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1、Everything you need to know about the precious metal silver!Silver Report 202223DisclaimerDear reader,Please read the complete disclaimer in the fol-lowing pages carefully before you start reading this Swiss Resource Capital Publication.By using this Swiss Resource Capital Publication you agree that
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3、ource Capital AG directly own and/or indirectly own shares of following Companies which are described in this publication:Eloro Re-sources,Endeavour Silver,First Majestic Silver,MAG Silver,Reyna Silver,Sierra Madre Gold&Silver,Vizsla Silver.Swiss Resource Capital AG has closed IR consultant contract
4、s with the following com-panies which are mentioned in this publication:MAG Silver,Sierra Madre Gold&Silver,Vizsla Sil-ver.Swiss Resource Capital AG receives compen-sation expenses from the following companies mentioned in this publication:Eloro Resources,Endeavour Silver,First Majestic Silver,MAG S
5、il-ver,Reyna Silver,Sierra Madre Gold&Silver,Vizsla Silver.Therefore,all mentioned companies are sponsors of this publication.Risk Disclosure and LiabilitySwiss Resource Capital AG is not a securities service provider according to WpHG(Germany)and BrseG(Austria)as well as Art.620 to 771 obliga-tions
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43、 or turn out to be incorrect and therefore may cause actual results,performances or successes to differ materially from those stated or postulated in such forward-looking statements.Such factors and assumption include but are not limited to:failure of preparation of resource and re-serve estimates,g
44、rade,ore recovery that differs from the estimates,the success of future explorati-on and drill programs,the reliability of the drill,sample and analytical data,the assumptions regar-ding the accuracy of the representativeness of the mineralization,the success of the planned metallur-gical test work,
45、the significant deviation of capital and operating costs from the estimates,failure to receive necessary government approval and en-vironmental permits or other project permits,chan-ges of foreign exchange rates,fluctuations of com-modity prices,delays by project developments and other factors.Poten
46、tial shareholders and prospective investors should be aware that these statements are subject to known and unknown risks,uncertainties and other factors that could cause actual events to dif-fer materially from those indicated in the for-ward-looking statements.Such factors include but are not limit
47、ed to the following:risks regarding the inaccuracy of the mineral reserve and mineral re-source estimates,fluctuations of the gold price,risks and dangers in connection with mineral explo-ration,development and mining,risks regarding the creditworthiness or the financial situation of the supplier,th
48、e refineries and other parties that are doing business with the company;the insufficient insurance coverage or the failure to receive insuran-ce coverage to cover these risks and dangers,the relationship with employees;relationships with and the demands from the local communities and the indigenous
49、population;political risks;the availabili-ty and rising costs in connection with the mining contributions and workforce;the speculative nature of mineral exploration and development including risks of receiving and maintaining the necessary licences and permits,the decreasing quantities and grades o
50、f mineral reserves during mining;the global financial situation,current results of the current ex-ploration activities,changes in the final results of the economic assessments and changes of the pro-ject parameter to include unexpected economic factors and other factors,risks of increased capital an
51、d operating costs,environmental,security and authority risks,expropriation,the tenure of the company to properties including their ownership,increase in competition in the mining industry for properties,equipment,qualified personal and its costs,risks regarding the uncertainty of the timing of event
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88、al AG and also for the content of the advertised website and the adverti-sed products and services.The presentation of the advertisement does not constitute the acceptance by Swiss Resource Capital AG.No contractual relationshipUse of the website www.resource-capital.ch and its sub-websites and www.
89、resource-capital.ch newsletter as well as in all publications of Swiss Re-source Capital AG no contractual relationship is ente-red between the user and Swiss Resource Capital AG.In this respect there are no contractual or qua-si-contractual claims against Swiss Resource Capital AG.Protection of per
90、sonal dataThe personalized data(e.g.mail address of cont-act)will only be used by Swiss Resource Capital AG or from the respective company for news and infor-mation transmission in general or used for the res-pective company.Data protectionIf within the internet there exists the possibility for entr
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93、e of contact data like postal addresses,tele-phone and fax numbers as well as email addresses published in the imprint or similar information by third parties for transmission of not explicitly re-quested information is not permitted.Legal action against the senders of spam mails are expressly re-se
94、rved by infringement of this prohibition.By registering in www.resource-capital.ch web-site and its sub-websites or in the www.resour-ce-capital.ch newsletter you give us permission to contact you by email.Swiss Resource Capital AG receives and stores automatically via server logs in-formation from
95、your browser including cookie infor-mation,IP address and the accessed websites.Reading and accepting our terms of use and privacy statement are a prerequisite for permission to read,use and interact with our website(s).67Disclaimer 02Table of Contents|Imprint 07Preface 09Silver:The miracle metal sh
96、ines with thousands of possible applications that will cause future demand to explode!.10Expert-Interview with Prof.Dr.Torsten Dennin CIO Asset Management Switzerland AG.16Company profiles Eloro Resources .20Endeavour Silver.24First Majestic Silver.28MAG Silver.32Reyna Silver.36Sierra Madre Gold&Sil
97、ver.40Vizsla Silver.44EditorSwiss Resource Capital AG Poststr.19100 Herisau,Schweiz Tel:+41 71 354 8501Fax:+41 71 560 4271inforesource-capital.ch www.resource-capital.chEditorial staffJochen StaigerTim RdelLayout/DesignFrauke DeutschAll rights reserved.Reprinting material by copying in electronic fo
98、rm is not permitted.Editorial Deadline 9/30/2022Cover:AdobeStock_448592930Page 11:Page 13:Unless otherwise indicated,all images and graphics have been provided by the companiesBack 1:MAG Silver 2:Eliora Henzler/ 3:First Majestic4:Charts 10/08/2022by JS Charts by amChartsTable of ContentsImprintYou d
99、o not have to be a stock market professional to make wise investment decisions.Invest together with Swiss Resource Capital AG and Asset Management Switzerland AG in the mega-trend commodities.Since 05.03.2020 the experts specialist knowledge has been available as a Wikifolio certificate:SRC Mining&S
100、pecial Situations ZertifikatISIN:DE000LS9PQA9WKN:LS9PQA Currency:CHF/Euro*Certificate fee:0,95%p.a.Performance fee:15%We recommend that interested parties and potential investors obtain comprehensive information before making an investment decision.In particular,about the potential risks and rewards
101、 of the security.You are about to purchase a product that is not simple and can be difficult to understand.Further,important information can be found at:www.resource-capital.ch/de/disclaimer-agb*Trading in Euro is possible at the Euwax in Stuttgart.Invest with the commodity professionalsCurrently th
102、e following titles are represented in the SRC Mining&Special Situations Certificate(10/2022):AGNICO EAGLE MINES|ALPHA LITHIUM CORP.|ANGLO AMERICAN|ARIS MNG.CORP.|AURANIA RESOURCES|BARRICK GOLD|BHP BILLITON|CALEDONIA MINING|CALI-BRE MINING|CANADA NICKEL|CHESAPEAKE GOLD|CONDOR GOLD|CONSOLIDATED URANIU
103、M|COPPER MOUNTAIN MINING|CYPRESS DEVELOPMENT|DENARIUS METALS CORPORATION|DISCOVERY SILVER CORP.|ENDEAVOUR SILVER|FRANCO-NEVADA|FREEPORT-MCMORAN|FURY GOLD MINES|GOLD ROYALTY CORP.|GOLD TERRA RESOURCE|GOLDMINING|HANNAN METALS|ISOENERGY|KARORA RESOURCES|KUTCHO COPPER|LABRADOR URANIUM INC.|LI-METAL CORP
104、.|MAG SILVER|MAPLE GOLD MINES|MAWSON GOLD|MEDMIRA INC.|NEWMONT GOLDCORP|OCEANAGOLD|OSISKO GOLD ROYALTIES|PETROBRAS(ADR)|REVIVAL GOLD|RIO TINTO|SATURN OIL&GAS|SIBANYE STILLWATER|SKEENA RESOUR-CES|SUMMA SILVER CORP.|TIER ONE SILVER INC.|TORQ RESOURCES INC.|TRILLIUM GOLD MINES|TUDOR GOLD|URANIUM ENERGY
105、|VICTORIA GOLD|VIZSLA SILVER9Dear Readers,We started our special report series(which also includes a precious metals report,a battery metals report and a uranium report)in 2016 with a silver report,and in this is-sue,we are once again presenting you with a wealth of information on what will proba-bl
106、y be the most important metal of the co-ming decades.Because silver is finding more and more applications.Especially the boom markets photovoltaics,electromobili-ty and 5G will increase demand from now on while supply will decrease at the same time.Silver production will continue to decline worldwid
107、e in 2022.There are alrea-dy signs of enormous growth in demand for silver in these sectors,which will not be met by the currently existing mines.In 2021,a deficit of 50 million ounces of silver was al-ready seen and for 2022,a silver deficit of 70 million ounces is already expected.The solar indust
