Category: Investor’s Corner

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.

Kootenay Resources Inc. closed a $247,450 non-brokered private placement, issuing 2,690,000 non-flow-through units at $0.05 and 2,053,636 flow-through units at $0.055. Each unit includes a share and a warrant, exercisable at $0.12-$0.15 for five years. Funds will support the Moyie Anticline Project and working capital. Securities have a resale restriction until February 6, 2025.

Silver Tiger Metals Inc. closed a bought deal offering, selling 39,962,500 shares at C$0.72 each, raising C$28,773,000. Proceeds will fund exploration and development at the El Tigre Project in Mexico and general corporate purposes. The offering was led by Stifel Nicolaus Canada Inc. and Desjardins Capital Markets, with a 6% commission, reduced for certain orders. The October 2024 PFS projects robust economics for the El Tigre open pit, with a US$222 million NPV and 40% IRR.

Southern Empire Resources Corp. announced Monumental Minerals (Fortuna Mining Corp.) completed exploration at the Centauro Gold Project, Chihuahua, Mexico, defining 56 drill pads. A 3,500m drilling program targeting precious metals at 300-400m depths starts October 2025. Southern Empire retains a 1% NSR royalty and US$975,000 in potential payments. Centauro shows epithermal/Carlin-style potential, akin to the Pedro Gold Project.

Equinox Gold Corp. reported a record Q3 2025, producing 236,470 ounces of gold, with year-to-date production at 634,428 ounces. Greenstone Mine saw a 10% increase in mining rates and 13% higher mill grades. Valentine Gold Mine poured first gold ahead of schedule on September 14, averaging 57% of nameplate capacity. The company reduced debt by US$139 million and sold Nevada assets for US$115 million.

Grupo México, led by billionaire Germán Larrea, offered to buy up to 100% of Citigroup’s Banamex, valuing it at ~US$2.6B, after failed 2023 talks. The proposal respects Fernando Chico Pardo’s recent 25% stake purchase. Citi prefers an IPO but will review the offer. Grupo México’s stock fell 18.8% amid the news.