Weekly Notes (12/3/2025)

Impact Silver (11/28/2025): Q3 results. 500K oz AGEQ. Costs not included. $25M cash balance).

Guanajuato Silver (11/28/2025): Q3 results. 500K oz AGEQ at $40 AISC. I was expecting 800K oz at $27 AISC. The CEO in a recent podcast said they expect to produce 5 million silver AGEQ in 2026, bringing down AISC close to $25/oz. That would be a forward FCF mult…