Fourth Quarter & Full-Year 2025 Financial Results February 2026 Cautionary Notes Cautionary Note Regarding Forward-Looking Information and Statements Except for statements of historical fact relating to us, certain statements contained in this presentation (including information incorporated by reference herein) constitute forward-looking information, future oriented financial information, or financial outlooks (collectively "forward-looking information") within the meaning of Section 27A of the Securities ...

Core Insights - The Global X - Silver Miners ETF (SIL) and the VanEck Gold Miners ETF (GDX) provide targeted access to mining companies, differing in metal focus and portfolio construction [2][9] - SIL is silver-centric with a higher recent return and drawdown, while GDX is gold-focused, lower cost, and more diversified [1][4] Cost & Size Comparison - SIL has an expense ratio of 0.65% and AUM of $6.2 billion, while GDX has a lower expense ratio of 0.51% and AUM of $30.5 billion [3][4] - The one-year return for SIL is 167.2% compared to GDX's 136.8%, with SIL offering a higher dividend yield of 1.0% versus GDX's 0.6% [3][4] Performance & Risk Metrics - Over five years, SIL has a max drawdown of 55.63% while GDX has a max drawdown of 46.52% [5] - Growth of $1,000 over five years is $2,169 for SIL and $2,765 for GDX, indicating GDX's superior performance [5] Portfolio Composition - GDX tracks 55 companies in the gold mining industry, with top holdings including Agnico Eagle Mines Ltd (9.25%), Newmont Corp (8.88%), and Barrick Mining Corp (6.79%) [6] - SIL focuses on the silver mining sector with 39 holdings, heavily weighted towards Wheaton Precious Metals Corp (21.80%), indicating a more concentrated portfolio [7][12] Investment Implications - Both ETFs provide diversification and have a high correlation to the prices of their respective metals, with GDX having more holdings and a lower expense ratio [9][13] - SIL offers a higher dividend yield, and recent performance indicates that silver has outperformed gold [13][11]

Greens Creek, in southeast Alaska, is one of the world’s largest and lowest-cost primary silver mines. (Image courtesy of Hecla Mining.Hecla Mining Company (NYSE: HL), the largest silver producer in the US and Canada, plans to almost double its investments from last year on exploration and pre-development activities.In a press release issued on Friday, the Idaho-based miner said it will spend $55 million on its projects in Nevada and producing assets including Greens Creek (Alaska), Keno Hill (Yukon Territo ...

Core Viewpoint - First Andes Silver Ltd. has successfully closed a private placement financing, raising approximately C$2 million through the issuance of common shares at C$0.12 each [1]. Financing Details - The company issued a total of 16,708,331 common shares, resulting in aggregate gross proceeds of C$2,004,999.72 [1]. - The common shares are not subject to a hold period in Canada due to the listed issuer financing exemption [2]. - A finder's fee of C$120,790 was paid, and 1,001,583 share purchase warrants were issued, each exercisable at C$0.12 for two years [3]. Use of Proceeds - The net proceeds from the offering will be allocated to: 1. An augmented Q2 2026 drilling program at the Santas Gloria Property 2. Exploration work at the Santas Gloria Property 3. Annual mineral claim payments in Peru 4. General working capital purposes [4]. Company Overview - First Andes Silver Ltd. holds a 100% interest in the Santas Gloria silver property, located 55 km east of Lima, Peru, which has significant exploration potential [6]. - The property features over 12 km of multiphase veins that had not been drilled or explored using modern techniques prior to 2024, with strong near-surface silver intercepts reported in 21 of 26 drill holes [6].

Quick Read COMEX has 102M oz of silver available to settle 366M oz of March delivery contracts. Billionaire trader holds 450 metric ton silver naked short position against SHFE’s 318.54 metric ton total inventory. Silver enters its sixth consecutive year of production shortfalls versus demand. A recent study identified one single habit that doubled Americans’ retirement savings and moved retirement from dream, to reality. Read more here. The bullish run on silver that started in 2025 reached as ...

Core Insights - The SPDR Gold Shares (GLD) and the Global X Silver Miners ETF (SIL) cater to different investor profiles due to their distinct risk levels, cost structures, and underlying exposures [1][2] Cost & Size Comparison - GLD has a lower expense ratio of 0.40% compared to SIL's 0.65%, which can be significant for long-term investors [4] - As of February 11, 2026, GLD has an AUM of $175.3 billion, while SIL has an AUM of $6.6 billion [3] Performance & Risk Metrics - Over the past five years, SIL experienced a maximum drawdown of -56.8%, while GLD's maximum drawdown was -22.0% [5] - A $1,000 investment would have grown to $2,731 in GLD and $2,560 in SIL over the same period [5] Underlying Holdings - GLD provides direct exposure to gold bullion, tracking the price of physical gold, and does not hold any mining stocks, making it a safer option for those wary of company-specific risks [6] - SIL invests in 39 silver mining stocks, with major holdings in companies like Wheaton Precious Metals Corp, Pan American Silver Corp, and Coeur Mining Inc, which adds potential upside but also greater volatility [7]

