1. Vizsla Silver (VZLA) — Mexico, PanucoHigh-grade, district-scale with advancing studies. Natural buyers: Fresnillo, Pan American, First Majestic. 2. Dolly Varden Silver (DV) — BC, Golden Triangle (Kitsault Valley)High-grade consolidated trend (incl. Homestake Ridge). Natural buyers: Hecla (regional presence), Newmont/others active in GT. 3. Discovery Silver (DSV) — Mexico, CorderoOne of the largest undeveloped silver projects (open-pit, Ag-dominant with base-metal credits). Natural buyers: Pan American, Fresnillo, major base-metal houses seeking Ag exposure. 4. SilverCrest Metals (SILV / SIL) — Mexico, Las Chispas (producer)Low AISC, strong margins; clean, single-asset. Natural buyers: Agnico, Pan American, First Majestic, Hecla. 5. Aya Gold & Silver (AYA) — Morocco, Zgounder + BoumadineFast-growing silver platform in a mining-friendly jurisdiction. Natural buyers: mid-tier/major diversifiers; possibly a regional SOE. 6. Gatos Silver (GATO) — Mexico, Cerro Los Gatos (JV)Turnaround with solid grades; JV partner alignment is key. Natural buyers: JV partner (ROFR risk), Pan American, First Majestic. 7. MAG Silver (MAG) — Mexico, Juanicipio (JV with Fresnillo)Classic consolidation candidate—partner (Fresnillo) is the logical acquirer if price enables. 8. Bear Creek Mining (BCM) — Peru, Corani (fully permitted developer)Huge silver-lead-zinc project; capex heavy but powerful torque at $50 Ag. Natural buyers: larger base-metal/precious producers willing to build in Peru. 9. Silver Mines Ltd (SVL.AX) — Australia, Bowdens (developer)Permitted path in Tier-1 jurisdiction; large, long-life. Natural buyers: Aussie mid-tiers (Evolution/South32-type) or global majors. 10. Prime Mining (PRYM) — Mexico, Los Reyes (Au-Ag)Gold-leaning but meaningful silver; de-risking fast. Natural buyers: Alamos, Agnico, PAAS-type consolidators.

While the S&P 500 was hitting over 80 all-time highs since the start of 2024, Small Caps were simply in recovery mode, still clawing back the losses from the 2022 bear market. That changed last week with the Russell 2000 Index hitting its first all-time high since November 2021. Will it continue? Thanks to Charlie Bilello

See the attached for a fascinating insight ("never invest in the present") from Stanley whilst working at the Pittsburgh National Bank. He began his financial career in 1977 as a management trainee at Pittsburgh National Bank, where he worked as an oil analyst Stanley Druckenmiller, born on June 14, 1953, in Pittsburgh, Pennsylvania, grew up in a working-class family, moving between New Jersey and Virginia and attending multiple schools. He studied English at Bowdoin College before shifting to economics and entering finance. In 1981, he founded Duquesne Capital Management, achieving legendary returns as a macro investor. From 1988 to 2000, he collaborated with George Soros at Quantum Fund, famously profiting from the 1992 Black Wednesday currency crisis by shorting the British pound. He closed Duquesne in 2010 after three decades of hedge fund management, averaging around 30-40% annual returns, and now oversees his wealth via a family office while engaging in philanthropy. His current net worth is ~$US 8 billion.

Elon Musk says Cybercab will be 6-7x faster to produce than a Model Y at Giga Shanghai, where a vehicle is built every 33 seconds. Do you think that some of the rideshare companies might be a little nervous right now? “The Factory is the Product” is the secret. Here’s how it will work: The system utilizes an automated assembly cell with fixtures corresponding to each exterior vehicle part and references a global datum for precise alignment. Exterior vehicle parts are secured to fixtures using vacuum clamps or other means, and a structural adhesive is applied to either the part or a part-receiving location on the vehicle assembly structure. The parts are then moved into their nominal positions relative to the global datum, thereby compressing the adhesive and completing the installation. The method improves assembly efficiency by compensating for substructure irregularities with an engineered adhesive gap and allows for continued assembly during adhesive curing through tacking operations. This technology streamlines the vehicle assembly process, enhances quality, and increases production rates by reducing manual labor and potential for error. The first vehicle to take advantage of this process will be Cybercab, as production is slated for sometime in 2026.

I did a deep dive on Target. I hope this can add value to those who own or interested in Target. Is a Target a buy here ? Or are we catching a falling knife ? Is the new CEO Michael Fiddelke in February 2026 going to reignite the Revenue and EPS growth going forward? Stock : __Target _____ ticker : __TGT Does TARGET has a strong economic MOAT ? No Do I understand the business? Retailer sell merchandise via 2000 stores (80.4% revenue) and digital channels (19.6%). Products lines: everyday essentials (food&confection), HBA, clothing, household items and differentiated discounted prices. Most of its stores are larger than 170,000 square feet. Its digital channels at Target.com also offering sale and revenue. Competitors: Many !! ie Costco, Walmart, Amazon, etc and many clothing retailers Company History and Leadership: Brian Connel (current chair&CEO) leaving position, Michael Fiddelke set to take over as new CEO on on February 1, 2026. Michael F ( cfo, coo >20yrs in company experience)- goal to drive top line performance and stop the decline is yet to be seen.Target has experienced mixed financial results in early 2025, including a sales decrease and stock volatility. The leadership has also encountered criticism and boycotts related to diversity and inclusion initiatives. >400,000 employees. Target's financial performance has recently declined, with falling sales, lower operating income, and decreased comparable sales in its second quarter of fiscal year 2025 compared to the previous year. The company is facing challenges such as lower store traffic, inventory issues, and a customer backlash that began in late 2021, leading to a significant drop in its stock price and a stagnation of annual revenue for the past four years. In 2023 9 stores closed due theft. Retail shrink is high. How are their fundamentals? · Market cap: 40.05Billions compares other peers ie Walmart 815.86B, · Revenue: 104.65B Revenue Growth rate 2% - forecast to grow slower than US market of 9.7%