Core Viewpoint - First Majestic Silver Corp. reported significant growth in its mineral reserves and resources for 2025, driven by successful exploration activities and favorable metal price assumptions, particularly at its Santa Elena and Jerritt Canyon mines [1][2][4]. Group 1: Mineral Resource and Reserve Growth - In 2025, First Majestic achieved a 4% year-over-year increase in silver-equivalent ounces, with a 16% increase in silver Proven and Probable Mineral Reserves [2][8]. - Measured and Indicated (M&I) Mineral Resources increased by 50%, totaling 652.8 million AgEq ounces, while Inferred Mineral Resources rose by 69% to 592.3 million AgEq ounces [6][12]. - The growth in contained AgEq ounces was largely attributed to successful exploration and updated metal price assumptions, particularly at Santa Elena and Jerritt Canyon [2][4]. Group 2: Key Discoveries and Exploration Success - The discovery of the Santo Niño silver-gold deposit at Santa Elena added 27.4 million silver-equivalent ounces, including 9.0 million ounces of silver and 210,000 ounces of gold [3][6]. - Continued exploration at the Navidad vein system expanded Inferred Resources to 63.4 million silver-equivalent ounces, comprising 18.4 million silver ounces and 460,000 gold ounces [3][6]. - Jerritt Canyon reported a substantial increase in gold resources, with a 116% year-over-year increase in gold ounces, driven by higher gold price assumptions and lower cut-off grades [6][9]. Group 3: Operational Highlights - A total of 264,364 meters of exploration drilling were completed in 2025, addressing life-of-mine opportunities across First Majestic's mines [8]. - Proven and Probable Mineral Reserves at the four operating mines in Mexico totaled 184.8 million AgEq ounces, reflecting a 4% year-over-year increase [11][12]. - The resource growth at Los Gatos was notable, with Inferred AgEq ounces increasing by 59% year-over-year, positioning the operation for potential life-of-mine extension [10][12].

Core Viewpoint - Radius Gold Inc. is advancing its Jonco Silver Project in Peru, reporting significant anomalous gallium values associated with silver mineralization and making progress in community engagement for formal access agreements [1][10]. Exploration Results - Initial field visit and reconnaissance sampling returned notable results, including silver values of 13.24 g/t Ag and gallium values of 23.96 ppm Ga, among others [2][3]. - These samples are the first to report significant gallium values from the property, suggesting gallium may be an important component of the polymetallic system at Jonco [3]. Project Context - The Jonco Silver Project is located in the Miocene volcanic belt of northern Peru, with historical drilling indicating polymetallic mineralization from surface to significant depths [4]. - Historical drilling includes 11 diamond drill holes totaling approximately 3,195 meters, although not all methods and data have been independently verified [4]. Current Technical Work - The company is relogging historical drill holes and conducting selective core re-sampling using modern analytical methods to improve understanding of the mineralization [5][6]. - A systematic geological mapping and surface sampling program is being implemented to integrate various geological factors across the project area [6]. Community Engagement - Radius has engaged with local communities to present the exploration program and address environmental and employment concerns [9]. - The General Assembly of the community approved negotiations for a surface access agreement, marking a significant milestone for the project [10]. Permitting and Future Steps - Before drilling can commence, the company must finalize community access agreements, obtain environmental permits, and receive authorization from the Ministry of Energy and Mines [11]. - The company is advancing these workstreams alongside its technical program [11]. Management Commentary - The Vice President of Exploration highlighted that recent sampling and relogging efforts are enhancing the understanding of the Jonco system and supporting community relations for permitting [15].

