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Category: Mid-tier Producer
Rating: 3.50   (Likely 5 Bagger as of 07/01/2017)
Risk: Moderate
Americas Silver Corp.
www: www.americassilvercorp.com     email: info@americassilvercorp.com

Profile
Notes
Forum
Your Data

Price Data

Symbol Date Price Change 52 Wk Range Volume
NYSEMKT:USAS 07/25/2017 USD 3.190 -0.030 4.460 - 2.020 0
TSE:USA 07/25/2017 CAD 4.0000 -0.0400 5.7600 - 2.7000 28,556
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Don's Summary (from last analysis - 07/01/2017)

Americas Silver Corp (formerly Scorpio Mining) is a mid-tier silver producer in Mexico and Idaho. They merged with U.S. Silver & Gold in 2014, who had the 54 million oz Galena high grade silver mine. They currently produce around 2.5 million oz of silver with all-in costs (free cash flow) around $13 per oz. They have 105 million oz (135 gpt) of resources. Cash costs are projected to drop substantially after they begin mining their San Rafael project in Mexico in 2017 (scheduled for Q3), providing significant cash flow.

Silver equivalent will increase from 5 million oz to 7 million in 2018, and cash costs (for silver production) are projected to drop below $5 per oz. They will need to spend about $20 million for the San Rafael capex. I'm not sure how much they need to spend in 2017, although they are just about finished with construction.

They have $17 million in cash and $15 million in debt. They diluted severely in 2016, adding 150 million FD shares, more than 25% dilution. It's never a good sign of shareholder friendliness when you see severe dilution. They gave a lender 30 million warrants at a 10 cent strike price to borrow $3 million in February. The lenders profit on that loan is going to be huge if silver spikes.

Their FD market cap has jumped from $43 million to $141 million the last 18 months. It's no longer cheap, but still has 5+ bagger potential with their resources. With their future cash flow at higher silver prices, they could become a growth company. The only red flag is perhaps management's lack of shareholder friendliness, although that might change with higher silver prices. They are currently well positioned with low debt and low cash costs (in 2018), as well as abundant resources.

General Details

Financial 07/01/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $140.98M $156.67M 07/01/2017 $15.69M
Total Assets: $108.20M $108.20M 07/01/2017 $0.00M
Total Liabilities: $28.70M $28.70M 07/01/2017 $0.00M
Current Assets: $26.95M $26.95M 07/01/2017 $0.00M
Current Liabilities: $12.58M $12.58M 07/01/2017 $0.00M
Total Debt: $15.00M $15.00M 07/01/2017 $0.00M
Cash: $17.00M $17.00M 07/01/2017 $0.00M
Enterprise Value: $138.98M $154.67M 11/26/1974 $15.69M
Cash Flow: $6.32M $5.86M never $-0.46M
Cash Flow Multiple: 22.32 26.72 never 4.41
Net Debt to Cash Flow Ratio: n/a n/a never 0.00
Finance within 1 year: 07/01/2017 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 07/01/2017 0.00%
Misc 07/01/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Share Price: $2.877 $3.197 16:07 on 07/25/2017 $0.32
Shares Outstanding: 40,000,000 40,000,000 07/01/2017 0
Shares Fully Diluted: 49,000,000 49,000,000 07/01/2017 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Silver Mostly Silver never n/a
Production ETA: n/a n/a 07/01/2017 n/a
Production (Gold Eq Oz.): (guess) 
33,456
(guess) 
32,818
07/01/2017 -637
Production (Silver Eq Oz.): (guess) 
2,500,000
(guess) 
2,500,000
07/01/2017 0
Initial CapEx (Outstanding): n/a n/a 07/01/2017 n/a
Funding Option: n/a n/a 07/01/2017 n/a
Documentation: none PRODUCER 07/01/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 07/01/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: n/a n/a 07/01/2017 0.00M
Measured & Indicated: n/a n/a 07/01/2017 0.00M
Inferred: n/a n/a 07/01/2017 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 07/01/2017 0.00M
Measured & Indicated: n/a n/a 07/01/2017 0.00M
Inferred: n/a n/a 07/01/2017 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 07/01/2017 $0.00
Extra Operating Cost: n/a n/a 07/01/2017 $0.00
Average Grade: n/a n/a 07/01/2017 n/a
Recovery Rate: n/a n/a 07/01/2017 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 07/01/2017 0.00M
Annual Production: n/a n/a 07/01/2017 n/a
Cash Cost: n/a n/a 07/01/2017 n/a
Extra Operating Cost: n/a n/a 07/01/2017 n/a
SILVER 07/01/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 30.00M 30.00M 07/01/2017 0.00M
Measured & Indicated: 80.00M 80.00M 07/01/2017 0.00M
Inferred: 25.00M 25.00M 07/01/2017 0.00M
Reserves & Resources: 105.00M 105.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 27.00M 27.00M 07/01/2017 0.00M
Measured & Indicated: 63.00M 63.00M 07/01/2017 0.00M
Inferred: 11.25M 11.25M 07/01/2017 0.00M
Reserves & Resources: 74.25M 74.25M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
2,500,000oz.
(guess) 
2,500,000oz.
07/01/2017 0oz.
Cash Cost: $7 $7 07/01/2017 $0.00
Extra Operating Cost: $6 $6 07/01/2017 $0.00
Average Grade: 135.00 g/t 135.00 g/t 07/01/2017 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 07/01/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 80.00M 80.00M 07/01/2017 0.00M
Annual Production: 4,000,000oz. 4,000,000oz. 07/01/2017 0oz.
Cash Cost: $7 $7 07/01/2017 $0
Extra Operating Cost: $7 $7 07/01/2017 $0

