Updated Silver Miner Rankings Based on My Investment Criteria Here are my favorite Silver miners based on my investment thesis, and not financial advice. I am looking for quality undervalued companies with high silver leverage, prefer smaller or mid tier producers, so they can capitalize on higher Silver prices, when they do finally come. And I personally expect $100 within 4-5 months and $200 within 24 months, if not sooner, so my modeling has done projections of companies at various higher silver prices. If Silver stays the same or goes slightly higher for years, these rankings would be substantially different (though of course I'd have to know that before time to adjust them). I don’t have too many long term developers high on the list and most of those lower rankings are due purely to not being in production until 2030 or later, with many question marks still there on funding, execution, etc. However, they will all move when Silver moves, but I really want those that can show it in their earnings reports, which will attract higher dollars when Silver gets to higher prices and hopefully remains there. If stocks are missing, I have either not reviewed the companies in detail, or they are primarily gold stocks. For example, you could easily put Couer and Pan American in tier 3, but they now have a lower percentage of Silver, and also have a lot bigger market caps (though I own Couer and still may buy Pan American). I also think in a silver bull market, all of these will do well, and some of the long term developers I have lower, could really outperform, as it depends on news, momentum, market cap, etc. And based on news releases and quarterly results, companies can move up and down substantially in how I rank them because there is not that much separation between many of these. For example, the top 10 for me, were pretty hard to rank, as well as the next 5. Then tier 2 could really move around. And tier 4 as well, given there are a lot of similarities in many of the long term developers and news and updates can change things considerably. For example, the Apollo community vote on Cinco, and what happens after that if it is passed, could substantially change that ranking. Then there are a few smaller producers in there, that with great or poor quarterly results, or revised resource estimates, could move up or down as well. TIER 1 — EXCEPTIONAL RISK/REWARD #1 — Aya Gold & Silver One of the best combinations of current production, silver purity, growth and future NAV. Zgounder is now a rapidly growing silver operation rather than simply a development project. Q2 2026 production reached approximately 1.49 Moz silver at Zgounder, while consolidated AgEq production increased 61% YoY. Revenue reached approximately $97M and operating cash flow $48M. Then there is Boumadine, which gives Aya a potentially enormous second-stage growth option. Most importantly, Aya combines: High silver purity Rapidly growing production Strong financial position Existing cash flow Major exploration upside Zgounder expansion Boumadine optionality. Why #1: There are a few that may have greater percentage upside, but Aya offers an unusually strong combination of current earnings + future growth + silver leverage + asset optionality. #2 — Endeavour Silver One of the best actual producer + growth combinations. Terronera is now operating, Kolpa provides another production-growth avenue, and Pitarrilla gives Endeavour a potentially enormous second wave of silver production. This is important because Endeavour isn't simply a mature producer. It's a company that can potentially grow into a substantially larger silver producer over the next several years. The primary concern remains cost execution and the capital required for the next stages of growth. Why #2: Strong silver exposure, existing production, Terronera ramp-up, Kolpa growth, Pitarrilla optionality and substantial operating leverage. #3 — Vizsla Silver Probably the highest-quality pure development torque story in the group. Panuco remains extraordinary: ~128 Moz M&I actual silver ~222 Moz AgEq M&I exceptional grades ~17.4 Moz AgEq/year average production ~20 Moz AgEq/year during the first five years ~$1.8B NPV 111% IRR very low projected AISC. And then there is the stock-specific opportunity. The January 2026 security incident created enormous selling pressure, and the shares never fully recovered despite the underlying project continuing to advance. That gives Vizsla a particularly interesting setup if permitting and security concerns continue to improve. Why #3: The combination of an exceptional silver asset, high projected production, enormous margins and a relatively depressed valuation makes this one of the highest-upside companies in the group. #4 — Santacruz Silver A company with great silver leverage, already in production, yet still with a relatively smaller market cap for a mid tier producer, despite how much the stock has already moved. Q2 2026 produced: 2.81M AgEq 1.57M silver $113.5M revenue $46.7M adjusted EBITDA $72.8M cash/liquid securities ~$21.87/oz silver AISC. That's substantial operating leverage for a company with a market capitalization around the $800M range. Bolivar returning to full production provides another potential improvement. Why #4: Tremendous silver-price leverage combined with real revenue, EBITDA, production and a relatively modest valuation. Bolivia and operational complexity prevent it from moving even higher. #5 — Blackrock Silver This is one that will take awhile to get into production, but it’s probably the best combination of valuation asymmetry, silver leverage, grade, jurisdiction and defined economics in the group. Tonopah West gives us: 7.1 Moz AgEq/year 11.2-year mine life $17.44/AgEq oz AISC $190M initial capex $437M after-tax NPV5 28% IRR 3.5-year payback And that's using only $31 silver as the base case. At $66.90 silver, the company's sensitivity produces approximately $1.55B NPV, a 79% IRR and a 1.4-year payback. The extraordinary part is the starting valuation. Blackrock is still small enough that a transition from developer to financed, permitted Nevada producer could result