Core Viewpoint - Silver Tiger Metals Inc. is advancing its El Tigre Stockwork Zone Project in Sonora, Mexico, with significant construction updates and strategic plans for exploration and development [1][2]. Construction and Project Management - The company has signed an Engineering Procurement and Construction Management Contract with Kappes, Cassidy & Associates and Kappes, Cassiday del Norte S de RL de CV to facilitate the construction of the mine and processing plant [2]. - The construction decision for El Tigre has been approved by the Board of Directors, with commissioning and first pour targeted for December 2027 [2]. Progress and Engineering Updates - Basic engineering for the mine is 90% complete, and engineering for the heap leach and waste dump has been finalized by WSP [3]. - Land clearing has begun, and the design for the personnel camp and construction offices is in the bidding process [3]. - Engineering for road improvements has been completed, with contracts currently in the bidding phase [3]. Financial Position and Funding - Silver Tiger holds over US$86 million (approximately C$120 million) in cash, bolstering its financial position for project advancement [7]. - The company is finalizing a debt financing package to support both surface and underground development at El Tigre [7]. Exploration and Future Plans - The company is set to transition to exploration drilling targeting high-potential vein systems north of the main El Tigre area, with drilling expected to commence within the next 30 days [5][6]. - The focus remains on delivering the heap leach mine on schedule while advancing the high-grade underground Preliminary Economic Assessment toward a future construction decision [3]. Recognition and Market Performance - Silver Tiger has been recognized as one of the top performers on the TSX Venture Exchange for 2025, achieving a 304% share price appreciation and a 463% increase in market capitalization [9]. - The company has also been named to the 2026 OTCQX Best 50, highlighting its strong performance in the previous year [10].

Core Viewpoint - Pacifica Silver Corp. has expanded its Phase II drill program at the Claudia Silver-Gold Project in Durango, Mexico, increasing the drilling from 12,000 to 20,000 metres, representing a 67% increase, following a successful financing and new permits [1][2]. Drill Program Expansion - The expanded drill program aims to continue exploring high-grade silver-gold mineralization at the Aguilareña vein, follow up on a recent discovery at the Justina vein, and drill test high-priority targets at Mina Vieja and Mina de Oro [3]. - As of March 14, 2026, approximately 6,452 metres have been drilled across 25 holes, with the program expected to conclude in June 2026 [4]. Leadership Changes - Dr. Steven I. Weiss has been appointed as Interim Vice President of Exploration to guide the company through its growth phase, bringing over 45 years of experience in minerals exploration, particularly in Mexico [6][8]. - Octavio Lizardi will transition to Senior Structural Geologist, ensuring continuity in technical leadership while focusing on high-potential vein targets [7]. Auditor Change - Davidson & Company LLP has been appointed as the new auditor, replacing Mao & Ying LLP, effective March 16, 2026 [9][10].

Core Insights - Pan American Silver Corp. (NYSE:PAAS) is highlighted as a promising silver stock for 2026, following positive drill results at the La Colorada mine in Mexico [1] Exploration Results - The exploration confirmed four new silver veins: Filomena, Nicolasa, Bernardina, and Josefina, located in the southeastern Candelaria zone [2] - Drill hole S-161-25 intersected 1.03 meters at 9,730 grams per tonne silver and 6.19 grams per tonne gold in the Cristina vein, with other holes showing silver assays exceeding 1,000 grams per tonne [2] - These exploration results will be included in the mineral reserve and resource update scheduled for June 30, 2026 [2] Financial Performance - Pan American Silver reported a strong fourth quarter in 2025, surpassing both earnings and revenue estimates [3] - Earnings per share were reported at $1.11, exceeding the expected $0.85, while revenue reached $1.18 billion, surpassing the anticipated $1.1 billion [3] Company Overview - Pan American Silver Corp. is based in Vancouver and focuses on exploring, developing, and operating silver and gold mines across the Americas, emphasizing long-life reserves and sustainable, high-margin production [4]

