~7.5Moz
AgEq production
(Ag & Au)
~$14/oz Ag
FY2026 AISC
(net of by-product credits)
$422M
Cash
(Mar 31, 2026)
$292M
Investments
(Jun 30, 2026)
Exposure to Silver's Long-Term Demand Story
Silver plays an important role in electrification, including solar energy and electric vehicles. Recent data* showed that 58% of all silver demand was for industrial use. Additionally:
- 1,131 Moz of total demand in 2025
- Global mine production ~850 Moz (stagnant)
- Fifth consecutive annual supply deficit
*2025 World Silver Survey, The Silver Institute.
Profitable, Low-Cost Silver (Ag) Producer
- 7.5 Moz annual AgEq production (Ag & Au)
- ~90 Mlb annual lead and zinc production
- 65% EBITDA margin
- 70% of revenue from Ag
Large Precious Metals Inventory Supports Near-Term Growth
- 845 Moz AgEq measured + indicated resources
- ~471 Moz AgEq inferred resources
- Indirect exposure through investments:
- +212 Moz AgEq through 28% of New Pacific Metals
- +1 Moz Au through 28% of Auro Metals
Strong Balance Sheet and Liquidity
- $422M cash (March 31, 2026)
- $292M investments (June 30, 2026)
- RMB 1.5B* term facility (undrawn)
*~US$220M