in a massive valuation rerating. Why #5: It combines the extreme upside characteristics of a junior with an economic study substantial enough for institutional investors to eventually underwrite the story. #6 — Honey Badger Silver One of the greatest valuation/asset asymmetries in the entire group. The Prairie Creek acquisition was remarkable given the consideration paid, and they just released an impressive PEA that showed more resources than expected, with very high valuation estimations at various silver prices. The purchase brought: Enormous historical AgEq inventory High-grade silver/zinc/lead Underground development Mill Airstrip Infrastructure Important permits The upcoming updated MRE and mill assessment on whether they can just upgrade the existing mill to get the project up and running relatively soon, could substantially change the market's perception of the project. The potential upside is enormous. Why #6: The reason it isn't higher is not lack of upside — it's financing, restart, permitting, technical and execution risk. If the updated MRE and mill assessment are excellent, Honey Badger could move even higher. #7 — Silver X Mining One of the most interesting smaller producing silver companies. Silver X has: Existing production Growing revenue Improving profitability Cash Operating infrastructure An expanding operation A huge exploration district Q2 2026 revenue reached approximately $17.3M, up 221% YoY, with adjusted EBITDA of $6.9M and H1 net income of $7.7M. Its long-term objective of moving toward approximately 6 Moz AgEq annually creates substantial production leverage. Why #7: This is exactly the type of smaller producer that can potentially transition from a micro/small-cap valuation into a much larger institutional-quality company if production and profitability continue to improve. #8 — Avino Silver & Gold One of the best fits for the entire investment framework. You have: Existing production La Preciosa ramping Strong balance sheet No traditional debt ~127 Moz AgEq P&P reserves Meaningful copper/gold by-products Substantial production growth Q2 production reached approximately 535K AgEq ounces, while La Preciosa development production increased 59% QoQ. The company is therefore benefiting from both higher silver prices and increasing production. Why #8: Avino is considerably less speculative than the tiny juniors, but still has enough valuation and production-growth leverage to potentially produce substantial percentage upside. #9 — Americas Gold & Silver One of the best mid tier producers in mostly low risk jurisdictions. Cosalá + Galena + Crescent creates a compelling combination of: current production + silver leverage + operating leverage + production growth + optionality. Cosalá has been producing at increasingly attractive costs, with recent cash costs around the mid-teens per ounce. Galena is undergoing a major expansion, including substantially increased hoisting and milling capacity. Then there is Crescent, the past-producing silver mine located near Galena, which could potentially leverage existing infrastructure. And finally there is Relief Canyon, currently on care and maintenance, providing gold-price optionality. The antimony opportunity at Galena provides another strategic component. Why #9: Americas is becoming a multi-asset North American precious-metals platform rather than simply a small silver producer. The combination of current revenue, growing production and multiple future assets gives it considerably more upside than its previous #18 position suggested. #10 — Silvercorp Metals Best established lower-risk silver exposure in the group. Silver represents roughly 70%+ of revenue, costs are exceptionally low, and the company generates enormous cash flow. FY2026 produced: ~$438M revenue ~$238M adjusted EBITDA ~$151M adjusted net income ~$311M operating cash flow ~$181M free cash flow $14.25/oz AISC That's an extraordinary financial foundation for a silver producer. The major drawback remains China/jurisdiction risk, which is why I wouldn't move it above the companies with greater valuation asymmetry. Why #10: It probably won't produce the largest percentage gain in a $100-$200 silver environment, but its ability to convert higher silver prices directly into enormous cash flow makes it one of the most compelling companies in the group. Depending on your criteria, this could be quite a bit higher. I know some consider China high risk, but it really hasn’t been, and they have enormous cash flow. #11 — GoGold Resources Great combination of production, near term development, and longer term development. Will have consistent growth. Los Ricos South is no longer simply a future development story. It is fully permitted + construction underway. GoGold has approximately $284M cash with no debt against approximately $227M of initial project capital. Meanwhile: Parral continues generating cash Los Ricos South is being built Los Ricos North provides another major development option Projected costs are very low. Why #11: This is a remarkably de-risked way to obtain substantial silver-development leverage. The fact that GoGold can fund the initial construction largely from its existing balance sheet is extremely important. #12 — Highlander Silver One of the best development-risk/reward stories in the group. Corani is enormous: ~323 Moz M&I silver ~229 Moz reserves ~9.6 Moz/year average silver production in the old FS Low projected costs Fully permitted But what really changes the picture is: Mercedes producing ~$100M cash / no debt Corani site development underway. Camp construction, earthworks, roads and substation work are already progressing. Why #12: Corani's size and permitting status make Highlander considerably more de-risked than a conventional exploration company. #13 — Silver Mountain Resources One of the highest-beta near-production stories. Reliquias has: Existing infrastructure Existing concentrator Defined resource Completed PEA Plant rehabilitation Commissioning underway First production targeted in the near term. The company has also indicated that the restart is funded. Why #13: The valuation remains small