I expect Newmont and Barrick will print a 3 x when the #HUI reaches 1500. However, the really big money will be made with junior mines… $AG $AGAG.V $AGX.V $AAG.V $ASL $ASM.V $AUMB.V $AYA.V $BCM.V $BIG.V $BRC.V $CAMB.V $CKG.V $DMET.V $EDR.V $EXK $EXN $GLDC.V $GRSL.V $GSVR.V $HSLV.V $KUYA $LG $NEXG $OCG.V $POD.AX $SVRS.V $SSV.V $SPA.V $TUD.V $VCU.V $VZLA

$LIO.V Lion One Metals achieved quarterly gold recovery of 3,796 oz at an average head grade of 4.3 g/t gold. This is a 15% increase in production compared to the previous quarter and a 39% increase in production from the quarter ending March 31, 2026. In addition to recovered gold, the Company also produced 882 oz of gold from the draw-down of gold in inventory and carbon shipments, for total production of 4,678 oz of gold during the quarter. Preliminary Quarterly Production Results: •3,796 oz of gold recovered from mill operations •882 oz of gold from mill draw-down and carbon shipments •4,678 oz total gold produced •4.3 g/t gold average head grade •83.8% recovery •32,588 tonnes milled •1,539 m underground mine development •95.1% mill utilization This is the second consecutive quarter of improvement for the company, as the previous quarter (April to June) had a TRIF of 4.37, and the quarter before that (January to March) had a TRIF of 6.55. Lion One remains focused on safe production. The resolution to the debt is crucial… Once debt sorted the company can move forward especially as they are about to hit some fantastic zones and increase TPD.. The bulk of the mill and mine equipment already paid for and 100's of metres of mine development. Should be self sustaining with significant profit.

$AYA Aya Gold & Silver is one of the few mining companies that has remained well above the 200-day moving average ✊🤠

The current boom in tech stocks reminds me of the dot-com boom from 1998 to 2000/2001, which led to the bursting of the bubble back then and saw about seven trillion dollars in investment funds go up in smoke. When people say, “Yes, but there are some very large companies today. Some of today’s largest companies emerged from that tech stock boom,” I say, “Yes, that’s true.” But the vast majority - about 90% of the tech and internet stocks that emerged during the boom - no longer exist today; they’ve long since disappeared. You know, they’re just gone. And if you look at the AI boom, it’s very similar. And it also bears a strong resemblance to something that happened at the same time as the internet stock boom: ENRON. Do you remember? ENRON had all these sophisticated methods for concealing its debt - so it wouldn’t show up on the balance sheet - and that ultimately came back to haunt them. And one of the trends currently being observed in the AI sector is all kinds of intra-company loans and stock purchases. The shares are being bought by other tech companies, which drives prices even higher and thus boosts the entire sector. Money is being invested back and forth, and much of it is shielded by various financial structures so that investors don’t notice it. So there are major concerns - and I share these concerns - that tech stocks could go from a bubble to a crash. And I remember back in 2001, when the NASDAQ fell by about 84%.

I’m calling a double bottom here at or above 3950 spot. In 2011, after gold topped it put in double bottoms (they were 3 months apart just like now) and then rocketed 18% higher in less than 2 months. Silver rallied 44%. November and January have been the best months for gold on average since 2000. The party likely starts after the Fed meeting. By the way, the most valuable gold lies in the ground at the end of a bull market 😉

„Miners are likely one of the most compelling investment themes of the next decade.“

This is AI, right? 😲

Gold is presently going through a bottoming process 🧐

Gold and silver miners are dramatically undervalued. I am calling this the loading phase! Load up on good mining companies especially good silver junior developers. Let's take a look, for example, at the near-term producer Andean Silver. The company aims to resume production at the Cerro Bayo project (Chile) in calendar year 2028. Silver mines at this stage of development are extremely rare. Nevertheless, the stock price has plummeted. Apparently, the market does not recognize how valuable this company is. Andean has a mill with a capacity of 1,650 metric tons per day. Next year, they will conduct a preliminary feasibility study (PFS). I expect them to ramp up capacity to 2,000 metric tons per day. That’s about 6 million ounces per year, which matches the estimated annual silver production at Aya’s Zgounder. The free cash flow will be huge. Plus, they have target areas all over the place. They’re really good at exploration. This will likely become an 8-million-ounce-per-year mine. I’m taking advantage of these rock-bottom prices to buy more shares.

