Heliostar Metals’ PEA for Ana Paula underground mine projects 875koz gold over 9 years at 101koz/yr avg, with AISC $1,011/oz and $300M capex. Base case ($2,400/oz gold): $426M post-tax NPV5, 28.1% IRR, 2.9yr payback. Upside ($3,800/oz): $1,012M NPV5, 51.3% IRR, 1.9yr payback. Targets 2028 production.

Fortuna Mining (NYSE: FSM) Q3 2025: Attributable net income $124M ($0.40/sh), adjusted $51M ($0.17/sh). GEO production 72k oz; cash cost $942/GEO, AISC $1,987/GEO. Free cash flow $73M; net cash $266M, liquidity $588M. On track for annual guidance; Diamba Sud PEA shows strong economics.

First Majestic Silver Corp. sold 17.5M shares of Sierra Madre Gold and Silver Ltd. at CAD$1.33 each for CAD$23.275M proceeds. Ownership reduced from 37.13% (69.06M shares) to 27.72% (51.56M shares). Held for investment; no current intent to adjust holdings further.

Equinox Gold’s Q3 2025 results show record production of 236,382 oz gold at AISC $1,833/oz, with strong ramp-ups at Greenstone (mining >185k tpd, grades 1.05 g/t) and Valentine (91% capacity in Oct). Reduced debt by $139M, added $88M from Nevada sale. On track for 2025 guidance midpoint, poised for growth into 2026.

Torex Gold (TSX: TXG) announces initial capital return: quarterly dividend C$0.15/share (payable Dec 4 to holders on Nov 20) and share repurchases via NCIB. Repurchased C$10M shares in Q3 2025. Program to evolve in 2026; implies 1.10% annualized yield at current price.

First Majestic Silver Corp. reported that Mexico’s Supreme Court granted the Finance Ministry’s appeal, blocking review of subsidiary PEM’s 2012 tax reassessment challenge. The company awaits the written decision to assess next steps under domestic and international law. NAFTA arbitration and domestic APA nullification challenges continue.

First Majestic Silver Corp. reported record Q3 2025 results: 3.9M silver oz produced (+96% Y/Y), $285.1M revenue (+95% Y/Y), $99.1M mine earnings, $141.3M cash flow, $43M net earnings, and $568.8M cash position. Declared $0.0052 dividend per share.

Aura Minerals (NASDAQ: AUGO) Q3 2025: Record production 74k GEO (+16% QoQ), net revenue $248M (+30%), Adjusted EBITDA $152M (+43%). AISC $1,396/GEO (-4%). Borborema commercial production started. Net debt down 77% to $64M. On track for 2025 guidance 266-300k GEO.

Gold Resource (NYSE: GORO) Q3 2025: Don David Mine produced 6,298 AuEq oz (1,422 Au, 417k Ag oz). Improvements include new equipment, contractor development in Three Sisters, reduced dilution. Cash costs $2,116/AuEq oz, AISC $2,983. Net loss $4.7M; cash $9.8M. Raised $11.4M equity, paid off loan. Expects positive cash flow.