Developers
| July 31, 2025 | Price | Price | Expected | Shares | Mkt.Cap. | Cash | EV | Project | P&P | P&P AgEq | M&I+I | M&I+I AgEq | EV/oz | EV/oz | M&I+I | M&I+I | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Company | Ticker | Ccy | Rating | Target | Return | P/NAV | Out. (M) | (US$M) | (US$M) | (US$M) | Locations | AgEq (Moz) | Grade g/t | AgEq (Moz) | Grade g/t | P&P (US$) | M&I+I (US$) | AuAg % | Ag% |
| Silver Developers | |||||||||||||||||||
| Discovery Silver | DSV-T | 3.23 | 802 | 1,870 | 21 | 1,850 | Mexico | 627 | 60 | 1,174 | 42 | 2.95 | 1.58 | 59% | 48% | ||||
| Vizsla Silver | VZLA-T | 4.11 | HOLD | 4.20 | 2% | 0.69x | 337 | 999 | 217 | 782 | Mexico | 0 | 376 | 497 | 0.00 | 2.08 | 95% | 54% | |
| AbraSilver | ABRA-T | 5.26 | SPEC.BUY | 6.00 | 14% | 0.62x | 153 | 579 | 10 | 569 | Argentina | 224 | 165 | 390 | 98 | 2.54 | 1.46 | 100% | 54% |
| GoGold | GGD-T | 2.02 | SPEC.BUY | 2.50 | 24% | 0.57x | 393 | 573 | 165 | 408 | Mexico | 119 | 161 | 366 | 153 | 3.42 | 1.11 | 92% | 63% |
| Dolly Varden | DV-V | 4.66 | 85 | 287 | 25 | 262 | Yukon | 0 | 157 | 443 | 0.00 | 1.68 | 98% | 41% | |||||
| New Pacific Metals | NUAG-T | 2.02 | 172 | 250 | 17 | 233 | Bolivia | 175 | 105 | 804 | 78 | 1.33 | 0.29 | 81% | 61% | ||||
| Silver Tiger | SLVR-V | 0.55 | BUY | 0.80 | 45% | 0.51x | 411 | 163 | 13 | 150 | Mexico | 42 | 33 | 227 | 85 | 3.54 | 0.66 | 97% | 52% |
| Outcrop Silver & Gold | OCG-V | 0.27 | 379 | 72 | 3 | 70 | Colombia | 0 | 40 | 567 | 0.00 | 1.75 | 100% | 68% | |||||
| Kootenay Silver | KTN-V | 1.17 | 82 | 69 | 2 | 67 | Mexico | 0 | 254 | 96 | 0.00 | 0.26 | 85% | 58% | |||||
| Capitan Silver | CAPT-V | 0.83 | 112 | 67 | 3 | 64 | Mexico | 0 | 47 | 52 | 0.00 | 1.37 | 100% | 36% | |||||
| Apollo Silver | APGO-V | 0.35 | 243 | 61 | 9 | 53 | California, Mexico | 0 | 402 | 101 | 0.00 | 0.13 | 65% | 53% | |||||
| Silver One | SVE-V | 0.30 | 269 | 58 | 1 | 57 | Nevada | 0 | 139 | 73 | 0.00 | 0.41 | 100% | 89% | |||||
| GR Silver | GRSL-V | 0.17 | 359 | 44 | 1 | 43 | Mexico | 0 | 118 | 153 | 0.00 | 0.37 | 80% | 66% | |||||
| Bear Creek Mining | BCM-V | 0.18 | 228 | 30 | 7 | 96 | Peru | 360 | 80 | 694 | 61 | 0.27 | 0.14 | 72% | 65% | ||||
| Silver Viper | VIPR-V | 0.50 | 70 | 25 | 0 | 25 | Mexico | 0 | 58 | 110 | 0.00 | 0.44 | 100% | 35% | |||||
| Silver Mountain | AGMR-V | 1.48 | 19 | 21 | 3 | 18 | Peru | 0 | 29 | 305 | 0.00 | 0.61 | 55% | 43% | |||||
| Regency Silver | RSMX-V | 0.06 | 92 | 4 | 0 | 4 | Mexico | 0 | 11 | 257 | 0.00 | 0.32 | 100% | 89% | |||||
| Average | 2.34 | 0.86 | |||||||||||||||||
| Average Excl. Outliers <10% / >90% | 1.77 | 0.81 | |||||||||||||||||
| Notes: | |||||||||||||||||||
| 1. AgEq values are based on spot metal prices. No adjustment for recoveries are made. | |||||||||||||||||||
| 2. Resource data provided by company reports. | |||||||||||||||||||
