Next Generation Silver Producers: Part I

While there are a dearth of primary silver producers and even fewer quality companies, the same can’t be said of the next generation of primary silver producers. With the exception of Pan-American, Hochschild, Hecla, Fortuna, Fresnillo and arguably First Majestic Silver, there are essentially only a couple to no other high-quality primary silver producers (meaning no other companies derive at least 65% of total revenue from silver-equivalent production (silver and gold) and at least 40%-45% +/- from silver, now or in the future (inclusive a company’s advanced development projects), and have an all-in sustaining cost (AISC) profile per ounces of silver in the lowest quartile or bottom 40-50% on the industry cost curve (which may exclude First Majestic Silver for the time being).