Could This Silver Miner Finally Pan Out?

A surprising number of gold/silver miners have been around for decades, raising money and running mines without ever making a penny for their investors.

Several of them finally seem to be getting their acts together, though rebuilding trust among badly burned investors will require a long stretch of seriously good results.

But one such miner has a connection to this newsletter’s Portfolio AND seems to be on the verge of delivering. The general story:

This silver miner has been plodding along since the 1980s, always in transition from promising junior to legit major. But its mines never turned a consistent profit. Costs were too high, production was disappointingly low, and (recently) debt was excessive. I personally stopped watching it after bailing with a big loss in the previous decade.

It recently acquired a debt-free, cash-rich, low-cost junior miner with the goal of using the new mine’s cash flow to repair its own balance sheet.

This unusual strategy paid off in 2025’s Q1, when the additional low-cost ounces combined with rising silver and gold prices to boost earnings and cash flow, enabling the retirement of a big chunk of debt.

Could this miner finally be a legit deleveraging and/or growth story? Let’s find out: