Southern Silver Exploration Corp.
A Potential M&A Target Trading at a Steep Discount – Valuation Report
Published: 3/14/2025
Author: FRC Analysts
Sector: Basic Materials | Industry: Other Precious Metals & Mining
Ticker Symbols:SSVFF - NASDAQ 🔹SSV.V - NEO 🔹
Rating and Key Data
| Metrics | Value |
|---|---|
| Current Price | CAD $0.24 |
| Fair Value | CAD $0.71 |
| Risk | 5 |
| 52 Week Range | CAD $0.16-0.34 |
| Shares O/S (M) | 329 |
| Market Cap. (M) | CAD $79 |
| Current Yield (%) | N/A |
| P/E (forward) | N/A |
| P/B | 2.0 |
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Report Highlights
- SSV’s portfolio consists of four polymetallic projects: Cerro Las Minitas (CLM) and Nazas in Durango, Mexico, as well as Oro and Hermanas in New Mexico, U.S.
- The flagship Cerro Las Minitas (CLM) project hosts a large silver-rich polymetallic resource totaling 303 Moz AgEq, with relatively high-grade silver. At spot prices, silver represents 48% of the resource, followed by zinc and lead at 40%, copper at 8%, and gold at 4%
- A 2024 PEA reported an After Tax-NPV5% of US$931M, and an AT-IRR of 21%, using US$31.5/oz silver vs the spot price of US$34/oz. SSV is trading at just 6% of its NPV. We note that the potential for higher production in the initial years is a key advantage.
- We believe there is resource expansion potential as the deposits remain open laterally, and at depth. SSV is planning a 25,000 m drill program aimed at potentially expanding resources by 10%- 20%.
- With gold/silver trading near record highs, we anticipate increased M&A activity over the next 12 months, as larger companies target juniors to expand their portfol