Property

Last Analysis Data  (07/01/2017)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Cosala, Sinaloa, Mexico Nuestra Senora 100% n/a n/a show
13 million oz underground deposit. Significant offsets in copper, zinc, and lead.
Production Marisville, Montana, USA Drumlummon 100% n/a n/a n/a
Production Wallace, Id, USA Galena 100% n/a Underground show
Main mine with 1.5 million oz of production.

54 million oz of high grade silver (36 M&I).
Exploration Mexico Cosala District 100% (guess) 26,000 n/a show
65,000 acres. Includes the following properties

Nuestra Senora
El Cajon
San Rafael
Los Cristos
San Ramon
Exploration Mexico El Cajon 100% (guess) n/a n/a show
16 million oz underground deposit. Production possible in 2015.
Exploration Chihuahua State, Mexico Parral District 100% n/a n/a n/a
Exploration Cosala, Sinaloa, Mexico Platte River 100% n/a n/a n/a
Exploration Mexico San Rafael 100% (guess) n/a Open Pit show
Open pit and underground project. 32 million oz of resources.
Exploration Wallace, Id, USA Caladay 100% n/a n/a n/a
Exploration Wallace, Id, USA Coeur 100% n/a n/a n/a
Exploration Wallace, Id, USA Dayrock 100% n/a n/a n/a
Exploration Montana, USA Dumlummon 100% (guess) n/a n/a n/a
Total Land Package Size (ha): 26,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Cosala, Sinaloa, Mexico Nuestra Senora 100% n/a n/a show
13 million oz underground deposit. Significant offsets in copper, zinc, and lead.
Production Marisville, Montana, USA Drumlummon 100% n/a n/a n/a
Production Wallace, Id, USA Galena 100% n/a Underground show
Main mine with 1.5 million oz of production.

54 million oz of high grade silver (36 M&I).
Exploration Mexico Cosala District 100% (guess) 26,000 n/a show
65,000 acres. Includes the following properties

Nuestra Senora
El Cajon
San Rafael
Los Cristos
San Ramon
Exploration Mexico El Cajon 100% (guess) n/a n/a show
16 million oz underground deposit. Production possible in 2015.
Exploration Chihuahua State, Mexico Parral District 100% n/a n/a n/a
Exploration Cosala, Sinaloa, Mexico Platte River 100% n/a n/a n/a
Exploration Mexico San Rafael 100% (guess) n/a Open Pit show
Open pit and underground project. 32 million oz of resources.
Exploration Wallace, Id, USA Caladay 100% n/a n/a n/a
Exploration Wallace, Id, USA Coeur 100% n/a n/a n/a
Exploration Wallace, Id, USA Dayrock 100% n/a n/a n/a
Exploration Montana, USA Dumlummon 100% (guess) n/a n/a n/a
Total Land Package Size (ha): 26,000  

Profitability (by resource)