108、ry is going through the roof.In the U.S.alone,30 gigawatts will be instal-led next year,rising to 50 gigawatts in 2027.This will increase silver demand by about 70-100 million ounces per year alone,as 1 gigawatt of solar requires about 2.2 million ounces of silver.Stocks at the LBMA in London fell t
109、o around 920 million ounces of silver last month.This means that physical stocks are also coming to an end.In view of ever-expanding money supply growth,silver will certainly continue to see high demand from the investment sector in the coming years.Moreover,a highly manipulated silver futu-res mark
110、et could become highly distressed in the foreseeable future when it comes to having to cover physical supplies.The LB-MAs 920 million ounces also include ETF holdings that already belong to investors.But people like to present it as if deliveries are not a problem.However,you cannot de-liver what do
111、es not belong to you.Because then it would be theft.In this silver report,we will introduce you to some interesting companies that are suita-Prefaceble for speculation on rising silver prices.We also want to give you the necessary ba-sic knowledge by means of our general part,so that you can make yo
112、ur own decisi-ons.Swiss Resource Capital AG has made it its business to inform commodity investors,interested parties and those who would like to become one,up-to-date and compre-hensively about the most diverse commo-dities and mining companies.On our web-site www.resource-capital.ch you will find
113、more than 35 companies and a lot of infor-mation and articles about commodities.We would like to give you the necessary in-sights and inform you comprehensively th-rough our special reports.In addition,our two commodity IP-TV channels www.Com-modity-TV.net&www.Rohstoff-TV.net are always available to
114、 you free of charge.For on the go,we recommend our new Com-modity TV App for iPhone and Android,which provides you with real-time charts,quotes and also the latest videos.My team and I hope you enjoy reading the Special Report Silver and that we can pro-vide you with lots of new information,im-press
115、ions and ideas.Yours,Jochen StaigerThe whole world of commodities in one App:Commodity-TV CEO and expert interviews Site-Visit-Videos Reports from trade shows and conferences around the world Up-to-date mining information Commodity TV,Rohstoff-TV and Dukascopy TV Real-time charts and much more!Swiss
116、 Resource Capital AG|Poststrasse 1|9100 Herisau|Schweiz|www.resource-capital.ch|inforesource-capital.chCEO and expert interviews Site-Visit-Videos Reports from trade shows and conferences around the world Up-to-date mining information Commodity TV,Rohstoff-TV and Dukascopy TV Real-time charts and mu
117、ch more!Swiss Resource Capital AG|Poststrasse 1|9100 Herisau|Schweiz|www.resource-capital.ch|inforesource-capital.chcreated byCommodity-TVCEO and expert interviews Reports from trade shows and conferences around the world Up-to-date mining information Commodity TV,Rohstoff-TV and Dukascopy TVcreated
118、 byFree download here:Jochen Staiger is founder and CEO of Swiss Resource Capital AG,located in Herisau,Switzerland.As chief-editor and founder of the first two resource IP-TV-channels Commodity-TV and its German counterpart Rohstoff-TV,he reports about companies,experts,fund managers and various th
119、emes around the international mining business and the correspondent metals.Tim Rdel is Manager News letter,Threads&Special Reports at SRC AG.He has been active in the commodities sector for more than 15 years and accompanied several chief-editor positions,e.g.at Rohstoff-Spiegel,Rohstoff-Woche,Rohst
120、offraketen,the publications Wahrer Wohlstand and First Mover.He owns an enormous commodity expertise and a wide-spread network within the whole resourcesector.1011ring technology as soldering alloys(so-cal-led hard soldering),contact materials(especially in relays)and conductive mate-rials(for examp
121、le as capacitor coatings).Since silver has antibacterial and antiviral effects,it is already considered a potential savior in medical and pharmacological ap-plications of the future.Supply situationSilver production approaches pre-crisis level againAccording to The Silver Institute,global silver pro
122、duction reached its all-time high of around 900 million ounces in 2016.Sin-ce then,annual silver production fell stea-dily to around 836 million ounces in 2019.In the first corona year 2020,global silver production slumped to just 781 million ounces due to corona,falling below the 800-million-ounce
123、mark for the first time since 2012.In 2021,there was an increase from an exceedingly low level to 823 million ounces,which was,however,below the le-ars in appropriate applications(e.g.photo-voltaic panels),with the sheer volume of potential applications growing steadily as technology advances.In add
124、ition to being an industrial metal,sil-ver is also an investment object(hence the term hybrid metal“).Like gold,it is basi-cally money and serves to preserve value.It can also be seen as a kind of hedge against progressive inflation.Main applications:Electronics,alloys,photography,pharma-ceuticals/m
125、edicine,photovol-taics,electromobility.Its top values in important properties(hig-hest electrical conductivity of all metals,high thermal conductivity and pronounced optical reflectivity)make silver indispensab-le above all in the fields of electrics(photo-voltaics),electronics(electromobility)and o
126、ptics or photography.In addition,there are applications as silver alloys(with cop-per,zinc,tin,nickel,indium),which are used in electrical engineering and solde-Silver:The miracle metal shines with thousands of possible applications that will cause future demand to explode!Silver is irreplaceable fo
127、r many high-tech applicationsFor many private investors,silver is merely a kind of store of value with little glitz and glamor.But this view is completely wrong.Although silver is clearly an investment to preserve value and is also nice to look at in the form of jewelry,silver nevertheless has a kin
128、d of hybrid function“.This means that recently about 50%of the total silver de-mand came from the industry,while the rest was mainly demanded by professional investors in the form of bars and coins as well as by the jewelry industry.In this cont-ext,demand picked up strongly last year.Also from the
129、investor side,but more and more demand is coming from booming high-tech sectors such as electromobility,photovoltaics and 5G technology.Although copper is by far the most widely used metal in electrical engineering,its unbeatable properties in terms of the highest electrical conductivity of all elem
130、ents and the highest thermal conductivity of all metals clearly make silver one of the metals most in de-mand in the current decade,although pro-duction has long been unable to keep pace and there has de facto been an ever-grea-ter supply deficit on the silver market for several years.The electric(c
131、ar)revolution,the massive expansion of renewable energy sources,and the global establishment of 5G technology are causing demand for silver to explode.A veritable explosion in demand with growth rates in the double-digit percentage range can be expected in the future,espe-cially from industry,and th
132、e first signs of this have already been noticeable for seve-ral years.The energy sector in particular will play a dominant role.Especially the use in many new components of more and more electric vehicles,in photovoltaic sys-tems(installed over several decades),but also in 5G networks and in the med
133、ical sector,will cause industrial demand to rise sharply in the coming years.This is made possible by the special properties of silver that cannot be replaced by any other me-tal,which will be discussed in more detail below.The element silverSilver is a chemical element with the ele-ment symbol Ag a
134、nd the atomic number 47 and belongs to the so-called transition me-tals,to which the precious metals also be-long.From a purely chemical point of view,precious metals are metals which are cor-rosion-resistant,i.e.which are permanently chemically stable in a natural environment under the influence of
135、 air and water.Silver is a soft,easily malleable heavy me-tal with unique properties,such as the hig-hest electrical conductivity of all elements and the highest thermal conductivity of all metals.It is precisely these properties that make it an indispensable metal in industrial applications.The met
136、al is finding its way into more and more high-tech areas such as photovoltaics or the electric car,but also in medical applications,which are ex-periencing an immense technological boost right now in the Corona crisis.But silver is much more than that:unlike gold,it is sometimes bonded for many ye-M
137、elting Point 961,78 CBoiling Point 2210CAgKr 4d105s1 47SILVER(Source:zlataky by )1213vel of the last pre-Corona year 2019.For 2022,experts at The Silver Institute“ex-pect production to increase to around 843 million ounces,which would bring it back to the pre-crisis level of 2019.This de-velopment i
138、s primarily supported by higher production from primary silver mines.With annual production of around 196 milli-on ounces,Mexico ranked first among the producing nations in 2021,followed by China(113 million ounces)and Peru(108 million ounces).China thus replaced Peru as the second most important si
139、lver pro-ducer.These three countries were thus to-gether responsible for around 50%of glo-bal silver production.Silver is mainly extracted as a by-productOnly about a quarter of the annual silver production comes from mines in which sil-ver is the primary raw material.Most of it comes from mines whe
140、re silver is only a by-product,i.e.mainly from zinc/lead mi-nes,but also from copper and gold mines.Base and precious metal prices influence silver production in both directionsFor many years,this heavy dependence primarily on base metals such as lead,zinc and copper meant that weak base and pre-cio