enough for substantial upside, while reaching production could materially de-risk the company. The main issue is proving sustainable operating economics. #14 — Southern Silver Exploration Potentially one of the most interesting "sleepers" on the list. Cerro Las Minitas is a large, high-grade silver project with a historical PEA showing approximately: 17-year mine life 14.3M AgEq oz annual plant feed $13.23/AgEq AISC $501M after-tax NPV 21.2% IRR. And that PEA used only approximately $23 silver. The market capitalization is still very small relative to the potential scale of the project. Why #14: This is one of the companies where I willbe particularly interested in the next updated resource/PEA. It remains earlier-stage, but the combination of asset quality, valuation and silver sensitivity gives it considerable potential. #15 — Hycroft Mining This remains the wild card. The resource is gigantic: ~563 Moz M&I silver ~16.4 Moz M&I gold. And it's in Nevada. But the capital requirement and technical complexity are enormous. Why #15: Potentially extraordinary upside in a massive precious-metals bull market, but the range of outcomes remains unusually wide. This could be higher or much much lower, depending on how you view it. If Eric Sprott wasn’t so confident in it, I wouldn’t be either, but that’s something that’s hard for me to ignore, and it does have A LOT of fans. #16 — Silverco Mining La Negra provides existing production while Cusi offers a much more silver-pure growth opportunity. Approximately 90% of projected Cusi revenue being silver is exactly the kind of exposure you want in a major silver bull market. The Cusi PEA also demonstrates substantial sensitivity to higher silver prices. Why #16: Very high silver torque and substantial development upside. Tthe company has already rerated considerably, but it is still small enough that a successful transition to a meaningful multi-million-ounce silver producer could cause a major change in enterprise value. And management is targeting 10M AgEq oz/year within three years, but it also remains less financially proven than some others above it . #17 — Discovery Silver One of the largest silver-development opportunities in the group. This is one of my favorite companies, but it is lower than previously because it already has a significant market cap. However, it has done very well this year and is near it’s all time highs. Cordero contains approximately 302 Moz silver reserves. And Discovery has something most developers don't: A producing gold business. That gives it internal operating cash flow while Cordero is developed. The reason it doesn't rank even higher is primarily valuation and scale. Cordero is a giant project requiring substantial capital and execution. But at $100–$200 silver, the economics and eventual NAV could be dramatically different from today's assumptions. Why #17: The enormous resource and operating gold business make Discovery much more attractive than a simple market-cap comparison suggests. TIER 2 — ATTRACTIVE HIGHER-BETA #18 — Sierra Madre Gold & Silver An emerging producer with multiple avenues for growth. La Guitarra is already producing and being expanded. Then there is Del Toro, acquired from First Majestic, which adds another past-producing silver operation and infrastructure base. The progression is essentially: La Guitarra producer → throughput expansion → Del Toro restart → district exploration. Why #18: Demonstrated operating capability, existing infrastructure and multiple growth opportunities make Sierra Madre substantially less speculative. #19 — Impact Silver Impact has quietly become a much better operating company. Q2 produced approximately: 215K oz silver 221K AgEq $22M revenue $8.7M gross profit $52M cash No long-term debt And approximately 97% of Zacualpan's production value is silver. The reason I don't rank it higher is that the company doesn't yet have the same scale or defined development pipeline as the companies above it. Plomosas also remains uncertain after the underground mining suspension. Why #19: Small valuation + real production + very high silver purity + improving operations make it attractive, but its future growth is less defined than Silver X, Sierra Madre or Highlander. #20 — Silver Storm Mining Silver Storm has become an increasingly interesting high-beta situation. La Parrilla provides: Existing 2,000-tpd infrastructure First production/concentrate Restart potential Then there's San Diego, with approximately 115 Moz historical actual silver. That's substantial optionality for a company of this size. Why #20: Potentially enormous torque, but sustained production economics still need to be demonstrated. #21 — Silver Tiger Metals A very interesting high-grade development story, however the stock price got hit today when they announced a major financing deal which will dilute the shares to fund increased project cost estimates. Silver Tiger has substantial silver resources and an attractive development opportunity. The underground portion is particularly relevant for a silver-focused investor, although the headline AgEq numbers need to be interpreted carefully because the Stockwork project has significant gold content. Why #21: This was higher, but I moved it down today. However, it still has excellent potential leverage to a strong metals market and relatively small valuation, but it remains a development story and isn't as silver-pure as the headline AgEq figures might suggest, The ranking did drop a little bit due to the recent development with financing and higher cost projections. With the stock price hit though, it potentially could be a good entry point if you like the project. #22 — Bunker Hill Mining Bunker Hill has now crossed an important threshold when it comes to production, while also acquiring Silver47, both of which take it from a development company, to a producer who now has substantial projects in the pipeline. It has produced its first concentrate, shipped concentrate to the Trail smelter and is targeting commercial production. It also has: Existing processing infrastructure 1,800 tpd capacity Potential expansion A large historical