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Industrias Penoles NPV

www: www.penoles.com.mx   email:
Category: Major
Rating:
Upside Downside Quality
3.0 3.5 A-
Risk: Moderate View History

Rating History

Date Category Rating Risk
Upside Downside Quality
05/18/2026 Major 3.0 3.5A-Moderate
Current Major 3.0 3.5A-Moderate
Profile
Notes
Forum
Your Data



Waiting for

TradingView Chart

Price Data

Symbol Traded Checked Price
OTCMKTS:IPOAF 09/28/2026 09/29/2026 USD 44.1600

Performance

+/-
since 		1 Day Last Friday 4 Weeks
0.00% % %
3 Months 6 Months 1 Year
3.61% 1.40% 1.40%

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Scorecard   (1 Star = Poor, 5 Stars = Excellent)

Category Don's Site Average Yours Category
Balance Sheet Balance Sheet
Costs (Exp/Dev/Prod) Costs (Exp/Dev/Prod)
Exploration Potential Exploration Potential
Management/Execution Management/Execution
Ownership/Hedging Ownership/Hedging
Project Locations/Taxes Project Locations/Taxes
Properties/Projects/Pipeline Properties/Projects/Pipeline
Share Structure/Dilution Share Structure/Dilution
Risk (1 = High, 5 = Low) Risk (1 = High, 5 = Low)
Upside Potential Upside Potential
3 Ratings

Your Summary (edit)

Stock Summary (from last analysis - 05/18/2026)

Industria Penoles owns 75% of Fresnillo, which is one of the largest silver and gold producers in the world. They claim most of that production in their financials (Fresnillo is listed as a subsidiary), so I'm a bit confused. Fresnillo has a separate trading symbol with a $33 billion valuation. Penoloes is also valued at $21 billion (most of that is their 75% ownership of Fresnillo), and about 35% of their revenue is silver (5M oz) and 25% is gold (60K oz) A large portion of the other revenue comes from base metals (lead, zinc, and copper).

The majority ownership of Penoles is actually a private US company that started in 1897. For this reason, it's unlikely anyone is going to buyout Penoles. This also applies to Fresnillo. It's kind of strange that Fresnillo is a separate company operating as a subsidiary when Penoles has 14 mining operations.

Since Penoles is both a large gold producer (600,000 oz) and a large silver producer (56 million oz) they appear in a lot of ETFs. They pay quarterly dividends. A private company owns 51% of the company. They had $450M in FCF in Q1 2026, which came from their own mines and not Fresnillo. They have $3.8B in cash and $4B in debt.

They are generating a lot of cash. I wish this stock traded in North America, other than the OTC pinks with low volume.

Both Penoles and Fresnillo confuse me because they do not have investor-friendly websites. Penoles does not even have a company presentation.

It only trades on the Mexico stock exchange and OTC in the US. The US symbol trades in the pink with low volume. If it had better volume, I would buy it. Without any volume, it has too much risk.


DD

General Details

Financial 05/18/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $20,628.99M $17,552.53M 05/18/2026 $-3,076.46M
MCap (OS): $20,628.99M $17,552.53M 05/18/2026 $-3,076.46M
Total Assets: $10,300.00M $10,300.00M 05/18/2026 $0.00M
Total Liabilities: $4,750.00M $4,750.00M 05/18/2026 $0.00M
Current Assets: $5,005.00M $5,005.00M 05/18/2026 $0.00M
Current Liabilities: $1,700.00M $1,700.00M 05/18/2026 $0.00M
Total Debt: $4,000.00M $4,000.00M 05/18/2026 $0.00M
Cash: $3,801.00M $3,801.00M 05/18/2026 $0.00M
Debt (Net): $199.00M $199.00M $0.00M
Enterprise Value: $20,827.99M $17,751.53M $-3,076.46M
Cash Flow: $1,766.65M $673.01M never $-1,093.64M
Cash Flow Multiple: 11.68 26.08 never 14.40
Net Debt to
Cash Flow Ratio:		 0.11 0.30 never 0.18
Finance within 1 year: 05/18/2026 n/a
Misc 05/18/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 397,475,747 397,475,747 05/18/2026 0
Shares (FD): 397,475,747 397,475,747 05/18/2026 0
Insider Ownership: n/a n/a 05/18/2026 n/a
Dividend (Annual): n/a n/a 05/18/2026 n/a
Company Type: Mostly Silver Mostly Silver never n/a
Group: Producer Producer never n/a
Production ETA: n/a n/a 05/18/2026 n/a
Production (Gold Eq Oz.): (guess) 
1,541,313		 (guess) 
1,420,104		 05/18/2026 -121,208
Production (Silver Eq Oz.): (guess) 
91,694,824		 (guess) 
96,970,390		 05/18/2026 5,275,566
Development Phase: Producer (Multiple Mines) Producer (Multiple Mines) 05/18/2026 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 30
Producer: Elite Quality
 30
Producer: Elite Quality
 05/18/2026 0
Cash Flow Multiple: 15 15 05/18/2026 0.00

