Core Insights - Gold has experienced significant growth in 2025, with a year-to-date gain of over 58%, outperforming the S&P 500, which is up about 14%, and Bitcoin, which has lost around 6% [2] - Silver has outperformed gold with a 78% year-to-date gain, but gold is expected to maintain its rally into 2026 due to factors including President Trump's return to power and market reactions to his policies [3] - Increased market volatility, particularly during Trump's second administration, has led to a flight to safety among investors, reallocating capital to gold and other precious metals [3][4] Market Volatility - Volatility, as measured by the CBOE Volatility Index (VIX), increased by 85% from Inauguration Day to March 10 due to tariff rumors, followed by a 20% pullback by the end of March [4] - The VIX reached a five-year high during the market's tariff tantrum in April, jumping 135% in the first week [4] - By the end of September, the VIX had settled down by 70%, but has since increased by 35%, raising concerns about potential volatility through the end of the year [5] Gold Price Drivers - Gold's surge in 2025 is attributed to geopolitical tensions, market volatility, and macroeconomic policy shifts under Trump's administration [6] - Ongoing legal and political uncertainties regarding Trump's tariff authority could further influence volatility and gold prices [6] - A weakening U.S. dollar and potential interest rate cuts in 2026 may support gold's bullish momentum into the next year [6] Legal Considerations - The U.S. Supreme Court is reviewing Trump's authority to impose tariffs without Congressional approval, which could significantly impact gold's trajectory [7] - A ruling in favor of Trump would allow tariffs to remain, potentially eroding the purchasing power of the U.S. dollar and driving gold prices higher [7]

Core Viewpoint - Sailfish Royalty Corp. has successfully closed its acquisition of the permitted Mt. Hamilton Gold-Silver Project in Nevada and has entered into a definitive agreement for a five-year gold stream and a subsequent 2% net smelter royalty (NSR) [1][2] Acquisition Details - The acquisition includes a five-year gold stream where Sailfish will receive approximately 341.7 troy ounces of gold monthly at a price equal to 20% of the London Bullion Market Association PM Fix price, with a minimum of US$2,700 and a maximum of US$3,700 per ounce [3] - Sailfish has also acquired the outstanding membership interests of Mt. Hamilton LLC, which owns the property, from a third party [2] Financial Arrangements - To fund the acquisition, Sailfish has entered into a credit agreement for a USD$40 million senior secured bridge term facility with Wexford Capital LP and other guarantors [6][10] - The company will use the Wexford Loan to fund the purchase price for the acquisition and to purchase the Company Interests as a nominee for Mako US [7] Regulatory and Shareholder Approvals - The closing of the Mako Transaction is subject to customary closing conditions, including acceptance from the TSX Venture Exchange and approval from both Sailfish's and Mako's shareholders [4][9] - A special meeting of shareholders is expected to be held by February 2026 to consider the Mako Transaction, requiring a simple majority for approval [13][14] Related Party Transactions - The Mako Transaction is classified as a "related party transaction" due to common control between Mako and Sailfish, necessitating disinterested shareholder approval [9][12] - The Wexford Loan is also considered a related party transaction, but it is deemed to be on reasonable commercial terms [12] Project Status - The Mt. Hamilton Project has all major state and federal permits to begin construction for an open pit, heap leach gold-silver project, and has a current mineral resource estimate [5]

Core Insights - Excellon Resources Inc. has defined a multi-stage gold-silver system at the Mallay Silver Mine, integrating the Pierina, Shafra, and Mallay Deeps zones, which enhances the understanding of the mineralizing system and supports future exploration efforts [1][3][30] Geological Findings - The Pierina vein is confirmed to extend below the 4090 level, presenting a prime target for near-term exploration [4] - Surface sampling in the Shafra zone revealed that 96% of samples contained anomalous gold, with values reaching up to 62.38 g/t Au, indicating a significant gold footprint [4][12] - Structural interpretations suggest that the Isguiz Vein and associated mineralization extend below historic drilling limits, indicating continuity at depth [4][8] Exploration Plans - The company plans to conduct underground drilling totaling 3,500 meters from the 4090 level to test the Pierina Vein at depth, alongside downhole geophysics to aid in targeting Shafra and Mallay Deeps [4][13][22] - Follow-up drilling and geophysical surveys are scheduled for Q1 2026 to evaluate depth prospectivity and refine targeting strategies [13][22] Mineralization Characteristics - Detailed studies indicate that gold in the Pierina vein is primarily found as gold telluride and electrum, suggesting a complex mineralization history [9][10] - The geological evidence points towards a multi-phase porphyry feeder zone beneath the Pierina-Shafra target areas, enhancing the potential for significant mineral resources [8][17] Company Overview - Excellon Resources Inc. aims to leverage its experienced management team to advance quality precious and base metal assets, focusing on the potential restart of the Mallay Silver Mine and other exploration-stage projects [30]

