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Https://www.aljazeera.com/news/liveblog/2026/1/29/live-iran-warns-of-quick-retaliation-as-trump-revives-us-threats

>We have more for you from the statement from Iran’s armed forces condemning the European Union’s decision to designate Iran’s Islamic Revolutionary Guard Corps (IRGC) as a “terrorist” organisation.

“Such a baseless and unfounded decision, far from any rationality, has been made under the pressure of the delusional and foolish president of the United States and the terrorist and child-killing Zionist regime, and is a blatant violation of international laws and regulations, the United Nations Charter, and the fundamental principles of respect for the national sovereignty of countries”, the staement reads.

The statement also “warns that the dangerous consequences of this hostile and provocative decision will be directly borne by European policymakers

> Iran warns ships near Hormuz of coming military exercise:

The Associated Press reports that Iran has issued a warning to ships at sea that it plans to run a drill next week that would include live fire in the Strait of Hormuz.

The exercise could potentially disrupt traffic in a waterway through which 20 percent of all the world’s oil passes.

Press TV, owned by the Iranian state, also reports live-fire naval exercises will be conducted in the Strait of Hormuz next week, without reporting a specific day.

* BREAKING

EU has just designated IRGC as a terrorist organisation

That's basically a free pass to the US military to do what they want too imo...

The 'right people' will certainly have no trouble buying.

Don't worry about that.

Once they have had their belly filled with shares

Then it will be allowed to run again...

And so it goes on..

Https://techcrunch.com/2026/01/28/tesla-earnings-profit-q4-2025/

"The electric vehicle company reported Wednesday that it recorded just $3.8 billion in profit across 2025"

Whilst the market hasn't woken up yet to how undervalued the Silver miners are vs the 'big tech'

Pat yourself on the back for understanding the Multiple billions in cash FRES will have generated by the end of 2026 with PM metal prices soaring

A major re rating of FRES SP to follow.

STRONG BUY

There is now a Solid floor at $100

They will simply have to upgrade

If you want to read pages and pages of stock market spoofing related content only need to scroll back to 2023 GGP bb to read about all the shenanigans at that time

Since then it has 10 x bagged.

FRES is still priced for a plain silly $45/oz

The market has yet to factor in the rapid real time repricing of the underlying commodity and the transformational impact to cash generation that's going to make.

When your gross profits don't just double or triple or quadruple but the explode from a position where you were making just a few dollars per oz produced a few years back to suddenly a 10 x or 15 x or 20 x or more explosion in profit margin

From Jim wyckoff today..

' March silver futures bulls’ next upside price objective is closing prices above solid technical resistance at $125.00. The next downside price objective for the bears is closing prices below solid support at $100.00. First resistance is seen at the overnight record high of $120.565 and then at $122.50. Next support is seen at the overnight low of $115.245 and then at $112.50. Wyckoff's Market Rating: 10.0."

"Kitco News) - Gold and silver prices are strongly higher Thursday morning, with both powering to all-time highs of $5,626.80, basis April Comex futures, and silver hitting $120.565, basis March Comex futures. The precious metals are supported by safe-haven demand amid heightened geopolitical concerns, and as the U.S. dollar index wobbles. April gold was last up $229.30 at $5,569.50. March silver prices were up $6.106 at $119.67"

https://www.kitco.com/news/article/2026-01-29/strong-price-gains-all-time-highs-gold-silver-safe-haven-bidding

It's not called a 'catch-up trade' for nothing.

It is precisely because the market isn't forward looking in it's present pricing that makes the Silver miners a MASSIVE once in a generation 'Catch-up Trade' given the certainty that all the minera have to do is keep producing the underlying commodity where demand on the buy side far and away outstrips present supply.

The Silver miners will become as intrinsically valuable as the tech companies that need them to provide the Silver to make the tech products functional.

Since the start if December the price of Silver has DOUBLED

FRES SP has only risen 50%

Profit margins will be quaruple what they were in the final quarter .

Share price has a long long way to run up here to fair value.

Just sliced some of my PAAS to take another couple of tranches here to add to the core holding

Both PAAS and FRES results now published.

PEER COMPARISON BASED ON SIMILAR MARKET CAPS

Pan American Silver (PAAS) has consistently been around the 20-22 Mil oz production for the past few years

20Moz (2023)

21 Moz (2024)

22 Moz (2025) however PAAS gold production was down -18% YoY.

FRES Silver Production is OVER DOUBLE that of PAN AMERICAN with forecast production between 45 Moz and 51 Moz with 2.25 BILLION oz Silver Reserves.

FRES is forecasting to remain at over double the Silver production of PAAS and grow our Gold production in the near term.

Not much between the two companies market cap.

And PAAS just had another upgrade from Bank of America!

SUMMARY

> FRES remains deeply undervalued to peers.

> The SP seems to be moving through a continuous cycle of shaking out of weak hands, followed by rapid price increases.