141、us metal prices and the associated clo-sure of mines or at least reduction in the corresponding base metal production also had a negative impact on the production of silver as a by-product.In recent years,price declines-above all for copper,but also for lead-have caused silver producti-on to fall.A
142、recent increase in base and precious metal prices will lead to an increa-se in supply from secondary mines in the short term,but several medium to large zinc/lead mines are expected to close in the coming years,which means that silver volumes are likely to decline.Furthermore,there is still an inves
143、tment backlog which has accumulated in the past years due to the weak price development.Correspon-ding mining projects have been put on hold and only insufficiently developed.As a re-sult,these projects are likely to be brought into production only after a long delay.Recycling share continues to ris
144、e,but cannot compensate for the existing supply deficitSilver recycling fell since 2011 from 233 million ounces to just 146 million ounces by 2016.Since then,the recycling sector has been able to make some gains again,in-creasing its supply to 173 million ounces of silver by 2021.For 2022,a minimal
145、increa-se of 4%to around 180.5 million ounces is expected here.This means that the exis-ting supply deficit will not be offset by the recycling sector in 2022 either.Silver supply rising overall Overall,global silver supply in 2021(inclu-ding recycling)recorded an increase of around 5%or 44 million
146、ounces to 997.2 million ounces from an extremely low level.Silver production(excluding recycling)in-creased by 5%,recycling by 7%.For 2022,The Silver Institute“expects total silver supply to increase by 3%to 1,030 million ounces.Demand situationSilver demand continues to rise stronglyTotal silver de
147、mand including ETPs(exch-ange traded products,physically deposi-ted)reached a record high of around 1,063 million ounces in 2013 and fell to around 954 million ounces by 2018.In 2020,al-though there was a Corona-related slump in demand excluding ETPs to 880 million ounces,at the same time there was
148、de-mand from ETPs of around 331 million ounces,resulting in record demand of 1,211 million ounces of silver.In 2021,total demand fell to about 1,114 million ounces.For 2022,The Silver Institute“expects de-mand to pick up to around 1,127 million ounces.Overall,demand for silver increa-sed in all key
149、sectors in 2021,with only ETPs having to contend with a sharp drop in demand.Demand from jewelry sector and industry record increases and record levels,respectivelyThe strongest increase in demand in 2021 was recorded by physical silver invest-ments in the form of bars and coins with 278 million oun
150、ces(+36%),followed by sil-verware with+32%and the jewelry indust-ry with+21%.Demand from the industrial sector(excluding photography)increased by 9%to a record high of 638 million oun-ces.Demand will also increase in 2022For 2022,The Silver Institute“expects a further increase in silver demand to 1,
151、127 million ounces.Due to steadily increasing silver applications and improved economic conditions,demand from industry is fo-recast to rise by 6%and for silverware by 23%.Demand for jewelry is expected to increase by around 11%,in 2022.Physical silver investments are expected to increase only margi
152、nally by around 500,000 ounces to 279.2 million ounces of silver.Photovoltaics and electromobility cause rapid growth in demand Since 2011,the photovoltaic sector has played a major role in silver demand.This rose from 48.4 million ounces in 2014 to 113.7 million ounces in 2021.For 2022,The Silver I
153、nstitute“even expects further growth to 127 million ounces.Many govern ments around the world have issued ambitious plans to expand their photovol-taic fleets in recent years.Experts predict that demand from the photovoltaic sector could increase to up to 150 million ounces per year by 2025.Importan
154、tly,this means that more and more silver will be tied up in corresponding solar modules for several decades!(Source:american-public-power-association by )Global silver mine production 2005-2021(Source:own representation)Production in metric tonsSilver supply(blue)and silver demand(gray)(Source:own r
155、epresentation)1415inflation-related increase in mining costs is likely to ensure that supply will not rise further either.A rising supply deficit is the-refore the most likely option for the coming years.The best silver stocks promise multiplication potential!This opens up the opportunity for good r
156、e-turns for interested silver investors.After all,the corresponding share values are still strongly undervalued.We have taken this as an opportunity to present some promi-sing silver companies to you in the follo-wing.We focus primarily on development companies with extremely promising pro-jects and
157、 on already producing mining companies with established and profitable deposits.The supply side has recently picked up again,which is not surprising after the ex-tremely weak year 2020.However,the highs of past years could not be reached again.In recent years,most primary silver producers focused pr
158、imarily on reducing mining prices due to a persistent bear market in silver prices.Particular savings were made in exploration,which resulted in very few major deposits being discover-ed in recent years.Price weaknesses for several base metals meant that the de-velopment of mines producing silver as
159、 a by-product was initially put on hold.An equally lower silver price and at the same time noticeably rising mining costs,which are primarily due to inflation,recently cau-sed noticeable problems for more and more silver producers.Many mines have all-in costs of US$20 per ounce and more and will not
160、 be sustainable at the current price level for much longer.For 2022,an increase in production of 2%is still expec-ted,but by 2023 this could look quite diffe-rent.On the other hand,there is a good chance of a strong expansion in demand due to an expected upswing,especially from high-tech boom indust
161、ries,and on the other hand,additional demand from the invest-ment sector,as many investors want to protect their savings from increasing cur-rency devaluation and will invest in silver.Even in the event of a prolonged recession and the associated demand restraint,the new 5G-enabled ecosystem will cr
162、eate ad-ditional demand for semiconductor ICs/chips,memory,passive components,cab-ling,power distribution,IoT devices and MEMS sensors,all of which use silver pro-ducts similar to those in the semiconduc-tor segment.Overall,the electrical and electronics industry demanded 330 million ounces of silve
163、r in 2021.60 million more than 10 years earlier.For 2022,The Silver Institute“projects an increase to more than 350 million ounces.This reflects the increasingly rapid expansion of the elec-tromobility fleet.In the coming years,dou-ble-digit percentage leaps in demand for silver can be expected from
164、 this sector.Summary:Post-Corona Recovery Leads to Surge in Silver Demand Regardless of Disrupted Supply Chains and Recession ThreatsIn the silver sector,there was an oversup-ply until 2018,which turned into a supply deficit again from 2019-initially thanks to increased inflows into silver-backed si
165、lver ETPs.In 2020,including ETPs,a supply deficit of 258 million ounces was even re-corded;2021 a supply deficit of around 116 million.For 2022,The Silver Institute“expects a supply deficit of only“just un-der 100 million ounces of silver.It is inte-resting to note that the increase in silver demand
166、 is then likely to come primarily from industry(around 37 million ounces more than in 2021),while the investment sector could experience a decline in de-mand.Indias continued hunger for jewelry(many weddings have been postponed from 2020/2021 to 2022)and the gradual unraveling of supply chain issues
167、 are also driving more industrial demand.And even the threat of recession doesnt seem to be hurting demand for silver,the miracle me-tal.Too many new applications are now coming on stream at the same time and electromobility,which is still only deliver-ing small volumes,is getting off the ground des
168、pite all the odds.Additional demand is coming from the au-tomotive sector.Silver is increasingly used in a wide range of electronic components,the sheer number of which is greatly in-creased in electric vehicles-compared to vehicles with internal combustion engines.A fully equipped car may have more
169、 than 50 silver-tipped switches to activate such things as the engine,power steering,bra-kes,windows,mirrors,locks and other electrical accessories.In addition,silver is considered an important conductor in bat-tery packs and solar panels for car roofs.52 million ounces were demanded by the automoti
170、ve sector alone in 2021.In 2010,there were just 10 million ounces,and about one million in 2000.By 2025,lea-ding silver producers such as First Ma-jestic Silver expect demand to rise to over 85 million ounces per year.Just emerging is demand from the 5G sector.Some of the key components needed for 5
171、G deploy-ment include base stations,home devices(to replace wireless broadband),5G smart-phones,5G antennas,radio frequency front-end module components,and opti-cal transceivers.Despite all this,the in-crease in silver demand from the 5G revo-lution will not be driven so much by the direct introduct
172、ion of 5G-enabled hard-ware but will manifest itself primarily th-rough an expanded range of capabilities in which silver can play a significant role.This Forecasted silver demand due to 5G technology(Source:own representation)Silverpricechart,one year(Source:JS Charts by amCharts)1617Interview with
