Stockchase Insights Santacruz Silver Mining Ltd SCZ-X PARTIAL BUY Feb 24, 2025

Silver tends to follow gold, with the caveat that it also has industrial usages, so in a recession it may lag. But we think the outlook is good, with rates likely to decline (eventually) and the US dollar possible weaker (especially if policy moves push it into recession, which is not beyond possibility). Then, we are the typical 'fear' trade on both gold and silver. Recent concern on the gold in Fort Knox is interesting because it has long been rumoured also that silver bullion is in shortage if one looks at all the silver certificates that have been issued. Bottom line: we do think silver moves higher. SCZ is up 100% in the past year, Production has ramped nicely, with 4.7M oz in the Q4. Revenue rose 21% and EBITDA rose 242% in the Q3 (Q4 financials not yet out, just production). It did have a mine fatality in February. Insiders own 11% and net over six months insiders have been buyers. CEO buys are always a little more meaningful. Things look decent here for investors in the sector and willing to take on small cap risks here. 
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