> Anticipate more broker upgrades on the horizon as the SP continues to steadily play catch up.

> Not surprised to see clued up US banks continue to accumulate whilst SP remains cheap relative to peers.

All good fun opinions..

Main takeaways

✅️ FRES in projected to continue to produce between 45mil /oz and 51 Mil oz Silver each and every year and upto circa 600,000oz Gold production

✅️ Largest Silver producer in the world

✅️ 2.25 BILLION oz Silver Resource

✅️ Recent acquisition increases gold to 48.5 Million oz resource and will add a further 200,000oz annual Gold production.

✅️ Tier 1 acquisition

✅️ Tier 1 district

✅️ 10 Moz additional Gold from Probe Gold acquisition

✅️ Additional blue sky Exploration upside

I wonder what they will announce they are going to do with all the additional cash generated?

> Special Dividends

> Further Tier 1 acquisitions

> Share buy backs

Lots of catching up for the share price to do here

The Main stream media are playing catch up with what's going on

Taken from today's Telegraph..

"Debasement trade going ‘from theory to execution’

The dollar has seen its value drop as the so-called debasement trade sweeps global markets.

Investors are switching to hard assets like gold and other precious metals over fears that inflation, deepening government deficits and lower interest rates by the Federal Reserve will devalue the US dollar and Treasury bonds.

Gold has already climbed 22pc this year, while silver has rocketed by 60pc. Meanwhile, fellow safe-haven currencies have climbed.

Stephen Innes of SPI Asset Management said: “You can see it in the way the capital is rotating. Europe is no longer just a funding leg. Switzerland is no longer just a parking lot. Asia foreign exchange is no longer moving only when Washington gives the green light.

“The tape is telling you the debasement trade has gone from theory to execution.”

Quick youtube video of Rick Rule explaining why he is now allocating capital to the Silver miners.

https://youtu.be/WX-xSV1cxtk?si=StS07x4KKUOBevPc

I wouldn't want to argue against this guy.

In simple terms all the present analysts ratings for the silver miners have been calculated using $45 for the NPV.

With metals prices now significantly higher throughout 2026 it's going to be impossible not to see massive earnings surprises and multiple analysts upgrades as the year unfolds and that's in an environment where Silver simply chops sideways from here.

Should Silver keep trending upwards, the earnings surprises and SP upgrades will be off the charts for the miners.

Between now and March I think we will see some crazy spikes in the Silver price.

March being the biggest month for industrial users to take delivery of their Silver contracts in Physical.

The industrial users simply must take delivery in March, we are talking about the biggest electronics manufacturers in the world relying on getting their contractual Silver supply.

As that date looms closer, the comex is going to have to either go out to market and pay whatever it takes to honour those contracts or face default.

If they default and settle in paper (cash) due to not being able to source the silver the paper price then becomes irrelevant.

It's then what someone is prepared to pay and comex paper system will simply unravel.

The industrial demand isn't going away, it's increasing

The likes if Samsung, Tesla etc still need their Silver to maintain operations.

If they and their counterparts start to face the possibility of a default by comex they will need to step up massively as buyers in the open market to source supply from wherever they can get it.

Prices could get very wild over the next few months.

Add into the mix that the Chinese money printer is working 24/7 to debase their currency

They are printing as fast as they can and using that cash to purchase commodities (real hard assets) their M2 money supply is now double that of the USD.

The US will be following suit and print baby print.

The FIAT system is rapidly debasing in real time.

The 'get out of cash' trade will continue to accelerate.

GLA

Full year attributable silver production of 48.7 moz

This is over DOUBLE the total annual Silver production of Pan American Silver Corp who have a similar market cap and our.gold production is due to be Similar in 2026.

FRES MASSIVELY UNDERVALUED to nearest peers

Nearly 90% of FRES energy consumption is from renewables now.

It also allow FRes to now bring into production parts of the mine that previously would have cost $30 to mine so they wouldn't have bothered

But at $100 range is massively profitable

Increasing both prodiction and profit margins and cash generation

All just going to keep Improving

.

If you want to know how high the SP has the potential to climb this year, anyone should be working out forecast earnings for 2026 now based on what will be profit margins that are going to be quadruple for Q1 26 and continue to expand with each successive quarters results throughout 2026.

Non of which is anywhere priced in yet. 👍

A few analysts have a potential year end SP target of 18, 000 for FRES and the workings for that have been posted

Full year attributable silver production of 48.7 moz

This is over DOUBLE the total annual Silver production of Pan American Silver Corp who have a similar market cap and our.gold production is due to be Similar in 2026.

FRES MASSIVELY UNDERVALUED to nearest peers.

Great set of results and profit margins are going to be roofing it from here now.

Q1, 26 free cash flow generation will be off the scale and when combined with a global shortage of silver in where March is the biggest month for comex contracts to expire for industrial delivery the share price could easily double or more between now and Marxh.

GLA