Glenn Jessome

Mentions "Pan-American" as a big producer and notes "Orla's permit... in 2019" was the last surface mine approved before Silver Tiger. He notes peers trade at "1 times NPV." In an $83 silver environment, established producers like Pan American Silver (PAAS) are generating massive free cash flow immediately, without the construction risk of a developer. Orla (ORLA) serves as a precedent for successful permitting in the region. These are the "safe" ways to play the thesis. Long major producers with exposure to Mexico. Mexican government policy changes (taxation/nationalization); labor disputes.

Mentions "Pan-American" as a big producer and notes "Orla's permit... in 2019" was the last surface mine approved before Silver Tiger. He notes peers trade at "1 times NPV." In an $83 silver environment, established producers like Pan American Silver (PAAS) are generating massive free cash flow immediately, without the construction risk of a developer. Orla (ORLA) serves as a precedent for successful permitting in the region. These are the "safe" ways to play the thesis. Long major producers with exposure to Mexico. Mexican government policy changes (taxation/nationalization); labor disputes.

"The US came out and they said wow we're making silver for the first time ever a critical mineral... for the economic protection of the United States and for the strategic defense." plus "They don't care about the input [cost] because they're building something this big." Demand for silver is becoming price-inelastic. Tech giants (AI/EVs) and the Defense sector (missiles) require silver regardless of price. If supply is shrinking (mines closing) and demand is strategic/mandatory, the price floor moves significantly higher. Long Physical Silver via ETFs. Industrial recession reducing tech demand; substitution of silver in solar panels.