Core Viewpoint - Aftermath Silver has initiated a Pre-Feasibility Study (PFS) for its Berenguela silver-copper-manganese project in Peru, marking a significant step towards potential production [1] Group 1: Project Development - The initiation of the PFS follows a successful C$20 million equity financing and an extensive 82-hole infill drilling program completed in 2025 [1] - The drilling campaign intersected mineralization in 95% of the holes, significantly increasing geological confidence in the project [1] - The updated Mineral Resource Estimate confirmed approximately 122.5 million ounces of silver and 717.1 million pounds of copper, enhancing the understanding of the deposit [1] Group 2: Future Plans - The PFS will build on the improved geological model and is expected to outline updated project economics, mine planning parameters, and development scenarios [1] - While advancing the PFS, the company plans to maintain exploration momentum across its portfolio, including drilling at the Challacollo silver project in Chile [1] - The initiation of the PFS is seen as a pivotal step in transforming Berenguela from an advanced exploration asset into a potential future mining operation [1]

Operations and Production - First Majestic Silver produced a record 4.2 million silver ounces in Q4 2025, representing a 77% year-over-year increase, with 1.5 million ounces attributable to Los Gatos [1] - Silver-equivalent production for First Majestic increased to 7.8 million ounces, up 37% year-over-year, supported by an aggressive drilling program of 57,305 meters [7] - Silvercorp Metals reported a record revenue of $126.1 million in Q3 fiscal 2026, up 51% year-over-year, with silver making up 72% of revenue [17] Market Position and Valuation - First Majestic's stock is priced for growth with a forward P/E of 68.72x compared to the sector's 19.17x, indicating a significant premium for expected earnings growth [1] - Silvercorp's forward P/E stands at 20.82x, slightly above the sector average, suggesting it is only marginally more expensive than peers based on expected earnings [16] Market Dynamics and Trends - The silver market is expected to face a sixth consecutive year of supply deficit, with a total shortfall of nearly 820 million ounces [5] - Short interest in silver miners has reached a recent high, indicating potential for short squeezes, particularly in stocks like First Majestic Silver and Discovery Silver [4] - Silver prices have shown volatility, with a significant drop from an all-time high of $121.60 per ounce to $74 in a single session, yet the March 2026 silver futures contract remains up over 18% year-to-date [6] Growth Strategies - First Majestic is focusing on growth through exploration and M&A, including a joint-venture interest in the Los Gatos underground mine and the sale of the Del Toro asset to Sierra Madre for up to $60 million [8] - Silvercorp is advancing its growth strategy with the acquisition of 70% of the Tulkubash/Kyzyltash gold projects and progressing the El Domo project in Ecuador, with first production expected in July 2027 [18] Analyst Sentiment - Wall Street analysts have a "Moderate Buy" consensus on First Majestic, with a mean target of $24.42, indicating approximately 4% upside from the current price of $23.52 [9] - Silvercorp also has a "Moderate Buy" consensus among analysts, with an average target of $14.26, implying about 27% upside from its current price of $11.23 [19]

Core Viewpoint - Vizsla Silver has reported the tragic loss of several employees who were abducted from its project site in Mexico, with the company expressing deep condolences and focusing on the recovery of those still missing [1][2]. Group 1: Incident Details - The employees were abducted on January 23 while traveling from their camp to the mine, approximately 15 kilometers away, and their bodies were later found in a clandestine grave near El Verde [4]. - The company is awaiting formal confirmation from Mexican authorities regarding the deceased workers [3]. Group 2: Company Response - Following the abductions, Vizsla suspended certain activities at its flagship Panuco silver-gold project as a precaution, with some work remaining halted while security conditions are assessed [6]. - The company is committed to supporting affected families and employees during this difficult time [2]. Group 3: Project Overview - Panuco is described as the world's largest undeveloped high-grade silver resource, with proven and probable reserves of 12.8 million tons grading 2.01 grams of gold per ton and 249 grams of silver per ton, equating to approximately 829,000 ounces of gold and 102.7 million ounces of silver [7]. - Vizsla is advancing permitting and financing efforts for the project, with a construction decision expected in the second half of the year and initial production scheduled for H2 2027, projected to produce an average of 17.4 million silver-equivalent ounces annually [8]. Group 4: Market Reaction - Following the news of the abductions, Vizsla's stock dropped to $3.90, down 12% from its previous close and over 41% since January 23 [5].

Core Insights - The silver market is experiencing an all-time high deficit, with a reported shortfall of 67 million ounces (Moz) of fine silver [1][2] - The forecast for 2026 indicates that Exchange-Traded Product (ETP) holdings will reach 1.31 billion ounces, with investment demand projected at 227 million ounces [1][2] Supply vs Demand - The current supply-demand dynamics in the silver market highlight a significant deficit, emphasizing the imbalance between supply and investment demand [1][2] Geopolitical Factors - Geopolitical events are influencing the silver market, contributing to the ongoing deficit and shaping future demand forecasts [1][2]