Weekly Notes (2/25/2026)

Feb 26, 2026

∙ Paid

Avino Silver (2/19/2026: 2026 guidance of 2.5M oz at $26 AISC. Ouch. Below my expectations. At least they can continue to organically grow production the rest of this decade).

Discovery Silver (2/19/2026: Cash balance $410M. Guidance for 2026. 275K oz at $2100 AISC. Current FCF run-rate at $600M. Current FCF multiple at 9).

Goliath Resources (2/19/2026: 2…

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