Year: 2025

Guanajuato Silver Company Ltd. closed a C$43.5 million “bought deal” offering of 87 million units at C$0.50 each, with each unit including one common share and half a warrant exercisable at C$0.65 until October 9, 2028. Proceeds will fund mine development, working capital, and corporate purposes. Underwriters received a C$2.595 million commission and 2.587 million broker warrants.

Fuerte Metals Corporation closed a $57.5 million subscription receipts offering at $1.65 each, issuing 34.8 million units. Proceeds, escrowed, will fund the Coffee Gold Project acquisition from Newmont, exploration, and corporate purposes, pending approvals. Each receipt converts to one share and one five-year warrant ($2.50 strike) upon conditions met by Dec. 31, 2025. TSXV approval pending.

Sandstorm Gold Ltd. shareholders approved a plan of arrangement with Royal Gold, Inc., with 98.68% voting in favor at a Special Meeting on October 9, 2025. Royal Gold stockholders also approved the share issuance for the acquisition. The transaction, expected to close on October 20, 2025, awaits court and regulatory approvals. Sandstorm shares will be delisted post-transaction.

First Majestic Silver Corp. reported Q3 2025 production of 7.7 million attributable AgEq ounces from its Mexican mines, including record 3.9 million silver ounces (+96% Y/Y). Los Gatos contributed 2.1M AgEq oz. Total drilling: 79,481m. Safety TRIFR at 0.61. Renewed share repurchase program for up to 24.5M shares. Earnings call on Nov 5.

Endeavour Silver Corp. reported Q3 2025 production of 1,766,926 silver ounces, 7,286 gold ounces, and 3.0 million silver equivalent ounces. Guanaceví and Kolpa met expectations, while Bolañitos saw lower gold grades. Terronera nears commercial production, averaging 1,866 tonnes per day in September with 82.8% silver and 72.3% gold recoveries. Consolidated silver production rose 102% from Q3 2024.

Fortuna Mining Corp. reported Q3 2025 production of 72,462 gold equivalent ounces (GEO) from its three operating mines in West Africa and Latin America, with 251,871 GEO year-to-date. Séguéla Mine produced 38,799 ounces, Lindero Mine 24,417 ounces, and Caylloma Mine 9,246 GEO. Fortuna reiterates its 2025 guidance of 309,000-339,000 GEO, with Séguéla on track to exceed its upper guidance.

First Majestic Silver Corp. disposed of 37,600,000 shares of Silver Storm Mining Ltd. at CAD$0.2318 per share for CAD$8,715,680. Ownership reduced from 24.16% non-diluted (178.35M shares + 25.67M warrants) to 19.07% non-diluted (140.75M shares + warrants). Held for investment purposes.