Core Viewpoint - Wheaton Precious Metals Corp. (WPM) has seen an 8.7% increase in share price over the past four weeks, closing at $102.69, with a potential upside of 26.7% based on Wall Street analysts' mean price target of $130.06 [1] Price Targets - The average of 15 short-term price targets ranges from a low of $114.63 to a high of $160.00, with a standard deviation of $11.7, indicating variability among analysts [2] - The lowest estimate suggests an 11.6% increase from the current price, while the highest estimate indicates a 55.8% upside [2] Analyst Consensus and Earnings Estimates - Analysts show strong agreement in revising earnings estimates higher, which is a positive indicator for potential stock upside [4][11] - The Zacks Consensus Estimate for the current year has increased by 1.8% over the past month, with six estimates going higher and no negative revisions [12] - WPM holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimates [13] Caution on Price Targets - While price targets are often sought after, their reliability is questioned, as they can mislead investors more often than guide them [3][7] - Analysts may set overly optimistic price targets due to business incentives, which can inflate expectations [8][9] - A low standard deviation among price targets indicates a high degree of agreement among analysts regarding the stock's price movement direction [9]

Core Viewpoint - Pinnacle Silver and Gold Corp. is initiating a non-brokered private placement to raise up to $2,520,000 through the issuance of units priced at $0.14 each, aimed at advancing its El Potrero gold-silver project in Mexico and for general working capital [1][2]. Group 1: Offering Details - The private placement will consist of up to 18,000,000 units, each comprising one common share and one-half share purchase warrant, with the whole warrant convertible into an additional share at $0.20 for 24 months [1]. - Finders' fees will include a 6% cash commission and 6% in non-transferable finders' warrants, allowing the holder to acquire shares at $0.20 over a 24-month period [1]. - The offering is expected to close around December 19, 2025 [1]. Group 2: Use of Proceeds - Net proceeds from the offering will be allocated to advancing the El Potrero project for evaluations and for general working capital [2]. Group 3: Insider Participation - Insiders of the company will participate in the offering, which is classified as a related-party transaction under Multilateral Instrument 61-101, exempting the company from formal evaluation or minority shareholder approval [3]. Group 4: Securities and Regulations - All securities issued will be subject to a four-month hold period and require TSX Venture Exchange approval, and they have not been registered under the U.S. Securities Act of 1933 [4]. Group 5: Project Overview - The El Potrero project is located in the Sierra Madre Occidental of Mexico, near several operating mines, and features high-grade gold-silver mineralization in a low sulphidation epithermal vein system [5][6]. - The property has significant exploration potential as it has not been systematically explored in nearly 40 years [6]. - A previously operational 100 tpd plant can be refurbished for near-term production once permits are secured [7]. Group 6: Company Strategy - Pinnacle will earn an initial 50% interest upon commencing production, with plans to generate cash flow to further develop the project and increase ownership to 100% subject to a 2% NSR [8]. - The company is focused on developing precious metals projects in the Americas, including the high-grade Potrero project and the Argosy Gold Mine in Ontario [9].

Core Insights - Five stocks have been added to the Zacks Rank 1 (Strong Buy) List, indicating strong potential for investment returns Group 1: Stocks and Earnings Estimates - Newmont Corporation (NEM) has seen a 9.4% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Wheaton Precious Metals Corp. (WPM) has experienced an 8.8% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Hallador Energy Company (HNRG) has seen a significant 71.9% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Fox Corporation (FOXA) has experienced a 6.8% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Franco-Nevada Corporation (FNV) has seen a 5.1% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3]