173、 Prof.Dr.Torsten Dennin CIO Asset Management Switzerland AGProf.Dr.Dennin,the silver price has di-sappointed investors in recent months.What do you think was the reason for that?Silver as well as gold could not offer the safe haven investors expected from preci-ous metals in times of rising and high
174、 infla-tion as well as geopolitical unrest.Both pre-cious metals were weighed down by the prospect of rising interest rates and the strength of the U.S.dollar,which was also evident against other currencies such as the yen,pound and euro.While gold declined by-6%in the first 9 months of 2022,silver
175、declined much more,by-14%.At least,despite the strength of the dollar,the$20 mark was regained for silver,so that the times of silver prices of$15-$18 should finally be over.This lets not least the operators of silver mines breathe a sigh of relief.Silver mine production has meanwhile been able to c
176、ompensate for the shortfalls cau-sed by COVID-19,so that total silver supply will again easily exceed 1.000 million troy ounces in 2022.However,production growth will lag well behind demand growth,which could mark a new all-time high of more than 1,100 million troy ounces in 2022.Therefore,the indus
177、try organization Silver Institute forecasts an average price of$24 for a troy ounce of silver in 2022,which is significantly above the current price level.Your latest book From Tulips to Bitcoins“has become an international bestseller.And in your books Lukrative Rohstoff-mrkte Ein Blick hinter die K
178、ulissen“and Afrika.Kontinent der Chancen“you repeatedly address the topic of commodi-ties,gold and silver.What fascinates you so much about the commodity markets?I am pleased that From Tulips to Bitcoins“has a broad appeal and has now been translated into seven languages.The unifying theme is specul
179、ation and financial bubbles:The tulip mania in Holland in the 17th century was considered the biggest bubble in the financial markets for almost 400 years,until the Bitcoin bubble burst in 2017/2018.The systematic of most bubbles is always the same,because irrational exaggerations are part of our fr
180、ee-market economic sys-tem,and when a bubble bursts,it becomes very uncomfortable in the financial markets.Currently,we are living in a debt bubble,fed by the money creation of the central banks to finance the governments Corona bai-louts,economic stimulus and the green energy transition.In this cap
181、ital market en-vironment,real assets such as commodi-ties,gold and silver are playing an increa-singly important role.Precious metals such as gold and silver additionally have a long tradition as crisis currency and can help to secure assets,even in uncertain times.But be careful,of course this does
182、 not work every year!In my new book Games of Greed“,which will be published in spring 2023,I take up the topic of greed in the capital market.When Reddit wallstreetbets announced the largest silver short squeeze in history in ear-ly 2021 and predicted a rise to$1,000,I was ready.The price of silver
183、will rise signi-ficantly in the future.But not driven by spectacular greed,but by sound funda-mentals!In 2022,inflows into physically backed sil-ver ETPs/ETFs were down sharply.Have the silver bulls capitulated?Silver had a fantastic run in 2020.At the low this year,we were trading about 40%below th
184、e 2021 highs,so sentiment has dimmed significantly,many investors have thrown in the towel,and silver ETFs have seen massi-ve redemptions.Investments in silver ETPs and ETFs have halved again year-over-year in 2022 and are at about 1/10th of 2020 le-vels.So yes,many silver bulls have capitu-lated at
185、 these prices,while demand from Prof.Dr.Torsten Dennin is Head of Asset Management and Member of the Board of Directors of Asset Management Switzerland AG.Since 2003,Prof.Dr.Dennin has been analyzing the international financial markets with a focus on commodities as well as the equity sectors Oil&Ga
186、s and Metals&Mining.Dr.Dennin studied economics at the University of Cologne,Germany,and at Pennsylvania State University,USA,and received his PhD in commodity markets from the Schumpeter School of Business and Economics.As a professor of economics,he teaches at several universities in Germany and S
187、witzerland.Torsten Dennin is the author of several books.His latest book,From Tulips to Bitcoins,is published worldwide in seven languages.Torsten is married and lives with his wife and daughter in Switzerland.the industry is rising at an above-average rate.Physical demand for coins and bars is also
188、 surprisingly robust.So,we expect a trend reversal in 2023 and ETP/ETF flows to pick up again.The year 2023 will see a re-turn of the silver bulls.Along with copper,silver is considered by experts to be THE metal of the future.What are the reasons for this?Among experts,copper is considered the meta
189、l of electrification and e-mobility,and lithium currently irreplaceable in the field of commercial battery technology.Silver,on the other hand,is often overlooked due to its dual character,precious and thus inves-tment metal as well as industrial metal.Wrongly so,because silver is an all-rounder and
190、 indispensable in industry and electrical engineering.Silver plays an important role in the energy turnaround,because the pho-tovoltaic industry demands more than 120 million ounces of silver worldwide.That is more than 10%of annual mine production.And silver will also play a significant role in the
191、 production of superconductors and RFID chips,important for the Internet of Things.As a consequence of rising industrial de-mand,the Silver Institute again sees a supply deficit on the silver market in 2022,i.e.a situation where demand significantly exceeds silver production.Is the Russia-Ukraine cr
192、isis also playing a bigger role in silver?Gold and silver,as safe havens“for inves-tors,are benefiting indirectly from this con-flict,according to many investors.Since February 24,the quotations of the two pre-cious metals have also risen noticeably at first,while the nervousness on the stock market
193、 has increased.But rising interest ra-tes and dollar strength also made the silver market difficult.The war in Ukraine and the sanctions against Russia enforced by the West,on the other hand,directly affect a large num-ber of commodities,namely crude oil and natural gas,palladium,nickel and wheat.Wh
194、at many dont realize is that Russia is the worlds largest wheat exporter and Uk-raine ranks fifth after Canada,the U.S.and France.And higher energy prices in turn fuel the price development of other com-modities and heat up inflation.Also,the last major commodity booms in history were always driven
195、by oil prices and led to rising inflation figures:the oil price shock in the 1970s,the Gulf War in the 1990s,and the commodity super cycle of Torsten DenninGames of GreedEnglish manuscript available2022Torsten DenninFrom Tulips To BitcoinsGreenleaf PublishingMay 2019,ISBN 9781632992277Investing in g
196、old and silver has never seemed as attractive as it does today:geopolitical risks,a printing press running at high pressure,persistently high inflation and a growing mountain of debt are making more and more people think of the security anchor precious metals.“18the 2000s.I describe this with more b
197、ackg-round in my recent book,From Tulips to Bitcoins.“Another episode from From Tulips to Bit-coins“is the biggest speculative bubble of the silver market:fearing to lose their we-alth gained from crude oil due to rising infla-tion,the Hunt brothers started investing their money in silver.The price
198、of silver rose from under$2 in 1973 to over$50 in Janu-ary 1980,finally collapsing on March 27,1980(Silver Thursday“).After the crash,the price of silver fell to below US$5 per troy ounce and remained at that price level for over 20 years.The trauma of this failed silver speculation continues to rev
199、erberate to this day.So,the issue of inflation is much more im-portant for precious metals like silver than the current conflict between Russia and Ukraine?An investment in gold and silver has never seemed as attractive as it does today:geo-political risks,a printing press running at high pressure,p
200、ersistently high inflation and a growing mountain of debt are making more and more people think of precious metals as an anchor of safety.In addition,the strong U.S.dollar is soaking up global liquidity like a sponge.This cannot go on for much longer,because the financial sys-tem seems to be out of
201、control.After the bank bailout and the financing of a global economic and financial crisis came a bai-lout for the entire economy:Corona bailout money on an unprecedented scale.Now fi-nancial aid is on the horizon because of the threat of an economic slump due to the Russia-Ukraine conflict,which is
202、 being replaced by financing for the energy turna-round.For these reasons,we also do not see interest rates rising further over the masses.As we feared this development,we laun-ched the SRC Mining&Special Situations Certificate in cooperation with Swiss Re-source Capital in 2019,which is focused on
203、gold and silver mines in addition to a broad commodity exposure.Despite a global sell-off on the stock markets in 2022,the return is still in the green.The Angelmountain Pre-cious Metals Fund,which we manage,is even more focused on gold and silver mi-ning and exploration.Currently,silver mines accou
204、nt for about 1/3 of the funds assets.An important success factor for both pro-ducts is the regular exchange with the ma-nagement of each of our portfolio compa-nies.Where do you see opportunities on the one hand,but also risks for the further de-velopment of the silver sector on the other?The price