Core Viewpoint - Alaska Silver Corp. is launching a fully-funded exploration program in summer 2026, focusing on its Illinois Creek Silver-Gold-Lead-Zinc and Gallium project, which spans 32,737 hectares in western Alaska, with plans for at least 6,000 meters of diamond drilling [1][2]. Exploration Program - The 2026 drilling program will target high-grade areas, specifically the Waterpump Creek deposit and the newly discovered Silver Sage Zone, while also scouting other high-priority targets [2][3]. - The company plans to utilize two drill rigs for simultaneous surface exploration and trenching, starting in early June [1][3]. Waterpump Creek Focus - A significant high-grade Ag-Pb-Zn Inferred Resource has been identified at Waterpump Creek, with a grade of 980 grams per tonne silver equivalent, interpreted as part of a larger Carbonate Replacement Deposit (CRD) system [3]. - The 2025 drilling program at Waterpump Creek consisted of four holes totaling 2,057 meters, with two holes intersecting a post-mineral fault zone, providing insights into the area's structural architecture [3]. Silver Sage Zone Discovery - The Silver Sage zone was discovered in July 2025, revealing a 550-meter-long breccia zone with high-grade silver-lead results, including samples exceeding 310 g/t silver and values up to 1,235 g/t silver [4][5]. - Initial drilling in 2025 showed significant localized silver and lead mineralization, indicating a thoroughly oxidized mineralization hosted in reactive carbonate rocks [5]. Regional Exploration Initiatives - Alaska Silver is advancing a regional exploration initiative, interpreting the Illinois Creek district as having two CRD-porphyry centers, with significant potential for CRD mineralization [8][9]. - The first center is the established Illinois Creek system, while the second hub is centered on the Round Top Ag-Cu-Mo porphyry, located approximately 20 km away, which shows strong geochemical leakage to the surface [9][10]. Target Inventory Expansion - The TG and TG North CRD prospects within the Round Top hub are identified as high-priority targets, with soil geochemistry indicating a robust mineralizing system [10][11]. - The combined exploration efforts at Illinois Creek and Round Top hubs represent a district-scale opportunity, significantly expanding the company's target inventory and discovery potential [12].

Core Insights - Avino Silver & Gold Mines reported record financial results for Q4 and full year 2025, marking a return to being a primary silver producer with silver accounting for over 54% of revenue in the quarter [4][2] - The company is transitioning from a single-mine operator to a multi-asset mid-tier producer in Mexico, with significant progress at the Avino Mine and La Preciosa project [3][4] - The company aims to increase production at La Preciosa to 500 tons per day and plans approximately 30,000 meters of drilling in 2026 [6][15] Financial Performance - Q4 revenue exceeded $30 million, with full-year revenue reaching $92.2 million, despite lower ounces sold [7][8] - Q4 net income was $10.5 million, and full-year net income was $26.6 million, a significant increase from $8.1 million in 2024 [9][10] - Operating cash flow before working capital changes was $19 million in Q4 and $35.3 million for the year, both setting records [9] Cost and Margin Analysis - Cash costs per silver-equivalent payable ounce rose to $16.13, up 9% from 2024, while all-in sustaining cash costs increased to $23.75, up 15% [11] - Mine operating income reached $48.5 million with a margin of 53%, indicating strong profitability despite rising costs [12] - Per-ton costs remained stable, with cash costs per ton at $53.69, down 3% from 2024 [11] Development and Exploration - La Preciosa contributed approximately 11,995 tons of development material in 2025, with plans to ramp up to 500 tons per day [6][10] - The company is engaging independent engineers to develop a strategic plan that extends beyond the original project scope, indicating potential for further resource discovery [14][15] - Drilling results from La Preciosa exceeded expectations, suggesting potential upside from underground mining methods [14] Strategic Focus - The company remains focused on organic growth and is evaluating various scenarios for La Preciosa, including an open-pit approach [16][21] - Management indicated that broader market conditions do not fully dictate industry M&A, emphasizing a focus on internal development [16] - The company ended the year with a record cash balance of $102 million and no secured debt beyond equipment leases, positioning it well for future growth [10][18]

