Rankings Commodities & uranium Silver Storm Mining
Silver Storm Mining
33
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Valuation vs history−20
- Margin−10
- Liquidity and debt−8
Strengths
- Validation from a well-known investor+2
- Strategic partners+2
Speculative profile
A penny stock under DKK 3. The asymmetry rating is separate from the Bjarvik score and is not a recommendation.
- Asymmetry (1–10)
- 3
- Price
- 2.41 DKK
- Market value
- DKK 2,101m
- Cash runway
- 3 months
- Cash / debt
- 29.0 / 11.0m CAD
- Dilution, 12 months
- +56%
Bull case
La Parrilla (2,000 t/d combined capacity, historically 34m oz produced) ramps up to full operation in 2027 at silver above $80/oz, and the San Diego project provides an additional large resource. With annual production of 3-4m oz AgEq and low restart costs the company could earn C$60-100m in EBITDA, which could justify C$1-1.5bn - about 2-3x today's value.
Bear case
The start-up is dragging out (the repayment holiday has already been extended), cash lasts only a few months, and a new issue at a lower price becomes necessary. Without reserves, grades and recovery could disappoint, and a fall in the silver price could make the plant unprofitable. At P/B 7.8 there is plenty of room for the price to fall, even without the company going bankrupt.
Catalysts
- 24 Nov 2026Report for the quarter to 30/9/2026 (estimated) – first sales from the oxide and sulphide circuit and new cash balancegradual stockanalysis.com
- Q4 2026Transition from stockpile to underground ore (Quebradillas and Rosarios) and stable operation of the sulphide circuit at 1,250 t/dgradual stocktitan.net
- 2026-2027Drill results from surface and underground drilling at La Parrilla financed by the Sprott issuegradual silverstorm.ca
Risk of going to zeromedium – the plant is producing, and First Majestic, Samsung and Sprott are behind it, but cash is very short, the debt carries a high interest rate, and there are no reserves.
Next financingPro forma cash approx. 29m C$ (8.8m at 30/6 + approx. 20.6m net from the August issue) vs FCF of −25m C$ in the latest quarter. Runway is only approx. 3–4 months unless capex falls and doré/concentrate sales ramp up quickly. Samsung repayments begin after the extended grace period, and First Majestic repayments from October 2027. A new issue or more debt in H1 2027 is likely.
Warrants & convertibles21m warrants at C$0.70 expiring approx. February 2028 (from the issue in August 2026); older warrants and options not counted. No convertibles found; the Samsung prepayment (US$7m) and the First Majestic loan (US$5m, 15%) are debt without conversion.
Insiders, last 12 monthsEric Sprott (via 2176423 Ontario) bought 15m units at C$0.50 (C$7.5m) in August 2026. Other insider trades not examined. Insiders own about 14% according to stockanalysis (incl. First Majestic).
Largest ownersFirst Majestic Silver about 15.7%; Eric Sprott (at least 15 m shares from the August issue, total stake not found); institutions about 8.9% (GDXJ from 18/9-2026).
Circio check(1) Small market cap: partial – approx. C$450m (DKK 2.1bn). (2) Hot theme: yes – silver near a record price. (3) Upcoming milestones: yes – start-up of the sulfide circuit and first quarter with sales. (4) Major partner: yes – First Majestic (approx. 16%), Samsung C&T and Eric Sprott. (5) Funding for 2+ years: no – runway of a few months. (6) Price near the bottom: no – +112% in a year.
Why this asymmetryStrong partners and a real restart give upside, but much of it is already in the price (+112% and P/B 7.8), and the short runway makes a new dilution almost certain. Risk and reward are roughly symmetric.
How the score is built
From 100 to 33, 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
- 0.37 CAD
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +45%
- 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−23 of −30
- −10MarginNo revenue yet (first doré poured in June 2026). Operating loss −C$23.4m and net loss −C$22.9m TTM; ROE −53% (counted only here).
- −7Resources and studiesThe restart of La Parrilla is not supported by mineral reserves under NI 43-101 or a feasibility study; the company has not published production targets, costs or a timeline for commercial production. The sulfide circuit is initially run on stockpiles until underground development is ready.
- −6Capital allocationThe share count has quadrupled from about 216m (2023) to 870m (+56% over a year) to finance the purchase and restart of La Parrilla.
Price
Today's multiples against the company's own history and its peers. · 1 finding−20 of −35
- −20Valuation vs historyMarket cap approx. C$453m and P/B 7.8 vs 2.4–4.6 in fiscal years 2023–25 – for a company with no revenue, no reserves and no published NPV. The share price has more than doubled in a year (+112%) on the restart story.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−22 of −35
- −8Liquidity and debtCash was C$8.8m at 30/6 after FCF of -C$25.2m in the quarter; current liabilities (23.5m) exceed current assets (23.2m). Debt C$11m: Samsung prepayment (US$7m) and a loan from First Majestic of US$5m at 15% interest. The August issue of C$21m covers only about one quarter of spending.
- −6DilutionNew issue in August 2026 of 42m units at C$0.50 with half a warrant (21m warrants at C$0.70, 18 months); share count rose from 816m (30/6) to 870m. Further financing is likely until operations are cash-flow positive.
- −5Start-up and executionThe repayment holiday on the Samsung prepayment has been extended from May to September 2026 and all repayments postponed four months, and First Majestic has had to lend the company money – signs that the start-up costs more and takes longer than planned.
- −3JurisdictionOne plant in Durango, Mexico, with a tightened mining law from 2023 and shorter concessions; the San Diego project is also in Durango.
Plus
Only documented strengths. · 2 findings+4 of +15
- +2Validation from a well-known investorEric Sprott led the August issue and subscribed 15m units for C$7.5m of a total of C$21m; the stock was added to the GDXJ index from 18/9-2026.
- +2Strategic partnersFirst Majestic owns about 15.7% (18.3% partially diluted) and has provided a loan, and Samsung C&T has financed the restart via a prepayment against offtake of concentrate.
Caveats
What the score does not capture, or where the data is weak.
Penny analysis (Under DKK 3 – Canada). The fiscal year ends 31/3, so stockanalysis calls the quarter to 30/6-2026 'Q1 2027'. La Parrilla has been restarted without mineral reserves, without a feasibility study and without published production guidance, NPV or AISC; resource figures have not been investigated. Cash at 30/6 (C$8.8m) is from before the C$21m private placement in August; pro forma cash is an estimate before Q3 burn. No analyst coverage on stockanalysis (forecast 404). Insider trades beyond Eric Sprott's participation have not been investigated systematically.
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