205、development of gold and silver depends on many factors,the most import-ant of which are the development of interest rates and inflation as well as investors risk appetite.The gold/silver ratio as an indicator of the relative attractiveness of silver has come back significantly from its all-time high
206、 but remains above the average of the past 30 years.This means that silver still has signi-ficant catch-up potential to gold.Unlike gold,which was already trading clo-se to its all-time highs,the price of the troy ounce of silver still needs to rise above$50 to mark a new all-time high.Adjusted for
207、inflation,the previous highs in the price of silver are$60 in April 2011 and even over$120 in March 1980.Perhaps we are therefore really only at the beginning of a Golden Decade for precious metals,whose silver lining is just beginning to appear on the horizon.You do not have to be a stock market pr
208、ofessional to make wise investment decisions.Invest together with Swiss Resource Capital AG and Asset Management Switzerland AG in the mega-trend commodities.Since 05.03.2020 the experts specialist knowledge has been available as a Wikifolio certificate:SRC Mining&Special Situations ZertifikatISIN:D
209、E000LS9PQA9WKN:LS9PQA Currency:CHF/Euro*Certificate fee:0,95%p.a.Performance fee:15%We recommend that interested parties and potential investors obtain comprehensive information before making an investment decision.In particular,about the potential risks and rewards of the security.You are about to
210、purchase a product that is not simple and can be difficult to understand.Further,important information can be found at:www.resource-capital.ch/de/disclaimer-agb*Trading in Euro is possible at the Euwax in Stuttgart.Invest with the commodity professionalsCurrently the following titles are represented
211、 in the SRC Mining&Special Situations Certificate(10/2022):AGNICO EAGLE MINES|ALPHA LITHIUM CORP.|ANGLO AMERICAN|ARIS MNG.CORP.|AURANIA RESOURCES|BARRICK GOLD|BHP BILLITON|CALEDONIA MINING|CALI-BRE MINING|CANADA NICKEL|CHESAPEAKE GOLD|CONDOR GOLD|CONSOLIDATED URANIUM|COPPER MOUNTAIN MINING|CYPRESS D
212、EVELOPMENT|DENARIUS METALS CORPORATION|DISCOVERY SILVER CORP.|ENDEAVOUR SILVER|FRANCO-NEVADA|FREEPORT-MCMORAN|FURY GOLD MINES|GOLD ROYALTY CORP.|GOLD TERRA RESOURCE|GOLDMINING|HANNAN METALS|ISOENERGY|KARORA RESOURCES|KUTCHO COPPER|LABRADOR URANIUM INC.|LI-METAL CORP.|MAG SILVER|MAPLE GOLD MINES|MAWS
213、ON GOLD|MEDMIRA INC.|NEWMONT GOLDCORP|OCEANAGOLD|OSISKO GOLD ROYALTIES|PETROBRAS(ADR)|REVIVAL GOLD|RIO TINTO|SATURN OIL&GAS|SIBANYE STILLWATER|SKEENA RESOUR-CES|SUMMA SILVER CORP.|TIER ONE SILVER INC.|TORQ RESOURCES INC.|TRILLIUM GOLD MINES|TUDOR GOLD|URANIUM ENERGY|VICTORIA GOLD|VIZSLA SILVERTorste
214、n DenninAfrika Kontinent der ChancenBrsenbuchverlag,April 2013Torsten DenninLukrative Rohstoffmrkte FinanzBuch Verlag,2.Auflage,Oktober 20112021mineralized intercepts were encountered there during the recent drill program.Tren-ching in an underground adit,for example,allowed the Company to detect 52
215、1g/t sil-ver equivalent over a strike length of 103 meters,among others.Flagship Iska Iska Project Recent Drilling Successes+Resource EstimateEloro Resources has been working all year on additional drilling to test the breccia pi-pes at depth.This has already resulted in several high-profile discove
216、ries in 2022 in-cluding 160g/t silver equivalent over 251 meters,133g/t silver equivalent over 289 meters,146g/t silver equivalent over 88 meters,188g/t silver equivalent over 349 meters and 150g/t silver equivalent over 441 meters.All of these results were from the Santa Barbara zone.A magnetic inv
217、er-sion model also confirmed an extensive mi-neralized system at Iska Iska extending over a strike length of 2.4 kilometers.An initial resource estimate is expected to be released shortly.In addition,a metallurgical test program is currently underway.The objective is to de-velop a preliminary flotat
218、ion scheme to ma-ximize lead,zinc and precious metals in saleable concentrates in the Santa Barbara polymetallic deposit and to develop a preli-minary flotation scheme for tin in both the Santa Barbara deposit and the deeper tin-dominant mineralization.La Victoria Gold-Silver Project Location and In
219、frastructureEloro Resources second potentially high-caliber project is called La Victoria(Eloro holds 82%),is located in central Peru and comprises 16 claims totaling 8,930 hectares.La Victoria is surrounded by pro-jects from major mining companies such as Fresnillo,Teck,Anglo American and Vale.sinc
220、e the 16th century and is still in produc-tion.The initial drilling campaign led to the discovery of the Huayra Kasa Breccia Pipe in November 2020.Drilling there returned 129.60g/t silver equi-valent over 257.5 meters directly from sur-face,79.00g/t silver equivalent over 121.33 meters and 74.16g/t
221、silver equivalent over 40.88 meters,among others.The project was further shown to host mul-tiple vents(pipes),some with diameters of several hundred meters.Drilling has confir-med a diameter of 400 meters for the Santa Barbara Pipe,with a further mineralized en-velope of 100 meters around the vent f
222、or an effective mineralized diameter of 600 me-ters.The adjacent Central Breccia pipe to the south has a surface dimension of 400 metres by 700 metres.It appears likely that the Santa Barbara and Central Breccia pi-pes merge at depth.A wide range of me-tals,including silver,zinc,lead,copper,tin,indi
223、um,bismuth and gold represent exactly the type of composition one would expect to find in a significant Potosi-type“depo-sit.Eloro Resources made its first real hit in Ap-ril 2021 when it reported 166 meters at 442g/t silver equivalent including 56.2 me-ters at 1,092g/t silver equivalent.Further int
224、ersections encountered during the year included 53.20 metres at 234.19g/t silver equivalent and 27.53 metres at 342.98g/t silver equivalent as well as 194.14 metres at 160.22g/t silver equivalent and 51.09 met-res at 318.15g/t silver equivalent.The lon-gest mineralized interval returned 171.57g/t si
225、lver equivalent over 373.40 metres.There has been a very clear consistency in both the widths and grades of the mineralization,particularly in the most recent drilling.Furthermore,the company was able to identify an additional significant vent.This is called the Porco(South)Breccia Pipe,which is app
226、roximately 600 meters in dia-meter and has a similar signature to the Santa Barbara Breccia Pipe and the Central Breccia Pipe,confirming the likelihood that it is a large Breccia Pipe.Several significant um,such as Cerro Rico de Potosi,Silver Sand,San Bartolom,Pulacayo,San Cris-tobal and San Vicente
227、.The Iska Iska con-cession area is an easily road-accessible,royalty-free project and is located approxi-mately 48 kilometers north of the town of Tupiza in the province of Sud Chichas in the department of Potosi.This places the approximately 1,200 hectare Iska Iska pro-ject in the middle of the Eas
228、tern Cordillera,which hosts a number of large polymetallic mines and mineral deposits.Flagship Project Iska Iska Geology,Exploration Activities and First DiscoveriesIska Iska is a large silver-tin polymetallic porphyry epithermal complex associated with a Miocene,presumably collapsed/churned caldera
229、,overlying rocks with large breccia pipes,and hydrothermal breccias.The age of the mineralization is similar to Cerro Rico de Potos,the largest silver de-posit in the world,which has produced approximately 2.1 billion ounces of silver Eloro Resources Top polymetallic project meets top management Elo
230、ro Resources is a Canadian mining de-velopment company with high-profile silver,gold and base metal projects in Bolivia,Peru and Quebec.The main focus is on the promising metals silver and tin,which are facing a boom,from the electric revolution and increasing decarbonization.The flags-hip project I
231、ska Iska is considered to be highly underexplored,but holds a high re-source potential,as recent drilling has im-pressively shown.In recent months,for ex-ample,the company has repeatedly been able to report high-grade silver equivalents over several hundred meters in some ca-ses.A virtual tour of th
232、e flagship Iska Iska project is available at the following link:www.bit.ly/3Vf4tQb.An initial resource esti-mate is in preparation.Flagship project Iska Iska location and infrastructureEloro Resources flagship project is called Iska Iska and is located in Bolivia,a country known for exceedingly larg
233、e deposits of gold,silver,iron ore,zinc,tin,lead and lithi-(Source Eloro Resources)22ISIN:CA2899003008WKN:A12C1EFRA:P2QMTSX-V:ELOOTCQX:ELRRFFully diluted shares:84.9 million Contact:Phone:+1-416-868-Eloro Resources Ltd.ly assumed the position of President and Chief Executive Officer of Champion Iron
234、 Limited,a position he assumed following the completion of the merger between Aus-tralian-based Mamba Minerals Ltd.and TSX-listed Champion Iron Mines Limited.Technical&Senior Business Advisor Dr.Quinton Hennigh is an economic geologist with 25 years of exploration experience.He is the founder and cu
235、rrent Chairman and President of Novo Resources Corp.which recently poured its first gold bar.Earlier in his career,Dr.Hennigh prospected for ma-jor mining companies such as Homestake Mining Company,Newcrest Mining Ltd and Newmont Mining Corporation.Dr.Hennigh was also instrumental in Kirkland Lake G
236、olds acquisition of the Fosterville Gold Mine,located in Australia and previously owned by Newmarket Gold Inc.Summary:Initial resource estimate expected to show huge resourceMineralization at Iska Iska indicates a mas-sive porphyry-epithermal system.Several pipes have a strong tin porphyry affinity
237、and probably overlie a large tin-gold-silver por-phyry in the core of the massive Iska Iska system.In terms of metal content and geo-logical setting,Iska Iska is comparable to neighboring world-class polymetallic sys-tems,including Cerro Rico de Potosi,San Vicente,Chorolque,Tasna and Tatasi,which,ho
