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Once Silver became a critical mineral that was it for me.

These Silver miners have the potential to go on to become as valuable to the modern world as the silicon Chip manufacturers are.

I.e the production of their products are as intrinsically and structurally important to keep the fabric of modern society functioning as one another.

💡 The Light bulb Moment💡

It's been accepted for some time now that big tech just can't function without a constant supply of silicon chips hence why the likes of NVIDIA are priced as they are.

Those who could see that reality when NVIDIA was trading at a fraction of cents on the dollar have retired a long time ago.

The same big tech, energy storage and infrastructure needs SILVER just like it needs silicon chips.

Once it became clear to the world just how fragile the supply of silicone chips were to the globe look what happened to the prices of the chip manufacturers

20 x bags / 50 x bags / 100 x bags... you could throw a dart at any of them, they all went vertical.

Same coming for the SILVER producers imo.

LSE200 Opened a short on 3rd Sep 25 when FRES was 2078

It's since risen 80%

All in its posting history

LOL !!!!! 😆

Hopefully no one got shaken out

Silver continuing to roof it.

$93.16

(+7.31%)

I posted over on Newmont bb a few months back around the time of their earnings call as they only rose around 1% on the day itself.

Its done nearly another 50%+ uplift since and they don't have the leverage to Silver that FRES has.

I think we are just seeing the same drag with FRES as the rear view mirror numbers become far less relevant than they were when Silver was stuck in a sideways channel for years and years.

I remember fogthemogg posting a few year back that FRES needed Silver to break and hold above $28/oz for the SP to move up in any meaningful way. Although I recall they weren't particularly bullish on Silver managing to do that at that time. Their thought process was a sound one.

Even the northstar bad charts guy / Patrick Karim were very cautious in the early breakout move for Silver before all the indicators and signals were.fully bullish signalling a major extended rally into triple digit targets areas at which point they load the boat.

I've more than 10 x bagged on my 3SIL holdings and expect to do the same with FRES.

GLA.

If Michael Oliver's price target for Silver at $200/oz by the end of Q2 2026, rising to $500/ oz when gold hits $10,000/oz comes to pass then all these broker ratings with be well in the rear view mirror.

Most have been calculated based on conservative average spot price for PM's for the remainder of 2026 at a levels well below the present spot prices.

Plenty of room for further upgrades if PM's remain at the present levels or even continue to make further gains.

Oliver's thesis is propagated on the present momentum in the metals markets where recent pullbacks of even 10-15% have been measured in days before the price has continued the journey in a upwards steeping channel trend as there just isn't the immediate supply in the system to put a hard top in anytime soon.

This is catching many traders out who can quickly find themselves on the wrong side of the trade because they have mistakenly mis read the signals thinking that a market top was in, only to see the spot price shoot higher over the next few sessions.

Those miners that do have production headroom would still require 12-18months to ramp up to increased production levels with the need to increase head count, aquire & comission new plant, equipment and machinery and therefore a new supply wave is still some way off into the distance.

The known and as yet un-exploited Silver discoveries are even further out as converting a resource into a DFS then a mine plan and then building the mine itself and going into production can take many years for the larger Tier 1 deposits that would have any real hope of impacting upon supply.

Add into the mix China putting tight controls on to the export of Silver and its difficult to see where any additional supply is going to come from in the near term.

> Citigroup raises Fresnillo price target to 4,600

Seems to be a constant stream of broker price target upgrades at the moment as the previous targets are all smashed through

The SP is still lagging behind the move in Silver and producers should be a leveraged play on the commodity price as the underlying Spot price rises there is an exponential growth in bottom line profitability and margins.

Unlike development Companies or explorers these moves have a real world effect on margins and cash generation for producers.

Little of which has been fed back into the share price here (as yet).

We have been tracking Silver but not yet seen the leaps in Silver spot price seen over the past couple of days directly read across into the SP.

The Canadian Gold acquisition is also not presently reflected in the SP.

I suspect we are about to receive an update once this acquisition is across the line and an accompanying boost the the SP once the market receives confirmation.

GLA

Some massive catching up for the share price to do here.

Any day now we should get conformation of the Probe Gold acquisition completion which isn't priced in at all given its adding 10,000,000 Oz of gold to the balance sheet which at £5k gold price will be $50,000,000,000 gold in the ground for FRES to exploit.

Highly cash generative at these PM prices.

So many options of how to deploy this cash mountain throughout 2026.

Further acquisitions of additional Tier 1 projects must be on the cards.

Special dividends

Share buybacks.

Lots of optionality.

Looking good.

We need to remember that the acquisition of Probe Gold is expected to compete in Q1 2026

This adds a further 10 Million oz of Gold in Canada and the free cash flow on that once into production isn't anywhere near to being factored into the SP here.