silver/zinc/lead system Why #22: The company is beginning production and recently made the acquisition of Silver47 meaning. It could get a massive re-rating but it still has to work through combining the companies, as well as proving the economics of its current mine. #23 — Excellon Resources Mallay producing its first concentrate is a meaningful step. Excellon now has: Permitted past-producing mine Mill Infrastructure Initial production But it still needs to demonstrate sustainable economics and production. Why #23: Much more advanced than an explorer, but not yet proven enough operationally to compete with the producing companies above it. #24 — Guanajuato Silver Guanajuato remains an operating silver producer with substantial silver exposure, but it is an interesting example of why production alone doesn't guarantee a high ranking. The Q2 AISC and operating trends raise concerns about cost structure and execution. The company has also been investing heavily in development and capital expenditures. That may not be a bad thing, and could improve economics in the long run, but that remains to be seen. Why #24: Real production and silver exposure are positives, but current cost and operating concerns reduce the risk-adjusted upside. If AISC comes down considerablythis could move up quite a bit, as the stock could dramatically outperform. But today the operational risk is too high. TIER 3 — CORNERSTONE HOLDINGS #25 — First Majestic Silver This is probably the cleanest large-scale silver-price torque play. Q2 2026 was extraordinary: 3.8 Moz silver $415.5M revenue $194.6M FCF ~$1.25B treasury That's enormous. The reason it isn't higher is primarily valuation. A lot of the improvement has already been recognized. Why #25: Fantastic silver exposure and financial strength, but less asymmetry than the smaller names above it. However, it will likely be one of the first to move, when investments rotate into the sector, given institutions will invest in the larger companies. #26 — Hecla Mining Hecla is the quality anchor. It has: Enormous production very low costs Excellent balance sheet Established infrastructure High-quality U.S./Canadian assets But precisely because it's such a large, established company, I don't expect the same percentage upside. Why #26: Probably one of the safest silver choices, but my strategy is not to simply own the safest miner. It’s a great company but upside is more limited than those above it. However, again, it will likely be one of the first to move, when investments rotate into the sector, given institutions will invest in the larger companies #27 — Andean Precious Metals APM is a much better company financially than its ranking might suggest. It has: Producing operations Strong cash generation Approximately $171M liquid assets as of Q2 Substantial gold exposure Meaningful silver production. Why #27: Excellent company and balance sheet, but less silver torque in large part because it was one of the best performers last year, so has already increased it’s market cap considerably TIER 4 — SPECULATIVE/LONGER-DATED #28 — Silver One Resources Candelaria is an interesting Nevada silver development opportunity. It has: ~121M+ oz M&I silver Past production Infrastructure Nevada jurisdiction Strong treasury PFS work underway That combination gives Silver One substantially more credibility than a conventional early-stage explorer. Why #28: If the PFS validates strong economics, this could move considerably higher. The main issue is that the economic case still needs to be demonstrated. #29 — New Pacific Metals Silver Sand is one of the great assets on this list: ~157 Moz payable silver ~15 Moz/year initial production ~$740M after-tax NPV ~37% IRR Very low projected AISC The asset itself could arguably rank much higher. The problem is Bolivia and valuation The market has also already assigned New Pacific a substantial valuation relative to many of the smaller developers. Why #29: Outstanding silver asset, but the combination of jurisdiction risk and a considerably higher starting valuation reduces its risk-adjusted equity torque. #30 .— AbraSilver Diablillos is an exceptional silver asset: ~183 Moz silver reserves ~366 Moz AgEq reserves ~14 Moz/year initial silver ~$4.2B after-tax NPV ~42% IRR The problem is that the market already recognizes a substantial portion of that value and production remains further out. Why #30: Outstanding asset, but less valuation asymmetry than the smaller companies above it. #31 — Kuya Silver I continue to like Kuya as a pure silver story. Bethania is operating, silver represents the overwhelming majority of revenue, and expansion is underway. The biggest issue is simply scale. Why #31: Very attractive silver purity and operating exposure, but a smaller overall asset/production base limits the potential institutional rerating. #32 — Apollo Silver Calico is a substantial U.S. silver opportunity with significant exploration upside. This is a company that could really move up a lot depending on what happens with Cinco. The jurisdiction is attractive and the resource potential is substantial. But it remains relatively early in the development process. Why #32: Good long-term silver optionality, but insufficient development visibility for a higher ranking. This could move up substantially depending on the community vote on Cinco and what happens after that if it passes. If the vote passes and there is along-term access agreement, you then have Calico plus a potentially significant second silver asset, this would move up quite a bit in the rankings. If you then get access and drilling validates/expands Upper Manto/Pegaso, Apollo then becomes a genuine two-asset silver development story, and could move substantially higher in my rankings. #33 — Andean Silver Cerro Bayo has: ~136 Moz AgEq ~55 Moz actual silver Existing infrastructure Past production That's an attractive foundation. The issue is that it still requires substantial work before becoming a production story. Why #33: Good jurisdiction and existing infrastructure, but longer-dated than most of the companies above it. 1/2 (see first response for the rest)

