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I suspect it is possible that countries such as Mexico will want to extract value from PM miners. I hope that for FRES, Sheinbaum will recognise that with its present troublesome neighbour it makes sense to keep any windfall well within reasonable terms, so as to keep potential supporters of Mexico onside in event of any ‘manufactured’ crisis that could arise?

Agree. The markets need to factor in that the spot price of silver is now $93 (and $170 for physical in the far east) so using a value in the mid forties in no way reflects the current or future earnings of a miner. The establishment really does not want PM to reassert itself as being perceived as having a monetary value that exceeds FIAT.

The Banks need to recover losses they made recently after going short on silver (forget the 50 years of profiteering they have enjoyed ). What a surprise but when the paper futures price is no longer relevant and the physical price prevails, silver and silver miners will find their true value. Next leg up starts Monday but its likely the Banks will use every tool available to drop silver now, and before options expire at close of play today.

I think that’s right Phil but potentially, there may be need to choose which operation is the best option to back?

If I held a relevant position in government, I would be asking whether they could develop the Southern basin to secure long term gas and oil supplies for Europe and the UK, ideally with some sort of sweeten for Argentina. Otherwise I suspect Trump may work with the Argentinians against European interests.

Either Shell or BP should be interested in the Southern basin because the UK and Europeans are going to need a reliable source of oil and gas, independent of the US, which it seems no country can consider to be a friend any longer.

Just another predictable raid by the Banks shorting silver I suggest. Hang tight and it will be back stronger. None of the fundamentals have changed - at all.

😂 I will take one of each please.

So frustrating is it not. I wonder if the Banks that have been short silver have found another way to recover their losses by loading up on miners whilst keeping them cheap ahead of an inevitable and large increase?

Keep holding and if you believe silver is going higher then miners cannot remain this cheap forever.

Yes, silver is currently $70.70.

Not just at the moment! Anyone would think that FRES would be expected to make less money rather than more with the share price reaction to nearly $70 an ounce.

The market always seems to follow the lead from the US and Canadian markets, which is a little odd given that FRES is the worlds biggest Silver miner.

Falklands oil may not explode in the next 6 months because we are likely due a Stock market market reset and it may be for the next cycle. However, I firmly believe it will be huge for the Falkland Islands, and also of critical strategic importance to the UK and Europe within the Trump era.

Many shorters want and need to recover losses ànd so are very likely to join us on the long side. They have the big money ,so when they get on board in ernest, it should really move the precious metal price upward.

Me too. The games people play? Would not be surprised if some are buying in now and at prices cheaper than a month or more earlier.

Shoei must believe this is a better way to fend off potential litigation from NANO but I would imagine the considerations will be largely the same in order to establish whether Nanosys, as acquired by Shoei, was infringing. If it has been, there could be some good returns.

There’s no doubt that NANO is required to communicate any material change to the information. It has disclosed in connection with the sale process.

Unfortunately, the statement that NANO “continues to assess strategic options... “ could just be corporate fluff designed to satisfy statutory disclosure obligations without having any positive deal to announce. We don’t know the facts but it is clear that an announcement is overdue by reference to NANO’s own timetable.

I hope that NANO has secured meaningful bids but since we have witnessed RNS containing only partial truths, that make no mention of relevant information and feature ambiguity in abundance there are reasonable grounds for added caution.

Hopefully, the majority will realise that by accepting Fresnillo’s offer they are free to choose which miner they pick up an additional 23% of ‘free’ shares in. I know that many will have expected Probe to be a Blockbuster and there are risks in locking a price in now but the sensible decision is pretty clear, unless or until there is a counter offer of course.

I don’t know a lot about Probe but the Fresnillo as a cash generative business has opportunity to create more value and diversifications in deals such as this. I expect it to be the first of a number.

I look forward to learning what the stock market makes of it this morning.

Could be something like that Maxi?

An announcement is certainly well overdue, yet NANO has not said there have been no bidders, or they are no longer in discussions, or that bidders have withdrawn.

My belief is that had any of the above occurred, NANO would have been compelled to inform the market. Having said that the absence of communication does not necessarily mean good news is in the offing either.

Earnings in Q3 2025 exceeded estimates by a margin of 32.56% and the share price rises only by 1.6%. Have I missed something here?

Quite possibly you are right Lucky.

We start the miners earnings season with Newmont soon but with profitability increasing and previous forecasts based on lower metal prices, I suspect we may see renewed interest in the miners as it becomes clear that their share prices do not fully reflect increased profitability? We should know in a week or two.