Weekly Notes (3/12/2025)

Mar 13, 2025

∙ Paid

Fresnillo (3/6/2025: 2024 results. 56M oz AG and 630K oz AU. $839M FCF. Guidance for 2025 at 53M oz AG and 550M oz AU, but the current runrate is 1B, with a 7 FCF multiple. My AISC estimates are $19 for AG and $1850 for AU).

Bunker Hill Mining (3/6/2025: Raising $60M or 855M shares (570M, plus half warrants)! That is more than 100% share dilution. Ouch. …

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