Endeavour Mining (3/5/2026: 2025 results. 1.2M oz at $1450 AISC. $1.1B FCF. Cash balance $450M. Debt $600M. Paid down $500M in debt in 2025. Debt should be gone in 2026. Guidance for 2026. 1.2M oz at $1650 AISC. Current FCF run-rate at $3.1B. Current FCF multiple of 4.7. They are aggressively increasing dividends and buying back shares).

Mineros SA (3/9/2026: Acquired the Tolima property in Colombia for $10M in cash, plus $60M contingent on receiving permits. It’s a 20M oz deposit drilled by Anglogold Ashanti. It has been on hold for a decade due to environmental issues. It appears Mineros decided to do a $10M bet, plus spend money on trying to permit it).

Avino Gold & Silver (3/10/2026: Q4 results. 555K oz at $32 AISC. Cash balance of $102M. No debt. Production will grow substantially in 2027 and 2028).

Power of leverage to silver price increase:  39% increase in revenues (due to silver price increase) resulted in Net Income up 229% and free cash flow up 155%.  That’s why you want to own silver miners.

Chart at a great buy point, filled the gap and has come back to breakout point.  AND, it’s down from $12. You’d make around 50% just getting back to old high.