Their Novador Gold Project in Québec is bigger than GGP's Havieron project.

In addition we will also aquire their Detour Gold Quebec project.

Probe controls a large land package of approximately 1,798-square-kilometres of exploration ground within some of the most prolific gold belts in Québec.

This provides some exciting blue sky upside into the mix.

As Don Durrett mentioned he sees Fres morphing into a 'shark' where the significant cash generation throughout 2026 will enable FRES to go out and aquire more High quality large scale Gold projects transforming FRES into a Global Giant

Imo FRES will become a Jugganaut of a share in 2026 as the old FRES transforms into a true Multi district Global Giant.

For those stating that Fresnillo remains deeply undervalued vs present metals prices, JP Morgan agrees.

JPM outlines three reasons to stay overweight.

First, it estimates the stock still trades around 40% below spot fair value based on current metal prices.

Second, it sees scope for 40% to 70% upgrades to earnings forecasts over 2026 to 2028 as higher prices feed through.

Third, it argues that a re-rating to a higher valuation multiple could unlock more than 60% additional upside.

"The idea is quite simple; It revolves around using the increased value of the banks’ gold holdings (i.e. what investors call “unrealized gains”) to write off sovereign bonds. This practice would be especially applicable to the European central banks, as they accumulated most of their bullion during the Bretton Woods era when gold was valued at a measly $35 an ounce.

"central banks are now sitting on unrealized gains worth hundreds of billions of dollars (Germany, for example, bought its gold for €8 billion euros; today they’re worth around €180 billion euros). Of the many ways in which these humongous gains can be “weaponized” to their advantage, banks can simply use them to cover debt.

We also need to remember that the government-debt-to-GDP ratios in many countries are at all-time records, so this is a critical time for global central banks to make a call on whether to write off sovereign debt and provide relief to their respective governments."

"Since bullion is the only international reserve asset not issued by a central bank and can’t be printed, there’s actually no limit to its value denominated in fiat currencies."

*** NO LIMIT TO ITS VALUE ****

Https://www.mining.com/web/gold-revaluation-the-hidden-motive-behind-central-banks-gold-buying/

Some explanation around nations stock piling gold into GRA's

@ID78

Seen the suggestions that countries like the UK and USA could indeed launch their own sovereign digital currency.

I read that for the US to be in a position to back a new currency and collatoralise their existing debt obligations with gold to retain confidence in their treasury that the price of gold would need to be revalued to circa $40,000 /oz.

As intriguing thought as that is, even more intriguing is the number of sovereign nations would have been buying gold and holding it in what they refer to as 'Gold revaluation accounts'

What do all these countries know is eventually going to happen that isn't being shared with the masses?

It's the years of naked shorting Silver by the US banks that have got them inro this mess.

Trying to short further when they no longer control the game is just gonna cause more pain for them.

The likes of TD securities have made a shocking series of trades on the short side all of which keep getting blown up.

The rest of world's banks aren't playing that game anymore and will just keep buying Silver and its derivatives .

Dumping paper just isn't working anymore.

The last years efforts have shown it just provides a window for the rest of the world to buy more.

$500/oz Silver no longer feels like such a stretch target when it's costing over $100/oz in many places around the world just to get your hands on some physical..... and that's if you can find a supply in any size!!

Look what's happening to the global debasement of Fiat currencies all around the world.

If anyone is stupid enough to think the US Dollar or GBP are immune to what's coming, then sell your shares, sell your silver and convert it into FIAT currency and watch your wealth erode at a rapid pace.

Alternatively position yourself against the incoming hyperinflation and money printing by holding assets that will just keep moving up in that environment.

GLA

Anyone short on this is getting destroyed.

FRES SP still lagging the move made in Silver on Friday

Silver presently up a further 5.5%

Lots of catching up to do for the SP here.

Looking like a very strong few years ahead for metals Tro.

Good shout on Glen last April, that's now playing out nicely.

Don D calling it.

Michael Oliver calling $200/oz silver by Q2

Don forecasting $500/oz silver as the supply/demand shortages play out

Commentators saying the M2 & inflation adjusted ATH with all the secret money printing taking place points to a silver target of c. $800/oz by 2030

Gold supply not running out, but severe structural supply shortages in Silver are about to see the two main PM's uncouple in terms of price moves and the GSR (gold silver ratio)

HODL

GLA

Talking of printing cash...

SILVER tagging $80.

US to launch strikes on Iran?

Israel to wade in and launch strikes on Iran nuclear sites?

Trump has just announced plans to increase military spend to $1500000000000

Greenland, Russia, Ukraine, Venezuela. Iran

The money printing is gonna be off the scale!!!