Dear Investor,

In the resource sector, big moves rarely start with retail investors. They start with strategic capital - the kind that studies cycles years in advance, reviews drill data long before it's public, and places bets only when a project, a team, or a trend aligns with where they believe the market is heading.

That's why one decision this year caught the attention of some of the most seasoned investors in the space.

The world's largest primary silver producer didn't wait for headlines, price targets, or analyst coverage. They quietly acquired a 17% stake in a small-cap exploration company advancing projects in Mexico's most productive mineral belts. Not a royalty. Not an earn-in. A direct equity position - the kind of move majors seldom make unless they view the upside as worth owning outright.

What prompted it?

Part of the answer lies in the acquisition the company just completed: a district-scale project long recognized for its structural potential but never advanced with modern modeling and full control. Fold this into a portfolio that already includes two additional 100%-owned assets - including a system with high-grade hits and open zones - and you have a land package that checks the boxes majors look for: scale, geological continuity, meaningful expansion potential.

But there's also the macro backdrop.

Demand tied to AI chips, EV drivetrains, solar systems, and advanced electronics continues rising. Supply hasn't kept pace. After four straight deficit years, inventories are thinning, development timelines are stretching, and capital is beginning to flow toward companies aligned with this tightening environment.

Moves like the 17% acquisition don't guarantee outcomes - but they do reveal where experienced operators believe future value could emerge. And in a market defined by rising demand and constrained supply, positioning can matter long before the story becomes widely understood.

Review the company that secured a 17% stake from a global major