Resource Data

GOLD 05/18/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 10.00M 10.00M 05/18/2026 0.00M
Measured & Indicated: 12.00M 12.00M 05/18/2026 0.00M
Inferred: n/a n/a 05/18/2026 0.00M
Reserves & Resources: 12.00M 12.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 8.50M 8.50M 05/18/2026 0.00M
Measured & Indicated: 9.86M 9.86M 05/18/2026 0.00M
Inferred: n/a n/a 05/18/2026 0.00M
Reserves & Resources: 9.86M 9.86M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
600,000oz.		 (guess) 
600,000oz.		 05/18/2026 0oz.
Cash Cost: $2,800 $2,800 05/18/2026 $0.00
Extra Operating Cost: $1,000 $1,000 05/18/2026 $0.00
Total: $3,800 $3,800 05/18/2026 $0.00
Margin (Free Cash Flow): $751 (17%) $369 (9%) $-381.67
MCap / Production (AuEq): $13,384.04 $12,360.03 $-1,024.01
EV / Production (AuEq): $13,513.15 $12,500.16 $-1,012.99
G
R
A
D
E		 Underground (Avg): 3.00 g/t 3.00 g/t 05/18/2026 n/a
Open Pit (Avg): n/a 0.80 g/t 05/18/2026 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 05/18/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 12.00M 12.00M 05/18/2026 0.00M
Annual Production: 600,000oz. 600,000oz. 05/18/2026 0oz.
Cash Cost: $2,800 $2,800 05/18/2026 $0
Extra Operating Cost: $1,000 $1,000 05/18/2026 $0
SILVER 05/18/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 700.00M 700.00M 05/18/2026 0.00M
Measured & Indicated: 800.00M 800.00M 05/18/2026 0.00M
Inferred: n/a n/a 05/18/2026 0.00M
Reserves & Resources: 800.00M 800.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 595.00M 595.00M 05/18/2026 0.00M
Measured & Indicated: 663.00M 663.00M 05/18/2026 0.00M
Inferred: n/a n/a 05/18/2026 0.00M
Reserves & Resources: 663.00M 663.00M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
56,000,000oz.		 (guess) 
56,000,000oz.		 05/18/2026 0oz.
Cash Cost: $33.00 $33.00 05/18/2026 $0.00
Extra Operating Cost: $20.00 $20.00 05/18/2026 $0.00
Total: $53.00 $53.00 05/18/2026 $0.00
Margin (Free Cash Flow): $23.50 (30.72%) $8.06 (13.20%) $-15.44
MCap / Production (AgEq): $224.97 $181.01 $-43.97
EV / Production (AgEq): $227.14 $183.06 $-44.08
G
R
A
D
E		 Underground (Avg): 200.00 g/t 200.00 g/t 05/18/2026 n/a
Open Pit (Avg): n/a 100.00 g/t 05/18/2026 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 05/18/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 800.00M 800.00M 05/18/2026 0.00M
Annual Production: 56,000,000oz. 56,000,000oz. 05/18/2026 0oz.
Cash Cost: $33.00 $33.00 05/18/2026 $0.00
Extra Operating Cost: $20.00 $20.00 05/18/2026 $0.00

Property

Last Analysis Data  (05/18/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Mexico
100 show
7 operating mines for precious metals
7 operating mines for base metals
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Mexico
100 show
7 operating mines for precious metals
7 operating mines for base metals

Profitability (by resource)

