AuAg Silver Bullet

The following portfolio changes have been implemented in AuAg Silver Bullet:

Compania de Minas Buenaventura ADR’s new target weight is 2% (0%) – CAT 3 (-)

• New holding

Hycroft Mining’s new target weight is 0.5% (0%) – CAT 4B (-)

• New holding

Skeena Resources’ new target weight is 2% (1%) – CAT 3 (CAT 4A)

• Increased target weight

Highlander Silver’s new target weight is 1% (0.5%) – CAT 4A (CAT 4B)

• Increased target weight

Dolly Varden’s (Contango Silver & Gold Inc) new target weight is 1% (0.5%) – CAT 4A (CAT 4B)

• Increased target weight, completed merger and name change to Contango Silver & Gold Inc

New Gold’s new target weight is 0% (1%) – (-) (CAT 4A)

• Excluded, acquired by Coeur Mining CAT 1

Eldorado Gold’s new target weight is 0% (0.5%) – (-) (CAT 4B)

• Excluded

Fortuna Mining’s new target weight is 0% (0.5%) – (-) (CAT 4B)

• Excluded

HudBay Minerals’ new target weight is 0% (0.5%) – (-) (CAT 4B)

• Excluded

Seabridge Gold’s new target weight is 0% (0.5%) – (-) (CAT 4B)

• Excluded

All holdings in the fund are presented here.

The following portfolio changes have been implemented in AuAg Silver Bullet.

SSR Mining’s new target weight is 2% (1%) – CAT 3 (CAT 4A)

• Increased target weight

Santacruz Silver’s new target weight is 1% (0.5%) – CAT 4A (CAT 4B)

• Increased target weight

Skeena Resources’ new target weight is 1% (0.5%) – CAT 4A (CAT 4B)

• Increased target weight

Dolly Varden’s new target weight is 0.5% (0%) – CAT 4B (-)

• New holding

All holdings in the fund are presented here.

The following portfolio changes have been implemented in AuAg Silver Bullet.

Skeena Resources’ new target weight is 0.5 (0%) – CAT 4B (-)

• New holding

Santacruz Silvers' new target weight is 0.5% (0%) – CAT 4B (-)

• New holding

Highlander Silvers’ new target weight is 0.5% (0%) – CAT 4B (-)

• New holding

Southern Copper replaces Barrick Mining as Cash Management holding – CAT 5 (-)

• Cash management holding are reported as a group and can collectively range from 0–6%

All holdings in the fund are presented here.

The following portfolio changes have been implemented in AuAg Silver Bullet.

Coeur's new target weight is 8% (4%) – CAT 1 (2)

• Replaces MAG Silver, which has been acquired by Pan American (CAT 1).

ETC's new target weight with exposure to physical silver is 6% (previously 4%)

• Allocation to further replace MAG Silver.

Included: New Pacific Metals' new target weight is 0.5% (0%) – CAT 4

• Allocation to further replace MAG Silver.

Excluded: MAG Silver's new target weight is 0% (8%) – CAT Acquired

• Acquired by Pan American (CAT 1).

All holdings in the fund are presented here.

The following portfolio changes have been made in AuAg Silver Bullet.

Discoverys' new target weight is 4% (2%) (CAT 2) (3)

Fortuna Minings' new target weight is 2% (4%) (CAT 3) (2)

Abra Silvers' new target weight is 2% (0.5%) (CAT 3) (4B)

Americas Gold & Silvers' new target weight is 2% (0.5%) (CAT 3) (4B)

Avino Silvers' new target weight is 2% (0.5%) (CAT 3) (4B)

All holdings in the fund are presented here.

The following portfolio changes have been made in AuAg Silver Bullet.

Included: Abra Silvers' new target weight is 0.5% (0%) (CAT 4)

Included: Avino Silvers' new target weight is 0.5% (0%) (CAT 4)

Included: Silver Mines' new target weight is 0.5% (0%) (CAT 4)

Included: Americas Gold & Silvers' new target weight is 0.5% (0%) (CAT 4)

Excluded: Gatos Silvers' new target weight is 0% (2%) (CAT 3)

• First Majestic acquires Gatos Silver

Excluded: SilverCrests' new target weight is 0% (4%) (CAT 2)

• Coeur Mining acquires SilverCrest

All holdings in the fund are presented here.

The following portfolio changes have been made in AuAg Silver Bullet.

MAG Silvers' new target weight is 8% (4%) (CAT 1)

SilverCrests' new target weight is 4% (2%) (CAT 2)

Viszla Silvers' new target weight is 2% (1%) (CAT 3)

Fortunas' new target weight is 4% (8%) (CAT 2)

Eldorado Golds' new target weight is 2% (4%) (CAT 3)

SSRs' new target weight is 1% (4% / 2%) (CAT 4)

New Golds' new target weight is 1% (2%) (CAT 4)

Seabridges' new target weight is 1% (2%) (CAT 4)

Hudbays' new target weight is 1% (2%) (CAT 4)

Included: KGHMs' new target weight is 4% (0%)

All holdings in the fund are presented here.

The following portfolio changes have been made in AuAg Silver Bullet.

Gatos Silvers' new target weight is 2% (1%)

GoGolds' new target weight is 2% (1%)

SSR Mining: has been held since mid-February and will continue to be held at 2% (target weight 4%)

Included: Vizsla Silvers' new target weight is 1% (0%)

All holdings in the fund are presented here.

The following portfolio changes have been made in AuAg Silver Bullet.

McEwen Minings' new target weight is 4% (2%)

Hudbay Minerals' new target weight is 2% (3%)

Yamana Golds' new target weight is 0% (2%)

• Acquired by Pan American (8%)

All holdings in the fund are presented here.

The following portfolio updates have been implemented for AuAg Silver Bullet.

Discovery Silvers' new target weight is 2% (1%)

• Good silver exposure
• Better liquidity in the stock. Now on TSX instead of TSX.V

Hudbay Minerals' new target weight is 3% (2%)

• Good exposure towards both silver and copper
• Increased TW before Pan Americans acquisition of Yamana

Yamana Golds' new target weight is 2% (4%)

• Gradual reduction to prepare for the acquisition by Pan American (8%)

All holdings in the fund are presented here.

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Portfolio updates from fund launch to January 2023 is not published in this format.