Silver North Resources is benefiting from high silver prices and will be able to supply JinkoSolar and Xiaomi in the future

Silver North Resources – Exploration momentum in 3 projects

Silver North Resources' recent activities are providing significant momentum for the explorer's portfolio. The results from the Veronica Property in southern Yukon, in particular, underscore the potential. The silver-lead-zinc soil anomaly identified in 2016, the "Betty Anomaly," has been expanded from its original size of 450 m x 450 m to an impressive 1000 m x 1000 m. Even more significant is the first-ever discovery of mineralization on the Veronica property. A 15 cm wide sulfide pebble found in the "Lodge Showing" zone yielded a spectacular 2,860 g/t silver. Geological mapping also confirms the carbonate replacement deposit (CRD) potential, analogous to Coeur Mining's Silvertip Mine, only 12 km away.

At the same time, the drill program at the flagship Haldane project is proceeding according to plan. To date, six holes totaling 1,300 m have been drilled on the Main Fault zone. Five have already been sent for analysis. The target is clearly defined. The promising discovery from 2024 is to be extended in depth and length, where a structural zone of 28.36 m was found to contain 130 g/t silver, 0.09 g/t gold, 0.55% lead, and 0.52% zinc. Ongoing drilling is testing the extension at depth and along strike. The drilling program is expected to be completed in early November, after which the first analytical results will be awaited. It is important to note that the 8,579-hectare property is only 25 km from Hecla Mining's producing Keno Hill silver mine.

The portfolio is rounded off by the Tim Property, which is in a strategic partnership with Coeur Mining. The partner can acquire a 51% interest in Tim for a total investment of approximately CAD 3.4 million over 5 years. CAD 3.15 million of this will be spent on exploration work, which must be completed by the end of 2026. The latest drilling results revealed promising values of up to 52.8 g/t silver, as well as gold, lead, and zinc. The project is located only 19 km from Coeur's productive Silvertip Mine. This shows what could still be hidden in the entire region. Coeur's next operational step is eagerly awaited. The stock is currently trading at CAD 0.245.

JinkoSolar – In crisis

For JinkoSolar, silver is much more than just a raw material – it is at the heart of its performance. The precious metal is found in the wafer-thin conductive tracks that are printed on each solar cell and reliably collect the electricity. Without silver, nothing works here. Its unbeatable conductivity continues to make silver an indispensable efficiency booster. This is reflected in the industry's enormous appetite for raw materials. In 2023 alone, the solar industry consumed an estimated 193 million ounces of silver. This share is growing rapidly with the rapid expansion of photovoltaics. Modern cell technologies such as TOPCon and HJT, which JinkoSolar relies on, often require even more silver to achieve their efficiency advantages. This means that the precious metal remains a real cost driver. Between 10 and 20 milligrams are still used per watt peak.

The fact that the price of silver is one of the factors contributing to declining margins can also be seen in the latest figures from JinkoSolar's subsidiary, Jiangxi Jinko. In the third quarter, revenue slumped by 34.11% compared to the previous year. But that is not all. Instead of ending up in the black, the Company posted a hefty loss of RMB 1.29 billion before taxes. For the shareholders of the parent company, this resulted in a net loss of RMB 1.01 billion – a thoroughly challenging situation. These figures are a clear warning sign and reflect the relentless price war and margin pressure currently gripping the global solar market. Despite high module delivery figures, lower sales prices and high operating costs are having a significant impact. Research and development expenditure remained at a solid level of 4.17% of revenue, confirming the Company's continued commitment to its innovation strategy.

However, despite the red figures, there have also been operational successes. JinkoSolar was able to expand its market presence with projects such as supplying Trinity Energy for a Costco warehouse in Washington State. Around 1,000 EAGLE® G6 modules were used for this project. Particularly noteworthy is the integration of the EAGLE® Preserve Program, the first certified recycling program for solar modules in Washington, underscoring the strategic focus on sustainability and the circular economy. These factors are becoming increasingly important to customers. Such reference projects in stable markets such as North America are important for differentiating the Company from its competitors. They show that the Company is advancing not only technologically, but also in terms of service-oriented solutions, which can speak for long-term customer loyalty and a stable order situation. Despite the rather sobering figures, the share price rose and is currently available for USD 28.20.

Xiaomi – Between robust operations and a nervous market

Xiaomi delivered a strong Q2: group sales reached RMB 116 billion, a substantial increase of 30.5% over the previous year, with adjusted net profit jumping 75.4% to RMB 10.8 billion and the gross margin improving to 22.5%. The electric vehicle division stood out in particular, with impressive revenue of RMB 21.3 billion and a margin of 26.4%. Meanwhile, the market remains skeptical, despite the operational strength, the share price has weakened since the summer.

Nevertheless, it remains clear that expansion in the electric vehicle segment is continuing to gain momentum. With monthly deliveries of around 40,000 vehicles in September and October, Xiaomi has already achieved over 88% of its ambitious market conquest target for 2025. The management team, led by President Lu Weibing, is pushing ahead with its international plans, as underscored by recent test drives in Germany. This global orientation from 2027 onward could unlock new growth potential in the medium term. At the same time, the established smartphone and ecosystem business continues to show strength, as recently reflected in strong sales figures during the Double Eleven Shopping Festival.

The upcoming quarterly figures on November 18, 2025, are eagerly awaited. Analyst opinions are currently divided. CLSA maintains an optimistic stance with a "Buy" rating and a price target of HKD 69, and even expects the EV segment to have reached the break-even point. Haitong is more cautious, lowering its price target to HKD 57.4. At the same time, Goldman Sachs reported a 53% increase in short selling and described Xiaomi as a "consensus short" in the short term. For investors, the picture is one of a company with a strong operating base, but whose valuation is characterized by short-term volatility and differing expectations. The stock is currently trading at EUR 4.677, which corresponds to around HKD 42.

Demand for silver from green and digital technologies is driving the market in the long term and creating a unique constellation. Silver North Resources is positioning itself as a potential supplier for the booming industry with promising exploration results. JinkoSolar remains a fundamental driver of demand as a solar giant, but is struggling with massive price pressure and red figures. Xiaomi, on the other hand, is shining operationally, especially in the electric vehicle segment, and will continue to fuel demand for silver, even if the stock is suffering from valuation doubts in the short term. The real winners are those who mine the metal.