Core Viewpoint - Andean Precious Metals Corp. has secured a new $40 million revolving credit facility from the National Bank of Canada, which enhances its capital structure and financial flexibility for future growth initiatives [1][3]. Group 1: Credit Facility Details - The new credit facility offers improved liquidity and a more efficient cost of capital as Andean progresses with its strategic and operational initiatives [2]. - The facility has a capacity of $40 million, which will automatically reduce to $30 million on the first anniversary, with a term of 2 years and an interest rate of SOFR + 4.25% [7]. Group 2: Closure of Existing Facilities - Concurrently, Andean has extinguished its previous credit arrangements, including a $36.1 million loan from the CommerceWest Main Street Lending Program and a $25 million credit facility with Banco Santander International, thereby streamlining its capital structure [3][7]. - The consolidation of these credit facilities has enhanced liquidity and aligned financing arrangements with the company's current scale and growth plans [7]. Group 3: Company Overview - Andean Precious Metals is focused on expanding its operations in top-tier jurisdictions in the Americas, owning and operating the San Bartolome processing facility in Bolivia and the Golden Queen mine in California [4]. - The leadership team is committed to creating value through safe, sustainable, and responsible operations, aiming to become a multi-asset, mid-tier precious metals producer [4].

Core Insights - Goldstorm Metals Corp. announced high-grade gold, silver, and copper results from surface sampling at the Crown Property and drilling results from the Electrum Property, both located in British Columbia's Golden Triangle [1][5][25] - The 2025 exploration program included extensive sampling and geophysical surveys, which have advanced early-stage prospects into drill-ready targets [5][8] Crown Property Exploration - The 2025 field exploration program at the Crown Property involved surficial sampling, geological mapping, and geophysical surveys, which helped define the geological potential of the area [5][8] - A total of 657 samples were collected, revealing multiple high-grade results, including sample 121777 with 103 g/t gold and 197 g/t silver [6][9][10] - Significant mineralization styles were observed, indicating potential intrusive-related sources at depth, supported by geophysical anomalies [8][10] Electrum Property Drilling - The 2025 drilling program at the Electrum Property included six holes totaling 1,172 meters, targeting epithermal veins with precious and base-metal mineralization [17][19] - All drill holes encountered gold and silver mineralization, with notable intercepts validating the association of silver with gold mineralization [17][19] - The drilling results indicate a potential trend extending from Silbak Premier to Brucejack Lake, with significant gold and silver intercepts reported [17][19] Delta West Discovery - A new gold zone called Delta West was discovered approximately 10 kilometers south of Newmont's Valley of the Kings deposit, with select grab samples returning values as high as 39.9 g/t gold [15][25] - The area will be a priority target for continued exploration efforts in 2026 [15] Geological Context - The Orion area, centered on the Crown Property, shows strong indications for hosting various economic mineral deposit styles, including VMS, copper-gold skarn, and epithermal gold-silver systems [11][25]

Core Insights - Gold has historically served as a benchmark for permanence, anchoring empires and stabilizing currencies, while symbolizing universal wealth [1] Industry Overview - The significance of gold spans thousands of years, indicating its enduring value in various economic contexts [1]

Core Insights - Pinnacle Silver and Gold Corp. has conducted an airborne LiDAR survey over the El Potrero gold-silver project in Durango, Mexico, covering an area of 11 km², with results expected by mid-December [1][2] Company Overview - Pinnacle Silver and Gold Corp. focuses on developing precious metals projects in the Americas, particularly the El Potrero project, which is characterized by an underexplored low-sulphidation epithermal vein system [9] - The company also owns the Argosy Gold Mine and the North Birch Project in Ontario, indicating a diversified portfolio in high-grade mining assets [9] Project Details - The El Potrero project is located in the Sierra Madre Occidental region, near four operating mines, including the 4,000 tpd Ciénega Mine [5] - The project features high-grade gold-silver mineralization within a low sulphidation epithermal breccia vein system, with significant exploration potential due to a lack of modern systematic exploration over the past 40 years [6] - A previously operational 100 tpd plant on-site can be refurbished for near-term production, with road access and power supply within three kilometers [7] Survey Significance - The LiDAR survey aims to enhance geological understanding by mapping features related to mineralization that may not be visible at the surface, thus aiding in the planning of future drilling programs [2][3] - The technology is expected to help identify old mine workings and other features that could indicate previously unknown mineralization [3] Ownership and Financial Strategy - Pinnacle will earn an initial 50% interest in the project upon commencing production, with plans to increase ownership to 100% through generated cash flow, which is seen as a less dilutive approach for shareholders compared to equity financing [8]