nil by Q4 2025 [17] Q&A Session Summary Question: What is needed to get the Rochester operation up to full capacity? - Management discussed recent modifications to improve efficiency and productivity, indicating that unplanned downtime was a challenge but improvements are expected [23][25][26] Question: How does the company view potential M&A opportunities? - The company is focused on internal priorities but remains open to opportunities that meet specific criteria, particularly regarding gold and silver projects [32][34] Question: What should be expected regarding the tax rate next year? - The effective tax rate is expected to change to around 24% due to the utilization of net operating losses, with potential for U.S. income tax payments in the future [42][44] Question: What drove the drop in grade at Palmarejo and Las Chispas? - Management indicated that the drop in grade was related to the processing of stockpiled ore and the nature of underground mining operations [46][47] Question: Are there any cost pressures being faced across the portfolio? - The company reported a favorable cost environment with strong cost controls in place, despite some increased royalty costs [56][57]

Financial Data and Key Metrics Changes - The company reported record results for the second consecutive quarter, with cash balance expected to exceed $500 million by year-end, placing the company in a net cash position heading into 2026 [2][4] - Full year EBITDA is now expected to exceed $1 billion, and free cash flow is projected to top $550 million, both higher than prior estimates [2][4] - Metal sales increased by 15% to $555 million during the quarter, driven by a higher number of ounces sold and a 15% increase in silver prices [17] Business Line Data and Key Metrics Changes - Las Chispas operation generated $66 million in free cash flow, with silver production increasing to 1.6 million ounces and gold production to 17,000 ounces [9][10] - Palmarejo delivered $47 million in free cash flow, with strong recoveries and mill throughput reaching the highest levels in six quarters [10][14] - Rochester's gold and silver production increased by 3% and 13% respectively compared to the second quarter, resulting in free cash flow of $30 million [11] - Kensington achieved free cash flow of $31 million, its highest quarterly cash flow in over six years [13][14] - Wharf's gold production increased by 16% to 28,000 ounces, leading to free cash flow of $54 million [14] Market Data and Key Metrics Changes - The company noted a strong performance in the North American market, benefiting from record-setting metals prices [14][17] - The average cash cost per ounce for gold and silver was reported at $1,215 and $14.95 respectively, continuing a positive trend compared to Q3 2024 [9] Company Strategy and Development Direction - The company is focused on maintaining a balanced portfolio of North American assets and is evaluating capital allocation priorities, including share repurchase programs [6][22] - The integration of Las Chispas is complete, and the company is looking to leverage its strong cash flow position for future growth opportunities [10][36] - The company is not currently focused on development stage investments but is actively monitoring opportunities that fit its criteria [36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for a strong finish to the year and a record-breaking year in 2026, driven by operational improvements and favorable market conditions [4][22] - The company anticipates a material step up in production from 2025 to 2026, with expectations for increased throughput and efficiency at operations [33] Other Important Information - The company recorded a one-time $162 million non-cash tax benefit due to U.S. net operating losses, reflecting strong performance over the past three years [19] - The company has repaid over $228 million in debt during 2025, achieving a net debt ratio of 0.1 times [18] Q&A Session Summary Question: What is needed to get the Rochester operation up to full capacity? - Management discussed recent modifications to improve efficiency and productivity, indicating that unplanned downtime was a temporary setback [26][28] Question: How does the company view growth opportunities in the market? - Management stated that they are focused on internal priorities but are always evaluating opportunities that align with their strategic goals [36] Question: What should be expected regarding the tax rate for next year? - The effective tax rate is expected to change to around 24% due to the utilization of net operating losses, which is a significant shift from previous years [44] Question: Was there a drop in grade at Palmarejo and Las Chispas? - Management clarified that the drop in grade was related to the sequencing of ore processed and the decision to run more tonnes through the mill [48] Question: What are the expectations for unit costs and inflation pressures? - Management indicated that they are experiencing a favorable cost environment with flat input costs, despite some royalty pressures [53][55]

Group 1: Avino Silver & Gold Mines Ltd. (ASM) - Avino Silver & Gold Mines Ltd. has a Zacks Rank 1 and its current year earnings estimate increased by 18.2% over the last 60 days [1] - The company's shares gained 43.1% over the last three months, outperforming the S&P 500's advance of 5.4% [1] - Avino possesses a Momentum Score of A [1] Group 2: IGC Pharma, Inc. (IGC) - IGC Pharma, Inc. has a Zacks Rank 1 and its current year earnings estimate increased by 27.3% over the last 60 days [2] - The company's shares gained 26.1% over the past six months, compared to the S&P 500's advance of 21.8% [2] - IGC possesses a Momentum Score of B [2] Group 3: Royal Bank of Canada (RY) - Royal Bank of Canada has a Zacks Rank 1 and its current year earnings estimate increased by 5.3% over the last 60 days [3] - The company's shares gained 11.7% over the last three months, in line with the S&P 500's advance of 5.4% [3] - Royal Bank of Canada possesses a Momentum Score of A [3]