If you are looking for Silver production, project growth, strong cash generation & high silver-price leverage, you might like Avino, which I have done and updated analysis on if anyone is interested.

The fight between buyers and banks emerging with the volume picking up.

I think I will continue tweeting, but you can decide to stop reading my posts or block me if you'd like. And I suppose all the others you are referring to. But some may want to know that at 2 a.m. Sunday/Monday, silver futures are trading, but the market is operating in a much thinner environment than during the major U.S. trading session. You can have professional desks, algorithmic trading, market makers and international participants active, but you don't have the same breadth of participation you'd expect once the major institutions are fully active in the morning.

This often happens in the middle of the night on extremely low volume. Then banks can push the price around. I won't be surprised at all if they decide to cover some shorts as low as possible and by morning it is $63 or maybe $64...but of course anything can happen with Silver.

Silver is really being tested right now. It's below the $63 level I've been watching. I'd like to see it reclaim $63, and preferably $64, by tomorrow. Lately there were plenty of buyers right under $63, so they need to show up and buy the paper contracts. Otherwise, tomorrow could get especially rough.

Yes, that is a concern, especially in places like Australia. But in South America, I don't think it's a big concern. Prices are much higher but still a low % relative to gold than in past bull markets.

Another thing sometimes people miss..is that when they look at "supply", or give you comex warehouse totals, it's misleading because people often include "Eligible" which, yes, can be moved to Registered, but those are all owned by Silver bulls, ETFs, etc, and most are unlikely as you and I and other silver bulls selling their Silver as we are at these prices. Eligible maybe can be noted, but should absolutely not be included in what people consider "supply" when they say "there is still plenty of silver".

Do rising oil prices REALLY hurt miners that much? Yes, higher oil prices eat into margins. But this is far less important today than it was when metals prices were lower. Two reasons: Margins are much larger. When gold/silver prices were lower and costs were nearly the same, oil had a much bigger impact on already-thin margins. Oil is far cheaper relative to the metal. Oil was often 8–15% of gold in the 2000s. Today it's around 2%. Higher metal prices + oil becoming a smaller % of metal value = potentially massive margin expansion.

Silver chart is getting interesting... To me, $64–66 is the current battle zone. We've seen silver dip briefly into the high $62 range, but it hasn't wanted to stay there and only hit there for a short time period, maybe minutes. That makes $63 look like pretty strong support to me — there seem to be buyers around $63 or slightly below. On the other side, $68 has been tough. Silver gets up there and sellers seem to show up pretty quickly. But if we can break through $68, suddenly that $71–72 resistance might not be quite as strong. Then I think things could get really interesting... If we can break through $71–72, there doesn't seem to be nearly as much obvious resistance after that. But the really interesting test could be $90. Michael Oliver has said that, based on the long-term momentum he's seeing, “if it hits $90, it ain't stopping.” Traditional TA gives us another thing to watch. If silver reaches $90 for a third time and gets rejected again, that could create a triple-top setup and potentially lead to a pullback. But that doesn't mean $90 can't eventually break. It just means I'd be paying very close attention to what happens there. I don't rely on TA alone with silver (I actually pay a lot more attention to sentiment, momentum and fundamentals), but I think the chart is pretty interesting here...and I do strongly respect Michael Oliver's work and am a subscriber (I know his summer prediction was wrong about hitting $200 and possibly overshooting to $300-$500) We'll see...but I think in the end, he is right, outside of timing, and I believe exciting times are coming.

Beaver Creek 2026: A few key developments I heard or read about I've been going through the company updates and presentations from Beaver Creek, and there were quite a few developments worth digging into. I didn't attend but know a few people who did and have gotten some updates and also watched for the key news coming out of it. Here's a quick snapshot of some of the companies that caught my attention when reviewing company updates I found or received information on. Some of these things were or are already known, but may be worth pointing out again in case any of you are not aware of the status of some of these projects. I know most of you are, but perhaps not all. I'll be diving into the details of these developments and posting more on the individual companies over the coming days. Blackrock - Tonopah West extended + development path toward 2027 groundbreaking Aya - Huge new Boumadine PEA immediately ahead of conference (this one we knew about, but it's worth pointing out again) Vizsla - Pánuco moving toward H2 2027 production Hycroft - Multiple production pathways still being evaluated (which I just posted about in more detail.) Heliostar - New mine construction/development remains central Avino - La Preciosa remains the major growth driver Aftermath - Berenguela advancing toward PFS + silver/copper/manganese potential Discovery - Porcupine cash flow + Cordero silver development creates a dual-engine story (already known but still a nice reminder that this huge development isn't something they need to raise money for, but have Porcupine to provide the cash flow needed) Endeavour - Terronera ramping while Guanaceví works through temporary mill issue Silvercorp - Strong silver production + cash generation + major international growth pipeline AbraSilver - Diablillos fully permitted + moving toward construction decision First Majestic - Continued growth at core silver operations + major development opportunities Sierra Madre - La Guitarra ramping + major throughput expansion + El Rincón drilling Excellon - Actual restart/ramp-up underway; targeting ~2M oz AgEq annualized