$AG First Majestic Silver is making tangible progress on several fronts that strongly support the expectations justifying a large position. In particular, the long-running tax dispute with Mexico involving the subsidiary Primero Empresa Minera (PEM) and the San Dimas mine is moving closer to a resolution: In October 2026, the company and the Mexican government agreed in principle on a settlement framework. The NAFTA arbitration proceedings were subsequently suspended until the end of December 2026 (with a possible extension into the first quarter of 2027), the negotiations are described as constructive and cordial, and the company is confident of reaching a final agreement by year-end. This removes a years-long legal overhang that has weighed on the valuation and confirms that your assessment is playing out. Operationally, the company remains on a growth path. Following a record year in 2025 with 15.4 million ounces of silver, 2026 guidance was raised to 14.6–15.5 million ounces of silver and 128,000–135,000 ounces of gold. The third quarter of 2026 delivered 3.4 million ounces of silver and approximately 29,500 ounces of gold; the year-over-year decline was driven mainly by a 12-day labor dispute at San Dimas, while La Encantada shone with a 68 percent year-over-year increase. Expansion projects at Santa Elena and Los Gatos are advancing on schedule, exploration remains intensive (nearly 78,500 meters drilled in the quarter with up to 33 rigs), and the restart of the Jerritt Canyon gold mine in Nevada is progressing well, with production targeted for the second half of 2027. A renewed share repurchase program for up to 10 million shares further signals confidence in the balance sheet and the outlook. Especially in a silver bull market, First Majestic displays the dynamics of a junior: Its high beta (around 2.2) and strong leverage to the silver price amplify movements in the metal’s price - a characteristic many investors appreciate in smaller exploration companies, but here combined with the substance of an established producer. What further sets the company apart, and what I particularly like, is its own minting facility, First Mint, in Nevada. First Majestic is the only publicly listed mining company that owns and operates its own mint. This allows the company to sell a portion of its own silver production directly to end customers as bars, coins, and medallions, capture premiums, and vertically integrate the value chain - a unique selling point that strengthens margins and brings the brand closer to physical demand. Taken together, the progress on the tax resolution, the operational scaling including exploration and Jerritt Canyon, the capital return, and the distinctive mint position paint the picture of a company that is positioning itself for stronger performance, particularly if the silver price continues to rise. The combination of a growing production base, declining legal risk, and leverage in a bull market reinforces the attractiveness of a large position.

Michael Oliver warns that major U.S. banks face a critical technical breakdown that could trigger a broader stock market decline. He argues that silver’s 50%+ plunge represents a potential buying opportunity rather than the beginning of a prolonged bear market. Oliver explains why gold and silver could surge as investors flee stocks and lose confidence in government bonds. He also warns that a renewed bond market selloff could push interest rates higher, intensifying stress across banks, commercial real estate, and the broader financial system. If financial instability forces the Federal Reserve to expand the money supply, Oliver believes precious metals could enter a powerful new rally. youtube.com/watch?v=l3sT-4hG…

$AYA Remarkable strength from Aya Gold & Silver… 🧐

$ASM Avino Silver & Gold Mines Ltd. a long-standing silver producer in Mexico, reports third quarter 2026 production results of 303,189 silver ounces, 1,732 gold oz and 1.1 million pounds of copper, for a total of 582,836 silver equivalent oz. avino.com/news/avino-announc…

