Core Viewpoint - Silvercorp Metals Inc. is highlighted as a strong investment opportunity in the silver mining sector, with a reaffirmed Buy rating and a price target of $8.25 per share by Roth MKM analyst Joseph Reagor [1][2]. Financial Performance - In Q2 2026, Silvercorp reported a revenue increase of 23% year-over-year, reaching $83.3 million, driven by a 28% rise in realized silver prices and a 37% increase in gold prices [2]. - The company's net loss was $11.5 million ($0.05 per share), a significant improvement from a loss of $17.7 million in the same period last year, primarily due to a $53.2 million non-cash charge related to convertible notes [2][3]. - Production figures for the quarter included 1.7 million ounces of silver and 2,085 ounces of gold, with production costs per ounce of silver equivalent rising to $0.002, compared to negative $0.73 the previous year [3]. Production Guidance - Silvercorp is maintaining its fiscal 2026 production guidance, expecting to process between 1.33 and 1.37 million tons of ore [3]. Company Overview - Silvercorp Metals Inc. is a Canadian mining company focused on acquiring, exploring, developing, and operating silver-lead-zinc mines, primarily located in China's Ying Mining District and the GC Mine in Guangdong Province [4].

Summary of Mineros S.A. Conference Call Company Overview - **Company**: Mineros S.A. - **Stock Symbols**: OTCQX Best Market - MNSAF; Toronto Stock Exchange - MSA - **Industry**: Metals and Mining Key Points and Arguments Production and Operations - Mineros S.A. has a stable production base in Nicaragua and Colombia, with consistent production and cost profiles over the years [3][4] - The production base includes two underground mines in Nicaragua and alluvial recovery platforms in Colombia, contributing to a consistent production of approximately 200,000 ounces annually [6][12] - The company aims to grow production and reduce all-in sustaining costs (AISC) through low-risk projects and operational excellence [3][4] Financial Performance - The share price has increased by 100% over the last two months, yet the company remains undervalued compared to peers based on EV to consensus production metrics [4] - Anticipated return of $30 million in dividends in 2025, with $15 million already paid this year [4][19] - Free cash flow for the first half of the year was impacted by $43 million in cash tax payments, expected to decrease in the second half [5][6] Gold Price Impact - Gold prices have fluctuated significantly, with an average of $3,600 to $3,700 per ounce in Q3 and exceeding $4,000 in Q4 [5][7] - AISC is variable and linked to gold prices, providing a unique advantage where costs can flex downwards if gold prices drop [7][24] Reserves and Exploration - Proven and probable reserves total approximately 2.1 million ounces, with a production platform consistently yielding around 200,000 ounces [6][12] - The alluvial operation in Colombia has 1.4 million ounces of reserves, with a mine life of about 12 years [8] - The company has significant exploration potential across its land package of approximately 150,000 hectares, with plans for extensive drilling programs [9][14] Environmental and Community Engagement - Mineros S.A. employs a progressive reclamation program, ensuring mined areas are restored for agricultural use post-mining [11] - The company maintains strong community relations and complies with international mining standards [21][22] Growth Strategy - Future growth is expected from both organic expansions (de-bottlenecking operations) and potential inorganic M&A opportunities [29][30] - The company is focused on capital discipline and has no plans for equity issuances or bought deals [20][19] Market Positioning - Mineros S.A. is trading at a significant discount to peers, attributed to historical lack of marketing and exposure [32] - New management is focused on improving transparency and communication to enhance market awareness [32] Risks - Jurisdictional risks in Nicaragua due to sanctions and illegal mining activities in Colombia are acknowledged, but the company believes in the supportive environment for mining in Nicaragua [21][22] Additional Important Points - The company has removed grade caps on artisanal ores, allowing for higher-grade inputs that enhance production potential [15][30] - The acquisition of the La Pepa project in Chile for $40 million is expected to significantly increase mineral inventory and shareholder value [17][18]