Hycroft Mining — Investment Analysis HYMC vs. Silver: Historical Price Relationship Hycroft has shown significant sensitivity to major moves in silver during 2026. Silver Price $121.58 — January peak $96.40 — early-March peak $89.37 — May peak HYMC Price $51.69 — Jan. 28 close $55.74 — Mar. 2 close $45.16 — May 12 close HYMC today ~$20.40 The takeaway: Silver doesn't necessarily have to return to $120+ for HYMC to potentially make a very large move. Historically, HYMC has traded in the 40s–50s while silver was below $100. If silver were simply back in the $80-$84 range, the historical relationship shows how different HYMC's valuation could look compared with today's price — at prices somewhere in the $40-$45 range. Historical comparison only — not a price prediction. Hycroft Mining Ticker: NASDAQ: HYMC Location: Northern Nevada, USA Project: Hycroft Mine Land Package: More than 64,000 acres Hycroft is a large-scale gold and silver exploration and development company focused on advancing the Hycroft Mine. The company's current mineral resource represents only about 15% of the total land position, with mineralization remaining open in multiple directions and at depth. Silver and Gold Resource Measured & Indicated Gold: 16.4 million ounces Silver: 562.6 million ounces Inferred Gold: 5.0 million ounces Silver: 132.8 million ounces The inferred resources are not included in the current mine plan. This distinction matters because the size of the overall resource is substantially larger than the material currently incorporated into the economic study. Eric Sprott Eric Sprott and entities he controls have accumulated a very substantial position in Hycroft. Sprott has maintained a beneficial ownership position of approximately 40%, depending on the filing date and treatment of warrants. His involvement goes well beyond a small passive investment. He has maintained a very large ownership position and has continued acquiring shares at substantially higher prices than HYMC's current trading level. The Hycroft Economic Study In June 2026, Hycroft published an S-K 1300 Technical Report Summary and Initial Assessment covering a mine plan utilizing conventional pressure oxidation, or POX, together with heap-leach processing. Base-Case Assumptions Gold: $3,600/oz Silver: $48/oz Base-Case Economics Post-tax NPV5: $4.3 billion Pre-tax NPV5: $5.4 billion Post-tax IRR: 16.9% Pre-tax IRR: 18.9% Post-tax payback: 4.7 years Mine life: 51 years Initial capital: $2.4 billion Life-of-mine sustaining capital: $3.1 billion Production Average annual production: Gold: 204,000 oz Silver: 6.8 million oz Gold equivalent: 295,000 oz The first ten years are expected to average more than 330,000 oz AuEq annually. Life-of-mine production is estimated at: 10.4 million oz gold 347.5 million oz silver 15.1 million oz AuEq Silver Price Leverage Hycroft's technical report shows substantial sensitivity to silver. According to the company: Every $5 increase in silver increases post-tax NPV5 by approximately $460 million. For comparison: Every $100 increase in gold increases post-tax NPV5 by approximately $300 million. That makes silver a particularly significant economic driver for the current project model. Spot-Price Case The technical report also included a spot-price case based on May 25, 2026 prices: Gold: $4,569/oz Silver: $77.94/oz At those assumptions: Post-tax NPV5: $10.0 billion Post-tax IRR: 30.1% Post-tax payback: 2.9 years This is a sensitivity case rather than the company's base-case commodity-price assumption. Vortex and Brimstone The biggest recent development at Hycroft has been the emergence of two high-grade silver systems: Vortex Brimstone Recent drilling has produced exceptionally high-grade intervals. Vortex One recent hole returned: 30.5 meters @ 780.53 g/t silver Including: 11.2 meters @ 1,664.80 g/t silver 5.5 meters @ 2,249.39 g/t silver Another hole returned: 20.0 meters @ 460.82 g/t silver Including: 6.1 meters @ 952.37 g/t silver 1.6 meters @ 2,650 g/t silver Brimstone A recent hole returned: 5.5 meters @ 1,345.27 g/t silver Including: 1.8 meters @ 4,074 g/t silver The systems remain open in multiple directions and at depth. What Is Not Yet Included The current economic study does not incorporate: The inferred mineral resources Results from the 2025–2026 exploration program The newer Vortex and Brimstone discoveries That means the current economic study is based on a resource and mine plan that predates much of the recent high-grade exploration work. Underground Development Hycroft is currently studying the optimal path forward for a high-grade underground mine, while continuing to advance the large-scale open-pit sulfide development concept. The company has been evaluating underground mining alternatives and potential exploration-decline configurations to provide access for additional drilling. Metallurgical and processing work is also being advanced in connection with potential underground development. Processing Options The current economic study uses: Pressure oxidation (POX) Heap leaching Hycroft is also evaluating roasting as an alternative processing route. Roasting is a high-temperature oxidation process that breaks down sulfide minerals and could potentially improve project economics while creating another revenue stream through the production and sale of sulfuric acid. The company is also assessing the potential restart of heap-leach operations. Balance Sheet Hycroft reported a strong cash position and no debt. As of June 30, 2026: Cash: approximately $220.5 million Debt: none Shares outstanding: approximately 93.1 million Fully diluted shares: approximately 102.8 million At approximately $20.40 per share, the basic equity market capitalization is roughly $1.9 billion. Exploration Potential The Hycroft property covers more than 64,000 acres, while the current resource occupies only about 15% of the land package. The company continues exploring: Vortex Brimstone Additional high-grade targets Oxide targets Potential feeder systems Other portions of the property The Vortex and Brimstone systems remain open in multiple directions and at depth. Key Catalysts Potential catalysts include: Continued Vortex drilling Continued Brimstone drilling Resource expansion Underground mining studies Exploration-decline evaluation Metallurgical test results Results of the POX and roasting processing studies Heap-leach restart evaluation Additional economic studies Future resource updates incorporating new drilling Higher gold and silver prices Hycroft's September 21 project update said the company is advancing technical initiatives toward production, including underground development planning, processing trade-offs and heap-leach restart evaluation. Key Risks Development Capital The current economic study requires approximately $2.4 billion of initial capital, followed by approximately $3.1 billion of sustaining capital over the life of the project. Project Stage The June 2026 study is an Initial Assessment / PEA-level study, not a feasibility study. Additional engineering, planning, permitting, financing and development work remains before construction. Processing Complexity The sulfide resource requires more complex processing than a conventional oxide heap-leach operation. POX, roasting and other processing alternatives are still being evaluated. Exploration Risk The Vortex and Brimstone discoveries are significant exploration results, but additional drilling, resource definition and engineering work are required before their ultimate economic contribution can be established. Commodity Prices The project has substantial exposure to gold and silver prices. The technical report demonstrates particularly strong sensitivity to silver. Financing and Execution Developing a multibillion-dollar mine requires financing, permitting, engineering, construction and successful execution. Current Valuation Context At approximately $20.40 per share, HYMC's basic market capitalization is around $1.9 billion. That valuation sits against: 562.6 million oz M&I silver 16.4 million oz M&I gold A 51-year mine plan $4.3 billion post-tax NPV5 at $48 silver and $3,600 gold $10 billion post-tax NPV5 at the report's May 25, 2026 spot-price case More than 64,000 acres of land Approximately $220.5 million cash No debt Vortex and Brimstone high-grade silver discoveries Additional exploration potential The current economic study, however, does not include the newer Vortex and Brimstone drilling results. What to Watch Next The major questions for Hycroft are now: How large do Vortex and Brimstone ultimately become? Can the high-grade silver systems support an economically attractive underground operation? How will the new discoveries affect the overall resource and mine plan? Which processing route — POX, roasting, or a combination — ultimately provides the best economics? Can heap-leach operations be restarted economically? How much additional mineralization can be identified across the remaining land package? How will future economics respond to changes in gold and silver prices? Bottom Line Hycroft combines a very large existing gold-and-silver resource with a 64,000+ acre land position, substantial cash, no debt, a 51-year economic study and newly discovered high-grade silver systems at Vortex and Brimstone. The June 2026 Initial Assessment outlines a large-scale operation with a $4.3 billion post-tax NPV5 at $48 silver and $3,600 gold, while the company's spot-price sensitivity case produced a $10 billion post-tax NPV5. At the same time, the newest high-grade silver discoveries are not yet incorporated into that economic study. The next stage is centered on resource expansion, underground evaluation, metallurgical work, processing alternatives and determining how Vortex and Brimstone ultimately fit into the broader mine plan. The major risks remain the project's large capital requirements, development stage, processing complexity, permitting and financing requirements, execution risk and exposure to gold and silver prices. @HycroftMining @SprottMoney

