
Avino Silver released its 2026 guidance, targeting 2.5 million ounces at a $26 per ounce all‑in sustaining cost (AISC), a figure that falls short of analyst expectations but signals continued organic production growth. Discovery Silver disclosed a robust $410 million cash balance, guiding 275,000 ounces at a $2,100 per ounce AISC, while its free‑cash‑flow (FCF) run‑rate now sits at $600 million, implying a nine‑times FCF valuation multiple. A brief note on Goliath Resources appears incomplete, underscoring limited data for that issuer. The updates highlight divergent cost structures and liquidity positions across mid‑tier silver miners.

The episode reviews the week’s market data and focuses on the Supreme Court’s decision that President Trump cannot use the Emergency Economic Powers Act to impose tariffs, prompting him to invoke Section 122 for a temporary 10% tariff that expires...