SSV, even with this year's 35% gain, is still only $95M market cap. It has $3.5M cash (plus $15M raised in July), no revenue, losses and negative cash flow. There are lots of risks here, but also potential. Its flagship asset Cerro Las Minitas is one of the world’s top five undeveloped silver projects, with an indicated resource of 42.1 million ounces of silver and inferred resources of 73.6 million ounces. A Preliminary Economic Assessment (PEA) update increased throughput to 5,300 tonnes per day, extending mine life by over 2.5 years and raising after-tax NPV5% to nearly US$1 billion at current metals prices. Annual production is forecast at 11.4 million silver-equivalent ounces (including 4.9 million pure silver ounces). Capital expenditures for the mine should be financable at less than $500M. There has been a bit of insider buying this year. While it has moved, it is lagging others in the sector. We think it looks pretty good consider its assets and current valuation.
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