Silver Royalty Firm Discovers Massive Upside in Ecuador

1. Silver Crown Royalties Inc. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Silver Crown Royalties Inc. .
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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Silver Crown Royalties Inc. (SCRI:CBOE; SLCRF:OTCQX; QS0:FSE) was recently identified by Bloomberg data as the top performer in the global mining and metals sector for trailing twelve-month revenue growth, with an increase of 365.92%. The company's standout performance follows the release of its latest financials and reflects the success of its minimum silver delivery royalty model.

"Our revenue growth rate is a direct extension of our minimum silver payment approach. We grew our minimum silver delivery base from 4,337 ozs in 2023 to 15,125 ounces in 2024. This represents a growth rate of 250%; the remaining portion of our revenue growth rate was driven by an upward price in silver. Our plan is to continue to add to our silver ounce revenue base and continue to grow," said CEO Peter Bures in a quote to Streetwise Reports. "Understandably, the larger the revenue base, the slower the growth rate. It is easier to double revenues from CA$1 million than from CA$10 billion. With our current path and portfolio, we would expect to grow our revenues by 190% and 100% into 2025 and 2026, respectively, based on CA$30/oz silver."

Silver Crown expects this trend to continue. Based on its current portfolio and projections, the company anticipates revenue of US$1.7 million in 2025 and US$3.5 million in 2026, representing growth of 193% and 106%, respectively. These forecasts are modeled using a US$30 per ounce silver price and assume full satisfaction of minimum delivery obligations.

The company's growth rate has positioned it ahead of other notable names in the space, including Trigon Metals Inc. and Surya Industrial Corp Ltd, which reported 12-month revenue growth rates of 259.14% and 296.90%, respectively, according to Bloomberg data.

Silver Sector Growth Built on Historic Undervaluation

Silver continued to demonstrate volatile but bullish momentum in early 2025, driven by a mix of industrial demand growth, constrained supply, and long-term historical trends. On March 26, Hubert Moolman examined silver's historical rallies following major Dow peaks dating back to 1929. He identified a pattern in which silver prices entered long-term uptrends several years after nominal or Dow/Gold ratio peaks, including those in 1966, 1973, and 1999. Following the Dow's most recent nominal high in December 2024, Moolman wrote, "We are in the midst of a major silver rally," if the historical cycle holds.

Writing on March 30, Richard Mills at Ahead of the Herd emphasized that 2024 marked the fourth consecutive year of a global silver supply deficit, with another shortfall forecast in 2025. Mills cited Oxford Economics data projecting a 42% increase in demand across industrial, jewelry, and silverware applications between 2023 and 2033. Meanwhile, total silver supply was expected to fall 1% in 2024, contributing to a deficit of 215.3 million ounces, the second-largest in more than 20 years. "Mexico's silver production is now declining double digits annually for the first time in almost a decade," he wrote, highlighting a broader contraction in output across Latin America.

Also, on March 30, Technical Analyst Clive Maund observed that silver had lagged gold in the early stages of a sector-wide bull market. The analysis noted that silver remained suppressed by overhanging supply levels dating back to its 2011 highs but had formed a long-term Cup & Handle base pattern that broke out in 2023. It described silver's modest price gains as a healthy sign, reflecting a lack of speculative froth. "There is no speculative interest . . .  the retail investor is not involved in the PM sector at all yet," the report stated. The silver-to-gold ratio was cited as being near historic lows - comparable to levels seen during the 2008 crash and the spring of 2020 - suggesting silver remained significantly undervalued.

According to FX Empire on April 1, silver's recent movement was "noisy" as traders reacted to macroeconomic uncertainty and gold's record-setting performance. Analyst Christopher Lewis noted that "silver, of course, is being dragged higher by gold overall" while identifying support at US$33.33 and resistance near US$35.

Structured NSR Royalties Unlock Value from Silver Byproduct Streams

Silver Crown Royalties has built a portfolio of silver-focused Net Smelter Return (NSR) royalties structured to include minimum delivery obligations. These royalties are designed to monetize silver byproduct streams from gold and base metal operations — a niche that often goes unrecognized in traditional streaming or royalty models.

The company currently holds royalty agreements on producing assets such as the Elk Gold Mine and Pilar Gold's PGDM complex, as well as a pre-development facility in Ecuador operated by BacTech Environmental. Combined, these agreements represent 22,000 ounces of minimum annual silver deliveries, with expansion potential of over 80,000 ounces per year by 2026.

In August 2024, Silver Crown exercised its option to upsize its royalty on PGDM to 90% of silver produced, enhancing its long-term exposure to production from the asset. The company also holds two additional binding agreements and is in discussions on over ten potential future deals.

"Our plan is to continue to add to our silver ounce revenue base and continue to grow," Bures said. "Understandably, the larger the revenue base, the slower the growth rate. It is easier to double revenues from CA$1 million than from CA$10 billion."

As of December 13, 2024, Silver Crown had 2.4 million shares outstanding, with an implied market capitalization of CA$17.0 million (~US$12.6 million). Since its inception, the company has raised over C$5 million through a series of structured equity placements, often tied to performance milestones or tranches based on delivery targets.

With its unique focus on silver, emphasis on minimum delivery royalties, and disciplined capital deployment, Silver Crown Royalties has positioned itself as a rapidly growing player in the mining royalty sector.

Silver Crown's 470% Upside Target Backed by Rapid Growth and Expanding Silver Royalties

Couloir Capital analyst Tim Wright issued a bullish research note on January 21, assigning a Buy rating to Silver Crown Royalties Inc. and setting a target price of CA$32.34. At the time of publication, the stock traded at CA$6.70, representing an implied upside of approximately 470%.

Wright cited Silver Crown's position as the only pure-play silver royalty company in the market and pointed to the company's 286% revenue growth between Q3 2023 and Q4 2024 as a key indicator of accelerating performance. He highlighted multiple catalysts that drove this momentum in late 2024, including new listings on Cboe Canada, OTCQX, and the Frankfurt Stock Exchange, and the addition of Salman Partners as a strategic advisor.

Among Silver Crown's most impactful assets, Wright pointed to the CA$4.0 million royalty agreement with BacTech Environmental, which secures 35,000 ounces of minimum silver deliveries annually for ten years. He also noted the company's royalty on PPX Mining Corp.'s Igor 4 project in Peru, covering up to 15% of silver production. Based on total expected deliveries of 36,063 ounces in 2025, Wright projected these assets could contribute over US$1 million (CA$1.43 million) in revenue for the company that year.

As of March 26, 2025, Silver Crown's reported shareholder composition included 57% retail investors, 21% management and insiders, 16% institutional holders, and 6% corporate investors, according to company data.

While the report acknowledged risks such as execution challenges, silver price volatility, and potential future equity financings, Wright underscored Silver Crown's relative valuation. He cited the company's Enterprise Value to Equity Raised ratio of 1.0, significantly below the peer group average of 5.7, as evidence of attractive upside potential.

Ownership and Share Structure

Insiders and management hold a total of 21% of the company, institutions own 16%, and private corporations have 6%, noted Wright with Couloir.

"Insider ownership by management aligns management's interests with those of shareholders, which is a desirable attribute," he added.

As for share structure, Silver Crown has 2.49M outstanding shares and 2.1M free float traded shares. Its market cap is US$10.6 million. Its 52-week trading range is CA$6.50–9.85 per share.