A Canadian miner that digs silver, zinc, lead, and copper out of Mexican ground, anchored by its Zimapan mine in Hidalgo. Think of it as a metal scavenger hunting for precious veins beneath old colonial mining country.
Money comes from selling mined silver and base metals, with revenue climbing from USD 0.25B in 2023 to USD 0.33B in 2025. Gross margins hover around 32%, and net margins hit 16%—decent for a miner, though profits swing with metal prices.
Mining rights and 34 concessions at Zimapan give it a physical foothold, but silver prices and ore grades dictate everything, so rivals like Fresnillo plc and Pan American Silver Corp. can outspend it. Moat is weak because the asset is a commodity play with no
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