Silver One looking pretty good today. This one has had some important updates, so I wanted to let you know in case you are interested. I also decided to make these more brief, because I figured it was a wall of text and too long and detailed for many, and for those who want to just see the key updates, there are bullet points near the top going over those. Updated analysis on Silver One: Silver One Resources Inc. TSXV: SVE | OTCQX: SLVRF Nevada, USA | Candelaria Silver Project Not investment advice. For informational purposes only. Silver One is a company I've been watching closely, and I think the current setup is becoming increasingly interesting. The stock reached over US$0.69 intraday on January 26. At roughly US$0.32 today, it remains about 54% below that high. But what's interesting is what has happened to the underlying project since then. The quick picture: • Jan. 26: Stock reaches >US$0.69 intraday. • May: Silver One announces a major 25,000m Candelaria drill program . • Aug. 27: Leach-pad resources upgraded to Measured & Indicated. • Sept. 14: Microgravity survey begins at the high-grade Phoenix Silver 417 target. • Sept. 17: Drilling extends Candelaria mineralization ~400m beyond the previous resource. • Today: Stock remains ~54% below its January high while the resource/exploration story has continued to improve. The resource Candelaria now has 126.6 Moz AgEq of M&I resources, consisting of approximately 120.7 Moz of silver and 242,000 oz of gold, plus another 13.4 Moz AgEq Inferred. The leach-pad resource alone now contains 49.25 Moz AgEq, adding significant higher-confidence material to the Candelaria resource. And this is an extremely silver-heavy story. Approximately 95% of the contained M&I metal by ounce count is silver, making Silver One one of the more silver-focused development stories I'm following. Then came the drilling The first reported holes from the 2026 program returned high-grade silver intersections of up to 472 g/t Ag, including a broader 25.91m interval grading 215 g/t Ag. More importantly, the first hole extended mineralization approximately 400 metres deeper than the previous resource model. The mineralization remains open, and the 25,000m drill program is continuing. That's potentially significant because the exploration story isn't simply about upgrading the existing resource — there is still evidence of potential resource growth beyond the current resource. What's next? Silver One is continuing its 25,000m Candelaria drill program, while advancing the project toward a Pre-Feasibility Study targeted for completion before year-end 2026. There's also exploration underway at Phoenix Silver, including the new microgravity survey testing the 417 high-grade silver target for potential dense metallic bodies. What about the valuation? Silver One currently has a market capitalization of approximately US$113M. Against Candelaria's 126.6 Moz AgEq M&I resource, that's a relatively modest valuation for a project with this scale of resource. Of course, resource ounces aren't all equal. Grade, metallurgy, recoverability, infrastructure, capital requirements, mining method and development stage all matter. But it provides useful context for where the market is currently valuing Candelaria. Why I'm watching Silver One The stock is substantially below where it traded in January. But since then, the resource has been upgraded, the leach-pad material has moved into higher-confidence categories, drilling has demonstrated mineralization extending well beyond the previous resource model, and the company is moving toward a PFS. The key risks are still there — particularly development capital, permitting, financing and execution. But that's what makes the current setup interesting to me: Silver One is ~54% below its January high, while the underlying Candelaria story is arguably better defined and potentially more expansive than it was then. And importantly, this isn't simply about silver needing to return to its January highs. When silver reached the high-80s in May — well below its January peak — some silver equities had already recovered substantially from their lows, with some approaching or revisiting previous highs. But importantly, Silver One's major resource and exploration developments came later — in August and September. So we haven't really seen how the market may value Silver One's improved Candelaria story during a similar higher-silver-price environment. With the resource having improved significantly in August and September, I'm particularly interested in seeing how the market values Silver One if silver moves back into the high 80s.