$SVRS 🇨🇦 | $SVRSF 🇺🇸 Silver Storm Mining has successfully restarted operations at La Parrilla and is currently ramping up production - with a focus on reaching steady-state production in early 2027 and a target of approximately 3 million ounces of silver equivalent (AgEq) in 2027. The enormous long-term multi-bagger potential depends heavily on San Diego and high silver prices. Silver Storm remains one of my biggest favorites in this bull market. Silver Storm owns 100% of the La Parrilla Silver Mine Complex in Durango, Mexico, with historical production of approximately 34.3 million. Key Milestones for 2026: Restart in summer/Q2 2026; first silver-gold doré pour in June 2026. Hot commissioning of the sulfide circuit and first concentrate shipments (Pb-Ag and Zn) in July 2026. Offtake agreement with Samsung C&T (including a prepaid facility). Cash position and financing (including private placements) support the ramp-up. A 15,000-meter drilling program (underground) is underway for resource expansion and mine planning. The mine is currently in the ramp-up phase (mining + plant). The resources at La Parrilla (as of the end of 2024) are relatively small: Indicated approximately 10.8 Moz AgEq, Inferred approximately 16.3 Moz AgEq (plus pillars). This is typical for a restart focused on exploration and replacement. Expected Progress in 2027 and 2028: Management aims to achieve steady-state operations by Q1 2027. Target figure, as cited historically and repeatedly by CEO Greg McKenzie: approximately 3 million AgEq ounces in 2027 (following the ramp-up). Possible declaration of commercial production following stable performance (e.g., after several months at the target run rate). Improved disclosure regarding throughput, grades, recoveries, and costs. Potential updated resource estimate (including 2025/2026 drilling) and clearer mine life/planning. Continued drilling for resource replacement and expansion; evaluation of plant capacity expansions. Expected Progress in 2027 and 2028: Management aims to achieve steady-state operations by Q1 2027. Target figure, as stated historically and repeatedly by CEO Greg McKenzie: approximately 3 million AgEq ounces in 2027 (following the ramp-up). Possible declaration of commercial production following stable performance (e.g., after several months at the target run rate). Improved disclosure regarding throughput, grades, recoveries, and costs. Potential updated resource estimate (including 2025/2026 drilling) and clearer mine life/planning. Continued drilling for resource replacement and expansion; evaluation of plant capacity expansions. 2028: Full year of steady-state operations at La Parrilla (approx. 3 million AgEq, depending on the success of the ramp-up, grades, and recoveries). Focus on cost optimization, equipment utilization, and resource replacement. Greater focus on San Diego: Soil sampling, target definition, and, if necessary, drilling (5,000–10,000 m possible, depending on cash flow). There is no PEA or fixed construction timeline yet—this is the longer-term growth opportunity. Synergies: Higher-grade material from San Diego could potentially be processed at the La Parrilla plant.San Diego is one of the largest undeveloped silver projects in Mexico, with indicated reserves of approximately 55 Moz AgEq and inferred reserves of approximately 155 Moz AgEq (plus expansion potential of 20–50 Mt at 100–150 g/t AgEq). This is the main driver of its long-term upside potential. In his Beaver Creek picks from late September 2026, analyst Don Durrett listed Silver Storm among the “Almost Top 3”—highlighting production growth and exploration potential at San Diego, as well as strong insiders and management. Assuming a silver price of $200/oz and full development of San Diego, Don estimates Silver Storm to be a potential ~50-bagger and outlines a vision of a larger producer (toward 10 Moz if both assets are operational), with corresponding FCF and multiples upside. The main reason for this is San Diego as the flagship; La Parrilla provides the near-term cash flow and the de-risking story. 2027 is the year of stabilization and first full-scale production (target of ~3 Moz AgEq), while 2028 is the year of optimization and increased focus on San Diego 🟦

$OCG.V Outcrop Silver- Santa Ana's 40-tonne/day pilot project has received technical approval, with production targeted for 2027, pending environmental permitting.

$EQX In the third quarter, Equinox produced 237,019 ounces of gold and sold 248,484 ounces. These results already include a two-month contribution from the recently completed merger with Orla Mining, which has elevated the company to the ranks of the major North American gold producers. A key driver of the current recovery is progress on the balance sheet: In the third quarter alone, Equinox paid down $190 million in debt, and approximately $1.2 billion since the beginning of the year. At the end of the quarter, the company reported cash and cash equivalents of $527 million and total available liquidity of $1.2 billion. In addition, the company repurchased 759,000 of its own shares through its share repurchase program in the third quarter and signaled further opportunistic buybacks for the fourth quarter, which strengthens confidence in the return of capital. The commodities market is providing additional momentum: The spot price of gold rose again to around $4,144 to $4,152 per ounce after falling below the $4,100 mark the previous day, when better-than-expected U.S. consumer price data briefly fueled expectations of a rate hike by the Fed. The mining sector is benefiting across the board from the partial recovery in the gold price, while U.S. stock markets are showing mixed performance—the S&P 500 is trending slightly lower, and the Dow is up moderately. Overall, today’s rise in the stock price is driven by a combination of the reassessment of solid third-quarter production figures, a strengthened balance sheet, ongoing capital returns to shareholders, and the resurgent gold price. As a result, the stock is managing to recoup some of the losses it suffered immediately after the production report was released.