238、wever,do not have the large and notable mineralized breccia pipes of Iska Iska,providing great scope for a substantial deposit.An initial indication of the extent of this system will be provided by the resource estimate,which is expected to be released shortly.An ample financial cushion,which was in
239、creased by CA$9.775 million in May 2022 by means of a widely oversubscribed financing,will continue to lead to increased newsflow in the weeks and months ahead.Located in the highly mineralized belt of northern and central Peru,the project has access to well-developed infrastructure in-cluding road
240、access.La Victoria Gold-Silver Project Geology and Exploration ActivitiesLa Victoria hosts epithermal gold-silver mi-neralization.Magnetic surveys have out-lined 18 main target zones in 3 major tecto-nic blocks.The current main target areas are in 3 main blocks:San Markito,Rufi-na-Victoria&Southern
241、Blocks.Eloro Re-sources previously conducted initial dia-mond drilling at Rufina in 2017 and 2018.These intersected a large gold-bearing low to medium epithermal system with a width of 600 meters and a vertical extent of 700 meters and a strike length of 600 meters.Significant drill results included
242、 7.31g/t gold over 3.4 metres,4.31g/t gold over 1.6 met-res,as well as 4.31g/t gold over 1.0 metre and 8.67g/t gold over 0.4 metres.Further investigation showed that epither-mal gold-silver mineralization at La Victoria extends to a vertical depth of 1.5 kilome-ters.In addition to this,a target area
243、 of over 4 kilometers strike length and at least 1 kilo-meter width was proven in the San Markito area.The best values from surface tren-ching returned 8.91g/t gold over 0.5 meters and 3.90g/t gold over 1.53 meters.Top management team Eloro Resources is led by an excellent ma-nagement team of which
244、two personalities stand out in particular.CEO Tom Larsen has more than 40 years of experience in the investment industry,spe-cializing in corporate finance and manage-ment of junior resource companies.In 2006,Larsen was the founder,Chairman and CEO of Champion Minerals ltd.and subsequent-What have y
245、ou and your company achieved in the past 12 months?Exceptionally strong results from the explo-ration program are the companys biggest success over the year.Eloro has been on a rapid pace of discovery drilling approxima-tely 70,000 metres,yet we are far from defi-ning the limits of this extensive po
246、rphy-ry-epithermal deposit complex.As per Dr.Bill Pearson,EVP of Exploration,observa-tions,out of the over 100 holes drilled to date,not one has been blank,a testament to the quality of the deposit.Our work in the community is also so-mething of which we are immensely proud.Our social projects and s
247、chool programs have resonated with the community,and we are eager to continue this going forward.What are the most important company catalysts for the next 6 to 12 months?The next six months should see an abun-dance of key information related to the company,most notably a maiden resource estimate in
248、cluding detailed metallurgical re-sults on the Santa Barbara area of ISKA ISKA.Although,this first pass resource will contain just a glimpse of the true potential of the entire property,it should provide in-vestors a meaningful backdrop for valuati-on purposes.Once established,this resource should a
249、lso allow Eloro to graduate its listing in Canada to the TSX from the Canadian venture exch-ange.Management is also actively revie-wing its US listing for potential graduation.High profile drilling targets will continue with several deeper drill targets in Porco,Mina 2,and Central breccia pipes.A de
250、ci-sion on the best method to explore the size-able tin porphyry at depth should be forth-coming as well.Initial exploration work is in the works for several other properties held in Bolivia.As both tin and silver are integral to decar-bonization and sustainable clean energy we will be providing inv
251、estors with our first ever sustainability report in 2023.How do you see the current situation on the market for silver?After what arguably has been less than stel-lar performance for silver over the past year,pricing appears to have bottomed with pes-simism at all-time highs.A near-term en-vironment
252、 of higher inflation and political uncertainty should shift investor sentiment to a more supportive environment for hol-ding precious metals.The prospects for silver are probably more bullish in our view given the additional push to decarbonize our global economy.The push for more renewables and inn
253、ovative technologies provides a strong backdrop for silver and one of our other key metals,tin,both of which are supply challenged.Tom Larsen,CEOExclusive interview with Tom Larsen,CEO of Eloro Resources2425Furthermore,Pitarrilla hosts a historical measured and indicated mineral resource(open pit an
254、d underground)of 525.27 milli-on ounces of silver,as well as a historical inferred open pit resource of 21.21 million ounces of silver and a historical inferred un-derground resource of 5.46 million ounces of silver.Endeavour Silvers first priority is to rapidly convert these historical resources in
255、to NI43-101 compliant resources.A total of CA$1.8 million has been budgeted for this in 2022.ParralIn addition to the mines and Terronera,En-deavour has other potentially high-caliber development projects.For example,Parral,which has a total of 38.44 million ounces of silver equivalent resources(exc
256、luding lead and zinc).Recent drilling has returned high-grade results such as 644g/t silver equivalent over 1.96 meters,428g/t silver equivalent over 3.48 meters and 747g/t sil-ver equivalent over 5.56 meters.In the areas of the historic El Verde and Sierra Pla-ta mining districts,extensions of mine
257、rali-zed zones at depth and along strike conti-nue to be reviewed.The focus for the re-mainder of the year will be to test the including the gold credit,would be only US$3.24 per ounce of silver.For a gold price of US$1,800 and a silver price of US$24 per ounce,there would even be an after-tax IRR o
258、f 30.0%and an NPV of US$282 million,as well as an after-tax free cash flow of US$467 million.The all-in sus-taining costs for this case,including the gold credit,would be only US$1.15 per ounce of silver.Terronera mine plansIn June 2019,Endeavour Silver announced that it had received final approval
259、for Terro-nera.Endeavour Silver plans to make a pro-duction decision for Terronera and secure financing as soon as possible.Initial const-ruction has already begun,including the er-ection of a temporary camp and preparati-on for forestry work and site clearing.Full construction will commence followi
260、ng a for-mal development decision after completion of the project financing package.Front-end engineering and design work is well advanced,and procurement activities for long delivery schedules are underway.The major permits required to commence construction have been issued and minor permit amendme
261、nts and extensions are being submitted to meet current feasibility planning.Terronera could go into producti-on in 2023/24 and become Endeavour Sil-vers next and largest mine.Acquisition of the major project PitarrillaIn July 2022,Endeavour Silver completed the purchase of the Pitarrilla project in
262、Durango State,Mexico,through the acqui-sition of SSR Durango,S.A.de C.V.for total consideration of approximately US$70 mil-lion in cash and shares and a 1.25%NSR Royalty.Pitarrilla is a large undeveloped sil-ver,lead and zinc project located 160 kilo-meters north of Durango City in northern Mexico.P
263、itarrilla covers 4,950 hectares in five concession areas and has extensive in-frastructure with direct access to utilities.were 2.53 million silver equivalent ounces and resources were 11.61 million silver equivalent ounces.In 2019,Endeavour Silver published spec-tacular drill results from the two o
264、re veins Plateros and San Miguel.In the Plateros area,the company encountered up to 1,903g/t silver equivalent,in the San Miguel area even up to 6,497g/t silver equivalent.Most recently,the company was able to prove up to 4,736g/t silver equivalent.The 2021 drill program returned additional high-gra
265、de discoveries of,among others,8.08g/t gold and 151g/t silver over 1.67 me-ters and 1.26g/t gold and 342g/t silver over 0.96 meters.Terronera Reserves/ResourcesAt the San Sebastian project,acquired in 2010,Endeavour Silver discovered high-grade silver-gold mineralization called Ter-ronera,which has
266、since given the project its name.The at least four large gold vein sys-tems present there are each over three kilo-meters long.The highest concentration to date was an incredible 18,000 grams of sil-ver equivalent per ton of rock!In total,Ter-ronera had 68.81 million ounces of silver equivalent in r
267、eserves plus 13.56 million ounces of silver equivalent in resources at the end of 2020.Terronera Final Feasibility StudyIn September 2021,Endeavour Silver pub-lished a final feasibility study for Terronera.This is based on a production capacity of 1,700 tpd.Initial capital costs were estima-ted at U
268、S$175 million.Over the estimated 12-year mine life,an average of 5.9 million silver equivalent ounces is expected to be produced annually.An after-tax IRR of 21.3%was calculated for the underlying prices of US$20.00 per ounce of silver and US$1,575 per ounce of gold.The net pre-sent value(NPV)for th
269、ese assumptions would be US$174 million(discount rate:5%)and the after-tax free cash flow would be US$311 million.All-in sustaining costs,Endeavour Silver is a Canadian mining company and also one of the largest silver producers in North America.The company was able to produce a total of approxima-t
