Rankings Commodities & uranium Silver X Mining
Silver X Mining
68
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
- Resource and studies−5
- Multiples vs history and peers−5
- Jurisdiction−5
Strengths
- Execution+3
- Resource growth+2
How the score is built
From 100 to 68, 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
- 0.67 CAD
- Median analyst target
- 2.01 CAD
- Upside to median
- +200.0%
- Analysts
- 4
- Target range
- 1.69 – 2.50 CAD
- 52-week change
- +35%
- P/E (trailing)
- 80.4
- Forward P/E
- 6.5
- 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? · 4 findings−17 of −30
- −4Margin and FCFFirst profit: net result 7.7 m USD in H1 2026 and operating margin about 30% TTM, but FCF is still negative (−14.9 m USD TTM, FCF margin −33%), because the ramp-up ties up working capital and capex.
- −4Cost levelAISC of USD 46.10 per AgEq oz in Q2 2026 is high; the margin against the realized silver price (72.67 USD, −20% quarter over quarter) is only about 37% and disappears at a silver price around USD 45.
- −5Resource and studiesProduction is not based on a PFS or FS, and there are no reserves; 72% of the resource (180.9 of 251.7m oz AgEq) is inferred.
- −4Capital allocationThe share count rose 38.9% over a year, and the expansion is financed with an expensive convertible (10% interest); interest can be paid in shares until end-2027.
Price
Today's multiples against the company's own history and its peers. · 1 finding−5 of −35
- −5Multiples vs history and peersP/B 3.8 vs 0.8–1.7 in 2021–24 and trailing P/E 106, but forward P/E 8.4 and EV/Sales 3.8 vs Santacruz Silver 1.9 and Avino 6.9. EV per ounce in the resource (approx. USD 0.70 per AgEq oz) is low; the price is reasonable, not cheap, given the high AISC.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−15 of −35
- −5JurisdictionPeru has political instability and conflicts with informal miners and local communities in the highlands; Silver X has only one mine, so a blockade or suspension hits all revenue.
- −4Convertible debtSenior secured convertible of CAD 69m at 10% interest (maturing 18/3-2031), convertible at CAD 1.62 (about 42.6m shares, about 15% dilution); about CAD 6.9m in annual interest equals a large part of current FCF capacity.
- −4Ramp-up and expansionThe target is 1,000 tpd in Q3 2026 (Q2 average approx. 700 tpd), and the path to 6m oz AgEq in 2029 requires two plants of 1,500 tpd; the environmental permits are not expected until 2027, and capex has not been published.
- −2Ownership and liquidityInstitutions own only 2.6% and insiders 6.0%; no large strategic owner, and the stock has a beta of 1.9.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3ExecutionRecord revenue of USD 17.3m in Q2 2026 (+221% year on year), record adjusted EBITDA of USD 6.9m and first half-year profit, while AISC fell 13% quarter on quarter.
- +2Resource growthThe M&I resource rose 173% to 70.8m oz AgEq (213 g/t) and inferred 43% to 180.9m oz (252 g/t) in the update of 22/9-2026.
Caveats
What the score does not capture, or where the data is weak.
Penny deep dive (the price is above DKK 3). Small silver-gold-lead-zinc producer with one mine (Nueva Recuperada, Huancavelica, Peru). The company reports in USD while the share price is in CAD; stockanalysis mixes the two (the statistics page shows revenue CAD 64.4m, the financial statement page USD 45.3m). I use the company's USD figures converted at 1.418 CAD/USD (6.5833/4.6427). Debt is stated at the nominal value of the convertible (CAD 69m); stockanalysis shows 62.4m. Price CAD 0.88 and market cap CAD 252.4m (286.8m shares) from stockanalysis 2/10-2026; Nordnet showed DKK 1,259m. Production is not based on a PFS or FS (no reserves). Warrants and insider trades have not been systematically investigated; short data does not exist for TSXV.
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