Rankings Commodities & uranium Blackrock Silver
Blackrock Silver
54
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin−10
- P/NAV and history−6
- Capital allocation−5
Strengths
- Strategic investor+2
- Project economics and jurisdiction+2
How the score is built
From 100 to 54, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.72 CAD
- Median analyst target
- 2.35 CAD
- Upside to median
- +226.4%
- Analysts
- 6
- Target range
- 1.50 – 2.95 CAD
- 52-week change
- +12%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−19 of −30
- −10MarginNo revenue; operating loss of CAD 22.8m and FCF −21.5m TTM, ROIC −68%. The loss is counted only here.
- −4Resource and studiesOnly PEA level: 40.2m oz AgEq indicated and 83m oz inferred (about 2/3 inferred). Project quality is nevertheless high: 454-466 g/t AgEq, AISC USD 17.44 and start-up capital of USD 190m.
- −5Capital allocationThe share count rose 30.8% over a year and has more than doubled since 2021 (156m → 380m); the 2024 issue was at CAD 0.36 with warrants.
Price
Today's multiples against the company's own history and its peers. · 1 finding−6 of −35
- −6P/NAV and historyEV about CAD 349m (about USD 246m) corresponds to about 0.56x the PEA's NPV5 of USD 437m at USD 31 silver, but only about 0.16x at analyst prices (NPV USD 1.55bn). The market cap has, however, risen from CAD 54m (2023) to 369m, and P/NAV at the base price is on par with developers without an FS.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−13 of −35
- −4Short runwayCash of CAD 19.9m at 31/7-2026 vs spending of approx. 5.4m per quarter gives approx. 11 months; a new issue or warrant exercise is necessary in H1 2027.
- −4Timeline and permitsThe decision on underground development is only targeted for H2 2027; the project lacks PFS/FS, permits and construction financing of about USD 190m.
- −2Warrant overhangThe January placement produced approx. 6.8m warrants plus 0.63m broker warrants at CAD 1.50 (to 8/1-2028), and earlier units also had warrants; they cap the price around the exercise levels.
- −3Share price trendThe price (0.97) is below the January placement at CAD 1.10 and the 200-day average (1.27); beta of 3.3 makes the stock very sensitive to the silver price.
Plus
Only documented strengths. · 2 findings+4 of +15
- +2Strategic investorEric Sprott bought CAD 7.0m in the placement at CAD 1.10 (January 2026) together with a new cornerstone investor.
- +2Project economics and jurisdictionPEA: NPV5 USD 437m and IRR 28% at USD 31 silver (USD 1.55bn and IRR 79% at USD 66.90), 7.1m oz AgEq per year, on private land in Nevada close to a town with infrastructure.
Caveats
What the score does not capture, or where the data is weak.
Penny deep dive (the price is above DKK 3). Silver-gold developer with the Tonopah West project on private land near Tonopah, Nevada (high-grade underground). Price CAD 0.97 and market cap CAD 369.0m (380.4m shares at 31/7-2026) from stockanalysis 2/10-2026; Nordnet showed DKK 1,943m (about CAD 418m), so the share count may have risen after 31/7 through warrant exercise – not confirmed. P/NAV is calculated against the PEA's NPV in USD at 1.418 CAD/USD. P/B makes no sense, as drilling is expensed. Warrants from the 2024 issue and short data have not been investigated; Eric Sprott's total ownership is not confirmed.
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