Proven &
Probable
07/01/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: 100.00% 100.00% n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a -0.01M
Total (Silver Eq. Oz.): 30.00M 30.00M n/a 0.00M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: n/a n/a n/a -0.01M
Silver Eq. Oz.: 27.00M 27.00M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $68.23M $63.32M n/a $-4.91M
Total Maximum Profit: $68.23M $63.32M n/a $-4.91M
Max Profit / Current MCap: 0.484 0.404 n/a -0.080
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $1.39 $1.29 n/a $-0.10
Total Max Profit Per Share: $1.39 $1.29 n/a $-0.10
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $390.19 $442.04 n/a $51.85
FD Mkt. Cap / Silver Eq.: $5.22 $5.80 n/a $0.58
FD Mkt. Cap / Per Metal
as % Spot Price:
31.44% 35.49% n/a 4.05%
Measured &
Indicated
07/01/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: 100.00% 100.00% n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a -0.02M
Total (Silver Eq. Oz.): 80.00M 80.00M n/a 0.00M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: n/a n/a n/a -0.02M
Silver Eq. Oz.: 63.00M 63.00M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $159.20M $147.74M n/a $-11.47M
Total Maximum Profit: $159.20M $147.74M n/a $-11.47M
Max Profit / Current MCap: 1.129 0.943 n/a -0.186
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $3.25 $3.02 n/a $-0.23
Total Max Profit Per Share: $3.25 $3.02 n/a $-0.23
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $167.22 $189.45 n/a $22.22
FD Mkt. Cap / Silver Eq.: $2.24 $2.49 n/a $0.25
FD Mkt. Cap / Per Metal
as % Spot Price:
13.47% 15.21% n/a 1.74%

Reserves &
Resources
07/01/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: 100.00% 100.00% n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a -0.03M
Total (Silver Eq. Oz.): 105.00M 105.00M n/a 0.00M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: n/a n/a n/a -0.02M
Silver Eq. Oz.: 74.25M 74.25M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $187.63M $174.12M n/a $-13.51M
Total Maximum Profit: $187.63M $174.12M n/a $-13.51M
Max Profit / Current MCap: 1.331 1.111 n/a -0.220
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $3.83 $3.55 n/a $-0.28
Total Max Profit Per Share: $3.83 $3.55 n/a $-0.28
Total Free Profit Per Share: $0.10 $0.00 n/a $-0.10
FD Mkt. Cap / Gold Eq.: $141.89 $160.74 n/a $18.85
FD Mkt. Cap / Silver Eq.: $1.90 $2.11 n/a $0.21
FD Mkt. Cap / Per Metal
as % Spot Price:
11.43% 12.91% n/a 1.47%

Future Valuation (Cash Flow & Totals)

Totals 07/01/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
C
U
R
R
E
N
T
R & R Valuation: $184.99M $182.10M n/a $-2.90M
Mkt. Cap: $140.98M $156.67M n/a $15.69M
Annual Gold Production: n/a n/a 0oz.
Annual Silver Production: (guess) 
2,500,000oz.
(guess) 
2,500,000oz.
07/01/2017 0oz.
F

U

T

U

R

E
FD Mkt. Cap: $1,200.00M $1,200M n/a $0M
FD Mkt. Cap Growth: 751% 666% n/a -85%
Annual
Production
Gold: n/a n/a n/a n/a
Silver: 4,000,000 oz. 4,000,000 oz. n/a 0 oz.
Current FD
Mkt. Cap /
Gold Eq. Reserves: 44.06 48.96 n/a 4.90
Silver Eq. Reserves: 1.76 1.96 n/a 0.20
Gold Eq. Production: 881.14 979.22 n/a 98.07
Silver Eq. Production: 35.25 39.17 n/a 3.92
P&P
Reserves
(oz.)
Gold: n/a n/a 07/01/2017 n/a
Silver: 80.00M 80.00M 07/01/2017 n/a
Gold Eq.: 3.20M 3.20M 07/01/2017 n/a
Silver Eq.: 80.00M 80.00M 07/01/2017 n/a
P&P Reserves
per FD
Share (oz.)
Gold: n/a n/a n/a n/a
Silver: 1.633 1.633 n/a n/a
Gold Eq.: 0.065 0.065 n/a n/a
Silver Eq.: 1.633 1.633 n/a n/a
Cash Flow 07/01/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Current: $6.32M $5.86M n/a $-0.46M
Current Multiple: 22.32 26.72 n/a 4.41
F
U
T
U
R
E
@ current prices: $6.26M $5.64M n/a $-0.62M
Multiple @ current prices: 22.51 27.78 n/a 5.27
Growth @ current prices: -0.85% -3.80% n/a -0.03
@ future prices: $206.40M $206.40M n/a $0.00M
Multiple @ future prices: 0.68 0.76 n/a 0.08
Growth @ future prices: 3,420.68% 3,420.68% n/a 2.54

Defaults

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