Weekly Notes (1/21/2026)

Orla Mining (1/15/2026): Will begin construction at South Railroad in Nevada mid-2026. It will add 130K/year at $1500 AISC).

First Majestic Silver (1/15/2026): Q4. 4.2M oz AG and 40K oz AU. Guidance for 2026 at 13.5Moz AG and 125K oz AU. Current FCF run-rate at $1B. Current FCF multiple 10. Undervalued).

Scottie Resources (1/15/2026): 4.6M at 16 gpt AU a…