270、ely 2.32 million ounces of silver and 18,173 ounces of gold in the first half of 2022 from its two Mexican mining facilities.For the full year 2022,the company could raise its planned production to up to 8 million oun-ces of silver equivalent.In addition,Endea-vour Silver plans to build another(and
271、then largest)mine as soon as the financing for it is secured.The acquisition of the huge Pi-tarrilla silver deposit(over 550 million oun-ces of silver)provides an additional boost to the development and growth pipeline.Guanacev silver/gold mineEndeavour Silvers Guanacev plant has a processing capaci
272、ty of 1,200 tonnes per day(tpd)of rock.In total,Endeavour Silver mined 2.328 million ounces of silver and 7,175 ounces of gold there in the first half of 2022.At the end of 2020,reserves were 14.6 million silver equivalent ounces and re-sources(excluding lead and zinc)were 25.6 million silver equiva
273、lent ounces.Guanacevi has several particularly high-gra-de areas.The Company encountered up to 1,831g/t silver equivalent in the Porvenir Norte area,up to 1,181g/t silver equivalent in the Porvenir Centro area and up to 3,903g/t silver equivalent within the Santa Cruz Vein.In the El Curso vein area,
274、results included 5,372g/t silver and 15.22g/t gold over 0.5 meters and 1,278g/t silver and 5.83g/t gold over 7.5 meters.Endeavour Silver was recently able to publish the highest results ever received.Bolaitos silver/gold mineEndeavour Silver second mine complex is called Bolaitos.The processing capa
275、city at Bolaitos is 1,600 tpd.In total,Endea-vour Silver mined 346,162 ounces of silver and 10,827 ounces of gold there in the first half of 2022.At the end of 2020,reserves Endeavour SilverProfitable production+prospect of new mine+major acquisitionGuanacev has a processing capacity of 1,200 tons o
276、f rock per day(tpd).(Source:Eneavour Silver)2627ISIN:CA29258Y1034WKN:A0DJ0NFRA:EJDTSX:EDRNYSE:EXKFully diluted shares:195.1 million Contact:Phone:+1-604-640-Endeavour Silver Corp.Summary:Terronera will dramati-cally reduce all-in costs+Pitarril-la perfectly complements growth pipelineEndeavour Silve
277、r owns two profitable mi-nes and could start up another mine in 2023/24,Terronera,which would then be by far the companys largest mine.At the same time,the new mine at Terronera will drasti-cally reduce all-in sustaining costs The ac-quisition of Pitarrilla was a coup that fits perfectly with Endeav
278、our Silvers experien-ced regional team,which has a track record of successful development,exploration and underground mining.Accordingly,Pitarrilla,together with the Terronera and Parral pro-jects,form the key cornerstones of Endea-vour Silvers medium to long-term growth profile.In addition,Guanacev
279、i is steadily delivering new,high-grade silver equivalent grades,which should lead to lower mining costs in the future.The company was able to generate US$46 million in fresh capital in March 2022.northern portion of the project with a surfa-ce drilling program on various north to south trending str
280、uctures such as the northern extension of the Veta Colorada,San Alberto and El Cabezn systems,as well as the resumption of drilling on the San Patricio vein.Further development projectsThe newly acquired Bruner Gold Project,located in Nevada and hosting historic re-sources of 320,000 ounces of gold,
281、covers 1,457 hectares and shows signs of multiple gold-bearing mineralizations at once.In addition,they own the right to explore and mine precious metals on Capstone Mi-nings 181-hectare Toro del Cobre conces-sions,which are located above 2,000 me-ters above sea level.Among other things,0.5 meters w
282、ith a fabulous 16,350g/t silver equivalent was encountered there!Furthermore,a portfolio of potentially high-caliber exploration projects in Chile was secured in 2019.The three projects Aida,Paloma and Cerro Marquez are loca-ted in the north of Chile and are expected to be drilled soon.Exclusive int
283、erview with Dan Dickson,CEO of Endeavour Silver 525 million silver ounces in resources.The project is not only complimentary to our regional platform in Mexico,but it also allows us to maintain a growth port-folio that is focused on silver.We are in-credibly excited with this acquisition and are com
284、mitting$1.8 million in 2022 to-wards verification of the historical re-source and drill mobilization.In the exploration department,we have been expanding resources through suc-cessful brownfield exploration at Gu-anacevi.Additionally,at Parral we are seeing resource expansion at depth and along stri
285、ke in the Veta Colorado struc-ture.We continued to advance and de-risk the Terronera project.Early works inclu-de detailed engineering,procurement,site clearing and optimization of the pro-ject while financial due diligence conti-nues for project loan financing.A de-velopment budget of$41 million ha
286、s been approved for up to October 31,2022,to order long lead items and pre-pare the site for full scale construction.What are the most important company catalysts for the next 6 to 12 months?We can create shareholder value in the short term in by advancing our sector lea-ding organic growth pipeline
287、 by:Making a development decision for Ter-ronera currently the top catalyst for our investors as it paves the way for near term growth Terronera should become one of the lowest cost mines in the silver mining sector.Validating the historic resource at Pitar-rilla and initiating a drilling campaign t
288、o define the high-grade core of the worlds largest undeveloped silver deposit.Expanding resources at Parral,where we are currently seeing fantastic explo-ration results and completing a prelimi-nary economic assessment to model production.How do you see the current situation on the market for silver
289、?We believe that we are at a major inflection point.Central Banks have been tasked with a delicate task of lowering inflation without crashing economies.However,the raising of interest rates from all time lows,has re-sulted in contractions in equity and bond markets and investors have fled to safety
290、 in the US dollar.Recently,we are starting to see indications that the economy has been slowing down and a credit squeeze could push governments back into to economic easing sooner than anticipated,which is positive for precious metals.Overall,record low interest rates,all time high debts and defici
291、ts,global money printing and declines in fiat currencies are all reasons to add gold and silver to the portfolio.Dan Dickson,CEOWhat have you and your company achieved in the past 12 months?Over the past year,Endeavour Silver has accomplished a number of key milestones:From an operational standpoint
292、,our sa-fety performance has seen steady im-provement over the past 2 years.Additi-onally,we increased our 2022 producti-on guidance to 7.6 8.0 million ounces of silver equivalent metal(80:1 silver:gold ratio)due to continued out-perfor-mance at Guanacevi from higher than expected grades.This past A
293、ugust,we completed the ac-quisition of the Pitarilla project,adding a new project to the growth pipeline.The project was purchased from SSR mining for$70 million and is the worlds largest undeveloped silver deposit,containing 282974.6 million silver equivalent ounces at the end of 2021.The new HIG m
294、ill uses rotating grinding discs with ceramic balls to finely grind ore to 20 to 50 microns,which has been shown to significantly increase reco-very.HIG mills feature low energy consump-tion and reduced maintenance require-ments compared to standard ball mills.The mine operation receives 50%of the r
295、equi-red energy from low-cost and environmen-tally friendly hydropower,with the option to increase this share up to 100%.Santa Elena Silver/Gold MineThe Santa Elena operation produced a total of approximately 2.24 million silver equiva-lent ounces in the second quarter of 2022.The Company expects to
296、 recover between 8.7 and 9.2 million silver equivalent ounces from the mine in the current year 2022,at an all-in sustaining cost of less than US$14.05 per ounce.Santa Elena(inclu-ding its Ermitao satellite project)had mea-sured and indicated resources of 70.8 milli-on silver equivalent ounces(inclu
297、ding re-serves of 54.3 million silver equivalent ounces)and inferred resources of 49.9 mil-lion silver equivalent ounces at the end of 2021.First Majestic Silver has already in-stalled a 3,000 tpd HIG mill at Santa Elena,First Majestic Silver Strong production growth to up to 50 million silver equiv
298、alent ounces by 2024and silver and gold recovery rates have in-creased significantly to 93%and 96%,res-pectively.As of March 2021,the operation is largely powered by liquefied natural gas LNG“,saving the Company approximately US$1 million per month or US$1.50-US$2.00 per ounce.Currently,the compa-ny
299、 is working on a significant expansion of LNG capacity.Double mine Santa Elena ErmitaoSanta Elena reported record production in the second quarter of 2022,primarily due to the establishment of the Ermitao satellite mine.A prefeasibility study completed in Novem-ber 2021 calculated an after-tax NPV/5
300、%of US$64.8 million and an after-tax IRR of 34%for Ermitao for the base case(US$1,700/ounce gold,US$22.50/ounce silver).In early November 2021,First Majestic Sil-ver was pleased to announce the first dor pour from Ermitao from development re-serves at the Santa Elena plant.Ore pro-duction from this
301、new mine is expected to increase during 2022 and into 2023.Ermitao has additional exploration poten-tial.For example,drill results from the Er-mitao project included 13 meters of 1,003 g/t silver equivalent,9.9 meters of 1,209 g/t silver equivalent,9.1 meters of 1,447 g/t sil-ver equivalent and 2.3
