Rankings Commodities & uranium Silver Tiger Metals
Silver Tiger Metals
62
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−8
- Capital allocation−6
- Capex overrun−5
Strengths
- Fully funded+3
- Permits and construction start+2
How the score is built
From 100 to 62, 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
- 0.68 CAD
- Median analyst target
- 1.90 CAD
- Upside to median
- +179.4%
- Analysts
- 3
- Target range
- 1.60 – 2.00 CAD
- 52-week change
- −6%
- P/E (trailing)
- n/a
- Forward P/E
- 92.8
- 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−17 of −30
- −8MarginNo revenue before December 2027; operating loss CAD 5.8m TTM and FCF −24.2m (capex 20.7m), ROIC −2.4%. The loss is counted only here.
- −3Project quality and studiesStockwork PFS: NPV5 USD 456m, IRR 65.7% and about 4.3m oz AgEq a year for 10 years at USD 38 silver; but it is a low-grade heap leach at PFS level (not FS), and the underground part (NPV5 USD 304m) is only a PEA.
- −6Capital allocationThe share count rose 33.6% over a year (including a bought deal of CAD 57.5m in February 2026), and the new issue of CAD 87–100m gives about 16–18% more; construction is financed solely with equity, even though non-dilutive debt was previously discussed.
Price
Today's multiples against the company's own history and its peers. · 1 finding−4 of −35
- −4P/NAV vs peersPro forma market cap approx. 549m CAD (approx. 387m USD) ≈ 0.5x total NPV5 (approx. 725m USD after the capex increase) at 38 USD silver; Blackrock Silver trades at approx. 0.56x. P/B 2.3 vs 0.7–2.8 in 2022–2026. Fair, not cheap, for a project under construction.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−16 of −35
- −5Capex overrunCapex rose 43% from 87 to about USD 124m (10% industry inflation, USD 25m extra earthworks, more expensive equipment) before construction is really under way; the share price (0.85) is now below the issue price of CAD 1.00.
- −5Jurisdiction (Mexico)The permit was Mexico's first new mining permit since 2020, which shows how restrictive policy towards (especially open pit) mines has been; security in Sonora and future legal and tax changes are a persistent risk.
- −4Construction riskThe company has never operated a mine; first pour is planned for December 2027, and only about 66% of capex (USD 81m) was contractually committed as of 10/9/2026.
- −2Warrant overhangThe issue gives about 43.5–50m new warrants at CAD 1.35 over 24 months on top of earlier warrants.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Fully fundedPro forma cash of approx. 173m CAD vs remaining capex of approx. 150m CAD gives approx. 23m surplus and no debt.
- +2Permits and construction startAll SEMARNAT permits for Stockwork Zone were obtained 7/11-2025; construction decision and EPCM contract with KCA in March 2026, and about 200 people were on site in July 2026.
Caveats
What the score does not capture, or where the data is weak.
Penny deep dive (the price of DKK 3.95 is above DKK 3). Developer building the Stockwork Zone (open pit with heap leach, predominantly gold by value) on the El Tigre project in Sonora, Mexico, with first pour planned for December 2027. Price CAD 0.85 and 558.77m shares (market cap about CAD 475m) from stockanalysis 2/10-2026; Nordnet showed DKK 2,308m. The bought deal of 87m units at CAD 1.00 (announced 21/9-2026, closing about 13/10-2026) is NOT included in the share count; pro forma about 646m shares (659m with over-allotment) and a market cap of about CAD 549m. Cash was about CAD 90m on 21/9-2026, pro forma 173m. The PFS and PEA are from January 2026 with USD 38 silver and USD 3,200 gold. Stockanalysis shows both quote/tsx and quote/tsxv; I use TSX (Nordnet slug xtse). Short data and largest owners have not been investigated.
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