Tag

#silver mining

03Reports

2026-07-05 ·白银矿业 ·内部研究

Endeavour Silver: The Three-Mine Platform Is Real, But Silver's Rally Is Doing Much of the Work

Endeavour Silver is a Mexico-and-Peru underground silver miner reshaped by the Terronera mine ramp-up, the Kolpa acquisition, and the Bolañitos divestiture. Q1 2026 revenue jumped to $209.7 million and net earnings to $64.9 million, but results were flattered by a one-time Bolañitos sale gain and by spot silver running far above the company's own $36-per-ounce planning assumption. Rating Hold: the three-mine transformation is real, but at $8.56 the stock offers little margin of safety until shares fall toward the $6.0-6.6 conservative range.

EXK.US Endeavour Silver Corp. #Silver Mining #Terronera Ramp-Up #Kolpa Acquisition #Pitarrilla Development #Mexico Peru Mining #Silver Price Beta

Hold

2026-07-04 ·白银矿业 ·内部研究

Fresnillo: A Genuine Re-Rating, But the Price Already Assumes the Hard Part Is Done

Fresnillo is the world's largest primary silver producer and one of Mexico's largest gold producers, whose 2025 results (adjusted revenue of US$4.65 billion, EBITDA of US$2.80 billion, and net cash of US$1.92 billion) were driven mainly by a favorable metals tape rather than a structural improvement, even as the company cut 2026 guidance to 42-46.5 million ounces of silver and 500-550 thousand ounces of gold after grade and mine-plan setbacks at Fresnillo, Saucito and Herradura. Rating Hold: high cash generation and scarce silver exposure are real, but at £29.22 the price already discounts favorable metals while execution risk, Mexico concentration and Peñoles' 74.99% control remain unresolved, with the ideal buy zone at £15 to £17.

FRES.LSE Fresnillo plc #Silver Mining #Precious Metals #Mexico Risk #Dividend Yield #Governance Discount #Reserve Life

Hold

2026-06-29 ·白银矿业 ·内部研究

Hecla Mining: A Cleaner, Debt-Free Silver Major Still Priced Without a Margin of Safety

Hecla Mining is North America's largest silver producer, now a debt-free, three-mine platform (Greens Creek, Lucky Friday, Keno Hill) that turned the 2025 cyclical upswing into 1.423 billion USD of sales and 310.2 million USD of free cash flow. Asset quality and the balance sheet have genuinely improved, but at 15.54 USD the stock already discounts most of that, and the upside is driven by silver-price beta rather than durable compounding. Rating Hold: a cleaner, better-run silver major worth holding, with no margin of safety for new money until it falls toward the 10-11 USD ideal-buy zone.

HL.US Hecla Mining Company #silver mining #precious metals #Greens Creek #Keno Hill #margin of safety #debt-free #cyclical

Hold