Market Overview - The U.S. equity markets experienced significant volatility due to rising crude oil prices amid ongoing conflict between the United States and Iran, with oil prices reaching $120 per barrel [1] - The International Energy Agency's proposed release of oil reserves helped to stabilize the situation and cool down soaring oil prices [1][2] Investment Strategies - Investors are turning to momentum stocks as a strategy to regain lost value, particularly in uncertain market conditions [2] - Momentum investing is characterized by the principle of "buying high and selling higher," capitalizing on established trends [3] Momentum Strategy Implementation - A screening strategy has been developed to identify stocks with strong momentum, focusing on long-term price appreciation and short-term pullbacks [4] - The screening parameters include selecting the top 50 stocks based on a 52-week price change, then identifying the 10 worst performers over the past week [5][6] - Stocks with a Zacks Rank 1 (Strong Buy) and a Momentum Style Score of B or better are prioritized, as they have a history of outperformance [7] Selected Stocks - First Majestic Silver Corp. (AG) has seen a price increase of 335.9% over the past year but experienced a decline of 5.8% last week, with a Momentum Score of B [8][9] - IPG Photonics Corporation (IPGP) has risen 98.1% in the past year but fell 11.5% last week, holding a Momentum Score of A [8][10] - Encore Capital Group, Inc. (ECPG) has climbed 102.1% over the past year but dropped 5.6% last week, also with a Momentum Score of A [8][11]

Financial Data and Key Metrics Changes - Avino achieved record revenues of $92.2 million for the full year 2025, with Q4 revenues exceeding $30 million, despite lower ounces sold [8][21] - The company reported a net income of $10.5 million or $0.06 per share for Q4, and $26.6 million or $0.17 per share for the full year, significantly up from $8.1 million or $0.06 per share in 2024 [23][24] - Gross profit margin improved to 58% in Q4, up from 43% in the same quarter last year [22] Business Line Data and Key Metrics Changes - Silver production represented over 50% of consolidated silver equivalent production in Q4, marking a return to being a primary silver producer [7][15] - The company processed 11,995 tons of material from La Preciosa during the quarter, contributing to overall production results [10][20] Market Data and Key Metrics Changes - Avino was named fifth among the top performing companies on the Toronto Stock Exchange 2025 TSX30, with a share price performance increase of 610% over three years [16] - The company was added to several ETFs, enhancing institutional recognition and liquidity [17] Company Strategy and Development Direction - The company aims to transform into a multi-asset Mexican mid-tier producer, focusing on strategic exploration and drilling to unlock resource potential [6][35] - Plans for 2026 include approximately 30,000 meters of drilling, with a goal to reach a production rate of 500 tons per day at La Preciosa [36][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong balance sheet supporting transformational growth plans, with expectations of continued silver revenue growth [9][21] - The company is integrating AI technology to enhance exploration efficiency and data analysis [35] Other Important Information - Cash position reached a record $102 million at year-end, with working capital just shy of $100 million [25] - The company has no secured debt other than leases on operating equipment [26] Q&A Session Summary Question: Impact of market fear on M&A opportunities - Management indicated that while market conditions affect M&A, they are focused on organic growth and existing assets [48][49] Question: Changes in labor costs and model adjustments - Management noted a stabilization in labor costs after a significant jump in previous years, with no expected material changes at this time [51] Question: Potential acceleration of work at La Preciosa - Management confirmed that they are evaluating options to accelerate planned work, including new equipment orders [60][61] Question: Share count and capital return strategy - Management discussed the focus on organic growth while considering shareholder returns and minimizing dilution [68][69] Question: Mill expansion plans - Management confirmed that mill expansion is a safe assumption, with ongoing evaluations for appropriate sizing [73][74] Question: Operating cost optimization amidst inflation - Management acknowledged consistent operating costs with some volatility, but noted that they are managing costs effectively [78][80] Question: Potential for open-pit mining at La Preciosa - Management is revisiting feasibility studies to explore the possibility of open-pit mining, which could significantly impact production outlook [89][90]

Q4/YE 2025 Financial Results Conference Call & Webcast March 11, 2026 March 2026 TSX: ASM NYSE American: ASM www.avino.com TSX: ASM NYSE American: ASM Cautionary Note This presentation contains "forward-looking information" and "forward-looking statements" (together, the "forward looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995, including the mineral resource estimate for the Company's Avino Property, including La Pr ...