Mining News Flash with Endeavour Silver, Fury Gold Mines and Osisko Development

Key Concepts

• Precious Metal Inventories: Depleting silver and gold stockpiles.
• Comex Deliveries: Notice day for gold and silver deliveries on the Commodity Exchange.
• Senior Silver Producer: A company with significant silver production capacity.
• Diamond Drilling: A method of drilling that extracts cylindrical core samples.
• Induced Polarization (IP) Anomaly: A geophysical signature indicating potential mineralization.
• NI 43-101 Compliant Feasibility Study: A technical report detailing the economic viability of a mining project, adhering to Canadian regulatory standards.
• Value Added Tax (VAT) Refunds: Tax reimbursements.
• Equity Financing: Raising capital by selling shares.
• SRC Mining Special Situation Certificate: An investment vehicle focused on mining companies.

Endeavor Silver: Strategic Divestment and Future Focus

Endeavor Silver is strategically positioning itself to become a senior silver producer. A key development is the sales agreement with Guanajuato Silver for the Bolanitos mine. Guanajuato Silver will acquire the mine for a total consideration of up to $50 million USD. This includes an upfront payment of $40 million USD at closing and a contingent payment of an additional $10 million USD. The transaction is anticipated to close in January of the upcoming year.

Following this divestment, Endeavor Silver intends to concentrate its efforts on its Terrana, Kulpa, and Guanai projects. The company's primary objective is to advance the Peria project into production, which is projected to take approximately four to five years. Successful development of Peria would bring Endeavor Silver's total silver production to over 25 to 30 million ounces per year, with three mines in full production. The current price target for Endeavor Silver shares is set at 19.50 Canadian dollars.

Fury Gold Mines: Promising Results at Sakami Gold Project

Fury Gold Mines has released the results from the final four drill holes of its initial drilling campaign at the Sakami Gold project, located in the James Bay region of Northern Quebec. The 2025 diamond drilling program comprised seven drill holes totaling 3,685 meters. Six of these holes, totaling nearly 3,000 meters, were designed to explore extensions and gaps at the La Pointe extension. The seventh drill hole, spanning 720 meters, targeted an induced polarization anomaly at Juliet.

Notable intersections include:

• Hole 25 SK5: The southwesternmost hole, intersected 26 meters grading 7.1 grams of gold per ton (g/t), which included 6.5 meters grading 1.76 g/t gold. This hole is located 185 meters southwest of hole 25 SK3.
• Hole 25 SK3: Previously intersected 59 meters grading almost 1.6 g/t gold.
• Another drill hole: Returned over 22 meters grading 8 g/t gold, including 2.9 meters grading 1.7 g/t gold and 1 meter grading over 8.6 g/t gold.

These results indicate that gold mineralization near the surface has been significantly expanded through limited drilling, demonstrating continuity and predictability. This is a crucial factor for future mineral resource estimations. The mineralization is situated along a productive regional suture zone between two geological subprovinces, with numerous undrilled gold occurrences extending over a 23.5 km strike length, all within the Sakami property.

Oisoco Development: Divestment and Strategic Realignment

Oisoco Development is considered undervalued. The company has sold its 100% interest in the San Antonio gold project in Sonora, Mexico, to AXO Copper. Upon completion of this transaction, Oisoco Development will receive, subject to adjustments, 15.31 million common shares of AXO, or a number of AXO shares that results in Oisoco Development holding 9.99% of AXO's issued and outstanding shares on a non-diluted basis.

In addition to the share consideration, Oisoco Development is entitled to the following contingent payments:

• A cash payment equivalent to 70% of all Mexican Value Added Tax (VAT) refunds to which Sapuchi Minera is entitled or owed up to the closing date.
• Upon AXO's public filing of a NI 43-101 compliant feasibility study for the project, Oisoco Development will receive $2 million USD, payable in cash or AXO shares at AXO's option.
• Upon the first gold pour under the project, Oisoco Development will receive another $2 million USD, payable in cash or AXO shares at Oisoco Development's option.
• If AXO completes one or more equity financings with gross proceeds totaling at least $10 million USD, AXO will issue to Oisoco Development a number of shares that results in Oisoco Development holding a 9.99% interest in AXO on a non-diluted basis, based on the initial $10 million USD raised.

This divestment allows Oisoco Development to exit its Mexican venture and fully concentrate on the construction of the Caribou mine. The pointed figure chart suggests a price target of $8.5 Canadian dollars for Oisoco Development shares.

Market Outlook and Disclaimer

Precious metal stocks are expected to remain in focus and deliver strong performance in 2026. The notice day for gold and silver deliveries on Comex is November 28, 2025, which is being referred to as a potential "D-Day" for these commodities.

All information discussed can be accessed on the Commodity TV app in German and English, along with other commodity-related content.

Disclaimer: The stocks mentioned are part of the SRC Mining Special Situation Certificate. The presenter is a shareholder in Oisoco Development, and SRC and its employees may also be shareholders in the discussed companies.