CA$8.25 Warrants Accelerated as Royalty Firm Triggers Early Expiry Deadline

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Silver Crown Royalties Inc. (SCRI:CBOE; SLCRF:OTCQX; QS0:FSE) announced that an Acceleration Event has occurred under the warrant indenture dated November 4, 2025 between the company and Odyssey Trust Company.

According to the company, the Acceleration Event allows the company to accelerate the Expiry Time of certain common share purchase warrants issued under the warrant indenture. As a result, the company delivered notice to the registered holders of the warrants with an exercise price of CA$8.25 that the Expiry Time has been accelerated to 5:00 p.m. Toronto time on April 6, 2026. The warrants are listed on the Cboe Canada Exchange under the symbol SCRI.WT.C.

Under the terms of the warrant indenture, the occurrence of an Acceleration Event permits the company to accelerate the expiry upon providing notice to warrant holders. The company stated that any warrants that remain unexercised after 5:00 p.m. Toronto time on April 6, 2026, will automatically expire and will thereafter be void and of no further force or effect.

The company stated that warrant holders who wish to exercise their warrants are encouraged to contact their investment advisors or Odyssey Trust Company, the warrant agent under the warrant indenture, for instructions on completing the exercise process before the accelerated Expiry Time.

Silver Crown Royalties is a publicly traded silver royalty company that currently holds five silver royalties. According to the company, its business model focuses on generating free cash flow through silver royalty interests.

'Silver's Scarcity Continues to Grow' as Industrial Demand Expands

Bryan Lutz wrote on March 3 that developments in the physical silver market had drawn attention to supply conditions. He noted that "COMEX stock is draining quickly," adding that "physical inventory in the COMEX vaults continues to drain." Lutz also stated that "registered silver is officially available for delivery against a COMEX futures contract," while "eligible silver is not currently available to satisfy a futures contract delivery." He added that "despite the lack of silver hype and the chronic underpricing of physical silver, silver's scarcity continues to grow."

FactSet reported on March 5 that silver prices moved lower during the trading session. The firm wrote that "silver topped declines on the CRB, extending losses to a two-week low," and added that "gold followed the move lower as the dollar firmed throughout the session." The report stated that the market had been digesting economic data, including "lighter than expected weekly jobless claims and a m/m drop in Challenger job cuts," while attention was expected to turn to the February employment report.

According to a March 5 report from Leede Financial, silver demand continued to be supported by industrial applications tied to technology and energy sectors. The firm cited a report from consultancy Oxford Economics titled Silver, The Next Generation Metal, which stated that silver is an indispensable component "critical to the green energy transition and digital transformation over the coming decade." The report noted that "global silver industrial demand is poised to grow further as demand from vital technology sectors accelerates over the next five years," adding that "sectors such as solar energy (PV), automotive electric vehicles (EVs) and their infrastructure, and data centers and artificial intelligence (AI) applications will drive industrial demand higher through 2030."

Leede Financial also stated that solar photovoltaic technologies had become a major source of demand for silver. The report noted that "in 2014, only 11% of silver industrial demand was consumed in this sector, compared to 29% in 2024," reflecting increased adoption of solar energy. It further stated that the European Union aimed "to deliver at least 700 gigawatts of solar capacity by 2030."

The report also discussed automotive demand for silver, stating that the transition toward electric vehicles had increased usage of the metal. It forecast that "global automotive silver demand" would increase at "a compound annual growth rate of 3.4% between 2025 and 2031." According to the report, "EV vehicles will overtake internal combustion engine vehicles as the primary source of automotive silver demand by 2027 and will account for 59% of the market by 2031."

Analyst: 'Strong Upside Breakout' Confirms Silver Royalty Model

According to a January 7 report from Peter Krauth, the company was included in a list of silver equities he identified as offering value. In the report, Krauth wrote, "here are the stocks that I feel offer the best value right now," and listed Silver Crown among them.

In a January 14 report from John Newell of John Newell & Associates, he reiterated his earlier rating on Silver Crown Royalties Inc. as a "Speculative Buy." In the report, he wrote that "since the original article ... was published in late December, the company has moved decisively higher." He stated that "what was previously a constructive base has now resolved into a strong upside breakout, validating both the technical setup and the underlying silver royalty thesis."

In the same January 14 report, Newell also referenced governance developments, writing that "Silver Crown recently announced that Michael Gentile has joined its board of directors," and added that "the combination of price confirmation and governance enhancement materially improves the overall risk-reward profile."

Royalty Portfolio and Transaction Activity

Silver Crown Royalties reported a portfolio consisting of multiple royalty agreements across mining and processing operations. The company presentation stated that its current portfolio includes royalties associated with projects operated by PPX Mining, Pilar Gold, EDM Resources, BacTech Environmental, and Gold Mountain Mining.

At the Igor 4 polymetallic gold and silver project in northeastern Peru, operated by PPX Mining, the company paid US$2.5 million for 15% of the silver produced, capped at 225,000 ounces. The transaction was announced in March 2024, with the first tranche closing in February 2025 and the second tranche closing in August and October 2025. The operator retains the right to double the silver ounce commitment from 15% to 30% through an additional payment from Silver Crown Royalties of US$2.5 million in SCRI equity.

At the PGDM gold mining complex in Goias State, Brazil, operated by Pilar Gold, Silver Crown Royalties paid US$2.0 million for 90% of the silver produced at the project. The transaction was announced in August 2023, with the first tranche closing in August 2023, the second tranche closing in November 2023, and the final tranche closing in August 2024. Pilar Gold retains the right to increase minimum silver ounce payments from 16,000 ounces per year to 32,000 ounces per year for an additional payment from Silver Crown Royalties of US$1.5 million in SCRI equity.

Silver Crown Royalties also holds a royalty agreement with EDM Resources related to the redevelopment of the Scotia Mine in Nova Scotia, Canada. The transaction was structured in February 2023, announced in August 2025, and closed in August 2025. Under the agreement, the company paid CA$1.0 million for 90% of the silver produced at the project, with the payment structured as 50% cash and 50% in SCRI equity. EDM Resources has the right to increase the silver ounce commitment from 7,000 ounces annually to 10,000 ounces annually through an additional payment from Silver Crown Royalties of CA$500,000 in SCRI equity.

The company also completed a royalty transaction with BacTech Environmental related to a tailings reprocessing facility in Ecuador. The transaction was announced in October 2024 and closed in November 2024. Silver Crown Royalties paid CA$1.0 million for 90% of the silver produced at the plant. The agreement also includes an additional CA$1.0 million payment upon funding and a further CA$2.0 million payment upon plant startup, both to be paid in SCRI equity.

In British Columbia, Canada, Silver Crown Royalties holds a royalty agreement associated with the Elk Gold project operated by Gold Mountain Mining. The transaction was structured in the first quarter of 2023 and announced and closed in May 2023. Under the agreement, the company paid CA$2.5 million for 90% of the silver produced at the project. Gold Mountain Mining retains the option to increase minimum delivery payments in increments of 2,000 ounces per year up to a maximum of 20,000 ounces through payments of CA$500,000 in SCRI equity per increment, up to a total potential disbursement of CA$6.5 million. One increment was exercised in the second quarter of 2023.

Ownership and Share Structure¹

Insiders and management, including their friends and family, hold a total of 21% of the company. Institutions own 12%, and private corporations have 10%, according to the company's investor presentation.

As for share structure, Silver Crown has approximately 4.47 million outstanding shares. Its market capitalization is roughly CA$69.2 million, and its 52-week trading range is CA$5.27 to CA$24.91 per share.