• We are expecting this company to commence commercial production at Velardeña (a silver-gold-lead-zinc mine in Mexico) in the coming weeks. In the past few months, the company generated $1.5M by selling 800 tonnes of concentrates.
    • The company needs to raise $3-$6M in the coming months to fund working capital and initial operations at Velardeña.
    • As we expected, primary production at Rodeo (a gold-silver mine located 80 km west of Velardeña) ended in June 2023. This company is currently processing stockpiles, which could potentially support low-grade production for another three-six months. In Q2, production was down 12% QoQ, but 4% higher than our estimate. EPS was in line with our estimate.
    • We maintain a positive outlook on gold prices, as we anticipate persistent inflation higher than the historic average through the end of 2024. Additionally, we expect the Fed to keep its benchmark rate steady in the upcoming meeting next month, given the backdrop of rising financial instability.
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