302、meters of 3,391 g/t silver equivalent.First Majestic Silver has an additional 100,000+hectares of land in the vicinity of the Santa Elena Mine that of-fer further potential for new discoveries.La Encantada Silver MineLa Encantada,a near 100%silver mine,produced a total of approximately 871,365 silve
303、r ounces in the second quarter of 2022.The Company expects to recover between 3.0 and 3.2 million ounces of silver from the mine in the current year 2022,at an all-in sustaining cost of less than US$19.16 per ounce.La Encantada had measured and in-dicated resources of 32.8 million ounces of silver(i
304、ncluding 12.3 million ounces of silver reserves)and inferred resources of 20.5 million ounces of silver at the end of 2021.First Majestic Silver is currently working to modify the roasting circuit to recycle tailings,which is expected to result in addi-tional production of 1.5 million ounces of silv
305、er per year.The operation receives 90%of its required power from low-cost LNG generators.Jerritt Canyon Gold MineThe Jerritt Canyon Gold Mine is located in Nevada,USA,was discovered in 1972,has been in production since 1981,and has produced over 9.7 million ounces of gold in its 40-year production h
306、istory.The mine is currently operated as an underground mine and has one of only three permitted roas-ters in Nevada.The processing plant has a capacity of 4,500 tons per day.The compa-ny produced 18,632 ounces of gold,or the equivalent of approximately 1.55 million ounces of silver equivalent,from
307、the Jerritt Canyon Gold Mine in the second quarter of 2022.First Majestic Silver is projecting total production of between 96,000 and 103,000 ounces of gold(8.0 to 8.6 million ounces of silver equivalent)for the current year 2022.At the end of 2021,Jerritt Canyon had mea-sured and indicated resource
308、s of 115.5 mil-lion silver equivalent ounces(including re-serves of 34.3 million silver equivalent oun-ces)and inferred resources of 89.9 million silver equivalent ounces.In 2022,the West Generator and Saval II mines were restarted.This will lead to an increase in the head grade and a doubling of th
309、e processed rock to over 3,000 tons per day.This will allow a significant reducti-on in AISC to be achieved.The project site consists of a large,unde-veloped land package covering 30,821 First Majestic Silver is a Canadian mining company focused on producing silver and gold from its four highly prof
310、itable mines in Mexico and Nevada.In the second quarter of 2022,the company reported production of 7.7 million silver equivalent ounces(in-cluding gold by-products),a 20%increase over the second quarter of 2021.For 2022,First Majestic Silver is targeting another re-cord production of between 32.5 an
311、d 34.6 million silver equivalent ounces from its three Mexican mines and the U.S.mine.In 2024,the company aims to reach the 50 million silver ounce mark,which would ne-arly double the 2021 production rate.San Dimas Silver/Gold MineThe San Dimas operation is First Majestic Silvers largest and lowest-
312、cost silver mine.In the second quarter of 2022,the mine produced a total of approximately 3.05 mil-lion silver equivalent ounces.The company expects to produce between 12.8 and 13.6 million silver equivalent ounces in the cur-rent year 2022 at an all-in sustaining cost of less than US$12.98 per ounc
313、e.San Dimas had measured and indicated resources of 113.4 million silver equivalent ounces(in-cluding reserves of 76.6 million silver equi-valent ounces)and inferred resources of(Source First Majestic)3031ISIN:CA32076V1031WKN:A0LHKJFRA:FMVTSX:FRNYSE:AGFully diluted shares:275.8 million Contact:Phone
314、:+1-604-688-First Majestic Silver Corp.Keith Neumeyer,CEOhectares.First Majestic Silver has identified several opportunities to improve both the cost and production profile of Jerritt Ca-nyon,as well as near-term brownfield po-tential between the SSX and Smith mines and long-term cross-property expl
315、oration potential.Recently,the company announced some impressive drill results from Jerritt Canyon.Among others,29.7 meters of 8.39g/t gold and 23.2 meters of 19.35g/t gold were en-countered in close proximity to the current SSX/Smith underground mine.Further in-tercepts included 11.81g/t gold over
316、13.7 meters and several long intercepts with more than 2.00g/t gold in places.In total,the first drill program at Jerritt Canyon co-vers 135,000 meters.Springpole StreamIn June 2020,First Majestic Silver entered into a silver stream agreement with First Mi-ning Gold to acquire 50%of future silver pr
317、oduction from the Springpole project.The agreement includes ongoing cash pay-ments of 33%of the silver spot price per ounce,up to a maximum of US$7.50 per ounce.In return,First Majestic Silver will pay a total of US$22.5 million in cash and shares over three milestone payments.The project is expecte
318、d to produce approxima-tely 18 million ounces of silver over the life of mine.The deal offers significant upside potential at higher silver prices.Springpole also has significant exploration potential at its 41,913-hectare project.Regular dividend payment In December 2020,First Majestic Silver an-no
319、unced its first dividend policy.Accor-dingly,the Board of Directors adopted a dividend policy under which the Company intends to pay quarterly dividends to shareholders equal to 1%of the Compa-nys net sales,with dividends effectively lin-ked to silver prices and production rates.Most recently,First
320、Majestic Silver sharehol-ders received a dividend of US$0.0061 per share for the second quarter of 2022.Focus on exploration,mine expansion and Ermitao development Intensive work is currently underway on modernization and expansion measures at all mines,focusing not only on increasing production and
321、 reducing operating costs,but also on the use of environmentally fri-endly energy.In 2022,the company plans to invest a total of almost US$200 million,consisting of US$83.9 million for sustainab-le investments and US$115.6 million for ex-pansion projects.The Company plans to increase exploration and
322、 underground drilling to approximately 286,000 meters in 2022.The focus will be on San Dimas and Jerritt Canyon.At the same time,First Majestic continues to advance the Ermitao project to bring it to high-capacity utilization of up to 2,000 tons per day as quickly as possible.Summary:Higher subsidie
323、s,falling costsFirst Majestic Silver operates four mines highly profitably and is preparing to utilize the existing capacities even more.This has recently led to new production records,with Santa Elena/Ermitao and Jerritt Ca-nyon in particular set to expand production in the coming months.This shoul
324、d increa-se production by up to 50%within the next two years.This should be accompanied by a drastic drop in AISC,making First Ma-jestic Silver a top investment.What have you and your company achieved in the past 12 months?Highlights over the past twelve months in-clude:After six years since its ini
325、tial discovery,the Company successfully began under-ground ore production from the Ermit-ao mine near Santa Elena in the fourth quarter of 2021.This important new mine is expected to significantly increa-se production and reduce costs at Santa Elena as it ramps up in 2022 and 2023.Production reached
326、 a new Company re-cord of 26.9 million silver equivalent ounces in 2021,consisting of 12.8 milli-on silver ounces and 192,353 gold oun-ces,or a 32%increase over 2020.This growth was primarily due to the start of production at the Ermitao mine near Santa Elena and the acquisition of the Jerritt Canyo
327、n Gold Mine.What are the most important company catalysts for the next 6 to 12 months?Major catalysts for First Majestic in 2021 will include:Projecting significant production growth to 45-50 million silver equivalent ounces by the end of 2024 Expanding the Santa Elena LNG facility from 14 MW to 24
328、MW with four additio-nal LNG generators to increase power capacity to support the new Ermitao Mine The Company is installing a dual circuit at the Santa Elena operation in order to increase recoveries by allowing finer gri-ding capabilities of Ermitao ore.At Santa Elenas Ermitao Mine,produc-tion is
329、anticipated to ramp up from 1,000 tpd to 2,000 tpd by 2023 Restarting the West Generator&Saval II underground mines at Jerritt Canyon which are expected to increase produc-tion and reduce All-In Sustaining Costs Continued improvements in metallurgi-cal recoveries through implementation of microbubbl
330、es,fine grinding&other R&DWhat sets First Majestic apart from the other silver producers?First Majestic,a senior silver producer,is known for its focus on silver purity and its strong leverage to silver prices.The Com-pany owns and operates four dor-produ-cing mines and is projecting organic growth
331、of between 45 50 million silver equivalent ounces per year by the end of 2024(up from an estimated 33 million in 2022).Exclusive interview with Keith Neumeyer,CEO of First Majestic Silver 3233MAG Silver Low-cost silver production and steady resource expansionMAG Silver is a Canadian mining company a
332、nd was recently able to bring its Juanicipio project into production together with its partner Fresnillo.Investors can expect the big breakthrough in the fourth quarter of 2022,when the company will enter com-mercial silver production with the help of its own processing plant.Steady new disco-veries
333、 only hint at the extent of further silver potential.The second silver project,Deer Trail,also produced good results recently.With the acquisition of Gatling Exploration,the high-caliber Larder project in Ontario was also secured.Juanicipio Silver Project Ownership+Infrastructure The Juanicipio project is 44%owned by MAG Silver and 56%by Fresnillo,one of the largest silver producers in the world,w