| 3. Market data is provided by Wisesheets. | |||||||||||||||||||
Producers
| July 31, 2025 | Price | Price | Expected | Shares | Mkt.Cap. | Cash | EV | ______ P / Sales ______ | ______ P / E ______ | ______ EV / EBITDA ______ | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Company | Ticker | Ccy | Rating | Target | Return | P/NAV | Out. (M) | (US$M) | (US$M) | (US$M) | 2025 | 2026 | 2027 | 2025 | 2026 | 2027 | 2025 | 2026 | 2027 |
| Silver Producers | |||||||||||||||||||
| Fresnillo PLC | FRES-L | 1400.00 | 737 | 13,624 | 1,298 | 13,535 | 3.8 | 3.8 | 4.0 | 17.5 | 18.1 | 20.3 | 9.8 | 9.8 | 10.3 | ||||
| Pan American Silver | PAAS-T | 37.43 | 362 | 9,785 | 923 | 9,680 | 2.2 | 2.1 | 2.1 | 14.4 | 12.4 | 12.7 | 8.2 | 7.7 | 7.7 | ||||
| Coeur Mining | CDE-T | 8.69 | 640 | 5,559 | 78 | 5,992 | 3.1 | 2.9 | 2.7 | 20.8 | 18.7 | 14.5 | 15.8 | 15.2 | 14.0 | ||||
| Buenaventura | BVN-N | 17.01 | 254 | 4,316 | 589 | 4,762 | 3.3 | 3.0 | 3.0 | 10.6 | 10.1 | 8.0 | 13.4 | 12.4 | 12.6 | ||||
| Hecla Mining | HL-N | 5.74 | 633 | 3,631 | 25 | 3,640 | 3.5 | 3.4 | 3.9 | 24.6 | 13.3 | 19.0 | 12.2 | 11.7 | 13.5 | ||||
| MAG Silver | MAG-T | 28.26 | 103 | 2,110 | 156 | 1,956 | 3.2 | 3.6 | 3.5 | 20.2 | 24.1 | 28.0 | NA | NA | NA | ||||
| Fortuna Mining | FVI-T | 8.94 | 307 | 1,981 | 309 | 1,938 | 1.5 | 1.5 | 1.6 | 8.1 | 7.2 | 7.9 | 4.7 | 4.8 | 5.0 | ||||
| Hochshcild Mining | HOC-L | 278.80 | 514 | 1,894 | 101 | 2,189 | 1.9 | 1.5 | 1.7 | 10.5 | 6.0 | 7.5 | 6.4 | 5.3 | 5.7 | ||||
| First Majestic Silver | FR-T | 8.27 | 291 | 1,737 | 417 | 1,966 | 3.0 | 2.2 | 1.7 | 29.8 | 27.1 | 19.8 | 20.8 | 15.5 | 12.1 | ||||
| Endeavour Silver | EDR-T | 7.02 | 290 | 1,467 | 66 | 1,524 | 3.9 | 2.4 | 2.3 | 64.0 | 10.3 | 13.2 | 22.6 | 13.9 | 13.3 | ||||
| Silvercorp Mining | SVM-T | 6.03 | 218 | 949 | 369 | 822 | 2.2 | 2.1 | 1.8 | 11.4 | 11.1 | 9.7 | 5.0 | 4.7 | 4.0 | ||||
| Avino Silver & Gold | ASM-T | 4.44 | 145 | 464 | 27 | 439 | 5.8 | 4.8 | 4.6 | 21.2 | 15.0 | 12.5 | 164.9 | 135.3 | 129.3 | ||||
| Guanajuato Silver | GSVR-V | 0.29 | 477 | 100 | 3 | 112 | 0.7 | 0.7 | NA | 17.9 | 8.9 | NA | -6.8 | -6.8 | NA | ||||
| Sierra Madre | SM-V | 0.70 | HOLD | 0.70 | 0% | 0.71x | 178 | 90 | 12 | 83 | 2.3 | 1.9 | 1.8 | 6.9 | 7.8 | 11.3 | 3.3 | 2.8 | 2.6 |
| Impact Silver | IPT.V | 0.33 | 275 | 65 | 5 | 59 | NA | NA | NA | NA | NA | NA | NA | NA | NA | ||||
| Silver X | AGX-V | 0.29 | 222 | 47 | 1 | 49 | 2.1 | 1.8 | NA | 4,990.2 | 17.3 | NA | -15.4 | -13.3 | NA | ||||
| Average | 2.83 | 2.52 | 2.67 | 351.21 | 13.82 | 14.20 | 23.93 | 19.92 | 19.18 | ||||||||||
| Average Excl. Outliers <10% / >90% | 2.77 | 2.45 | 2.53 | 18.09 | 13.00 | 13.43 | 9.96 | 8.82 | 10.03 | ||||||||||
| Notes: | |||||||||||||||||||
| 1. Market data, P/Sales, P/E, and EV/EBITDA are consensus estimates are provided by Wisesheets. | |||||||||||||||||||