Sinda Q2 Earnings Call Highlights

Sinda raised $331 million through its June NYSE listing and plans to advance the Caracol deposit toward production by the end of 2031, while exploring its broader Mexican land package for a potential multi-mine silver district. The company reported 369 million silver-equivalent ounces of inferred resources and 16 million indicated ounces, with exploration targets potentially adding 452 million to 484 million ounces. Management emphasized that most of its land package and veins remain underexplored. Sinda plans nearly 67,000 meters of drilling in the second half of 2026, alongside construction of an exploration decline. It is targeting an updated resource estimate by year-end 2026, a preliminary economic assessment in 2027 and a pre-feasibility study by the end of 2028. Sinda NYSE: SIND outlined plans to accelerate drilling, advance an underground exploration decline and update its mineral resource estimate by the end of 2026, as the silver exploration company held its first earnings call following its June listing on the New York Stock Exchange. Executive Chairman Daniel Muñiz Quintanilla said the company is pursuing a dual-track strategy: advancing its Caracol deposit toward a targeted production start by the end of 2031 while continuing exploration across its broader Mexican land package to establish what management believes could become a multi-mine silver district. The company began trading on the NYSE on June 26 and raised $331 million in gross proceeds through its initial public offering, the underwriters’ overallotment option and a concurrent private placement with Fresnillo. Franco-Nevada also made a strategic anchor investment, according to management. Sinda said its Caracol and Agaves deposit areas contain 369 million silver-equivalent ounces of inferred resources at an average grade of 386 grams per ton, along with 16 million silver-equivalent ounces of indicated resources. The resource estimate is based on roughly 230,000 meters of drilling. Management said SRK has identified an additional 452 million to 484 million silver-equivalent ounces in exploration targets. Muñiz Quintanilla said the company has identified nearly 800 million silver-equivalent ounces of potential mineralization when combining current resources and exploration targets, though he emphasized that only 38% of identified veins have been sufficiently drilled and about 74% of Sinda’s land package remains unexplored. The company holds more than 6,200 hectares of concessions in Mexico’s Guanajuato Sur area, near the Fresnillo, Guanajuato and Pachuca mining districts. Management cited the project’s access to roads, rail, power, airports and a skilled workforce as potential advantages for development and capital efficiency. “We are laser focused on advancing Caracol into production by the end of 2031,” Muñiz Quintanilla said, adding that the company expects to use continued surface drilling and planned underground access to support resource conversion and future mine development. Vice President of Operations María José Romero said Sinda completed nearly 61,000 meters of phase-one drilling between October and June, expanding its active drilling fleet from six to 15 rigs during the period. The campaign included more than 33,000 meters of infill drilling at the Dolores vein system within the Caracol deposit, where the company tightened drill spacing to a 50-by-50-meter grid. Romero said the results confirmed continuity, validated grade distribution and supported the company’s geological interpretation. She said most veins assayed above 500 grams per ton silver equivalent, with some intercepts reaching up to 14 kilograms per ton silver equivalent.