Cup and handle forming in the Philadelphia Gold & Silver Mining Index:

#Silver $70 will come, $100 will come, $300 will also come in due time. But this time to buy at $63 will never come back again after 2026. Same way $15,$30,$50 ain't coming back. Doubters will keep doubting. People don't realise stackers have bought at $15.

I think a lot of people may be sleeping on this one. One of the companies with the biggest upside, if they don't get bought out. Tonopah West is looking great. It has pulled back a bit too lately (along with everything else). Tonopah West is already one of the more advanced high-grade silver development projects in the United States. What makes it more interesting now isn't simply what Blackrock has today. It's how much bigger this project could become. A few recent developments: Drill Results (September 23): Blackrock Silver reported strong high-grade silver and gold drill results, extending mineralization 600 metres northwest at the flagship Tonopah West project in Nevada. ETF Inclusion (September 15): Confirmed addition to the VanEck Junior Gold Miners ETF (GDXJ), effective at the close of trading on September 18, 2026. TSX Listing (September 14): Received conditional approval to graduate from the TSX-V to list its common shares on the main Toronto Stock Exchange (TSX) and established an at-the-market (ATM) equity program. Blackrock also says drilling has extended the high-grade mineralized corridor at Tonopah West another 600 metres to the northwest, and it has identified a new intrusive complex that could represent another exploration target. One hole returned 1,096 g/t AgEq over 0.49 metres, including silver at 797 g/t and gold at 2.77 g/t. Another returned 343 g/t AgEq over 1.98 metres, including 1,114 g/t AgEq over 0.43 metres. More assays are still pending. And the underlying Tonopah West story is already fairly well defined: 19.17M oz silver + 199,000 oz gold indicated 33.56M oz silver + 467,000 oz gold inferred 2026 PEA 7.1M oz AgEq average annual production US$17.44/oz AgEq AISC 11.2-year mine life Fully funded 17,000-metre 2026 drill program Here is the earlier breakdown I did before the recent updates. This is definitely one to watch.

Big for Silver X...one that had really moved up my rankings.