Proven &
Probable		 05/18/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 45.94% 49.38% n/a 3.44%
Percentage Silver: 54.06% 50.62% n/a -3.44%
Total (Gold Eq. Oz.): 21.77M 20.25M n/a -1.52M
Total (Silver Eq. Oz.): 1,294.91M 1,382.84M n/a 87.93M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 18.50M 17.21M n/a -1.29M
Silver Eq. Oz.: 1,100.68M 1,175.41M n/a 74.74M
Maximum Profit (Gold): $6,384.27M $3,140.07M n/a $-3,244.20M
Maximum Profit (Silver): $13,982.50M $4,795.70M n/a $-9,186.80M
Total Maximum Profit: $20,366.77M $7,935.77M n/a $-12,431.00M
Max Profit / Current MCap: 0.987 0.452 n/a -0.535
Max Profit Per Share (Gold): $16.06 $7.90 n/a $-8.16
Max Profit Per Share (Silver): $35.18 $12.07 n/a $-23.11
Total Max Profit Per Share: $51.24 $19.97 n/a $-31.27
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD MCap / Gold Eq.: $1,114.99 $1,019.69 n/a $-95.30
FD MCap / Silver Eq.: $18.74 $14.93 n/a $-3.81
FD MCap / Per Metal
as % Spot Price:		 24.50% 24.46% n/a -0.04%
EV / Gold Eq.: $1,125.75 $1,031.25 n/a $-94.50
EV / Silver Eq.: $18.92 $15.10 n/a $-3.82
EV / Per Metal
as % Spot Price:		 24.74% 24.73% n/a 0.00%
Measured &
Indicated		 05/18/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 47.16% 50.60% n/a 3.44%
Percentage Silver: 52.84% 49.40% n/a -3.44%
Total (Gold Eq. Oz.): 25.45M 23.72M n/a -1.73M
Total (Silver Eq. Oz.): 1,513.90M 1,619.41M n/a 105.51M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 21.00M 19.57M n/a -1.44M
Silver Eq. Oz.: 1,249.58M 1,336.28M n/a 86.70M
Maximum Profit (Gold): $7,405.75M $3,642.48M n/a $-3,763.27M
Maximum Profit (Silver): $15,580.50M $5,343.78M n/a $-10,236.72M
Total Maximum Profit: $22,986.25M $8,986.26M n/a $-13,999.99M
Max Profit / Current MCap: 1.114 0.512 n/a -0.602
Max Profit Per Share (Gold): $18.63 $9.16 n/a $-9.47
Max Profit Per Share (Silver): $39.20 $13.44 n/a $-25.75
Total Max Profit Per Share: $57.83 $22.61 n/a $-35.22
Total Free Profit Per Share: $5.93 $0.00 n/a $-5.93
FD MCap / Gold Eq.: $982.12 $896.94 n/a $-85.19
FD MCap / Silver Eq.: $16.51 $13.14 n/a $-3.37
FD MCap / Per Metal
as % Spot Price:		 21.58% 21.51% n/a -0.07%
EV / Gold Eq.: $991.60 $907.10 n/a $-84.49
EV / Silver Eq.: $16.67 $13.28 n/a $-3.38
EV / Per Metal
as % Spot Price:		 21.79% 21.76% n/a -0.03%

Reserves &
Resources		 05/18/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 47.16% 50.60% n/a 3.44%
Percentage Silver: 52.84% 49.40% n/a -3.44%
Total (Gold Eq. Oz.): 25.45M 23.72M n/a -1.73M
Total (Silver Eq. Oz.): 1,513.90M 1,619.41M n/a 105.51M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 21.00M 19.57M n/a -1.44M
Silver Eq. Oz.: 1,249.58M 1,336.28M n/a 86.70M
Maximum Profit (Gold): $7,405.75M $3,642.48M n/a $-3,763.27M
Maximum Profit (Silver): $15,580.50M $5,343.78M n/a $-10,236.72M
Total Maximum Profit: $22,986.25M $8,986.26M n/a $-13,999.99M
Max Profit / Current MCap: 1.114 0.512 n/a -0.602
Max Profit Per Share (Gold): $18.63 $9.16 n/a $-9.47
Max Profit Per Share (Silver): $39.20 $13.44 n/a $-25.75
Total Max Profit Per Share: $57.83 $22.61 n/a $-35.22
Total Free Profit Per Share: $5.93 $0.00 n/a $-5.93
FD MCap / Gold Eq.: $982.12 $896.94 n/a $-85.19
FD MCap / Silver Eq.: $16.51 $13.14 n/a $-3.37
FD MCap / Per Metal
as % Spot Price:		 21.58% 21.51% n/a -0.07%
EV / Gold Eq.: $991.60 $907.10 n/a $-84.49
EV / Silver Eq.: $16.67 $13.28 n/a $-3.38
EV / Per Metal
as % Spot Price:		 21.79% 21.76% n/a -0.03%

Future Valuation (Cash Flow & Totals)

Totals 05/18/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
C
U
R
R
E
N
T		 R & R Valuation: $28,677.97M $24,477.98M n/a $-4,200.00M
FD MCap: $20,628.99M $17,552.53M n/a $-3,076.46M
Annual Gold Production: (guess) 
600,000oz.		 (guess) 
600,000oz.		 05/18/2026 0oz.
Annual Silver Production: (guess) 
56,000,000oz.		 (guess) 
56,000,000oz.		 05/18/2026 0oz.
F

U

T

U

R

E		 FD MCap (Resources): $73,200.00M $73,200.00M n/a $0M
FD MCap Growth (Resources): 255% 317% n/a 62%
FD MCap (Cash Flow): $152,280.00M $152,280M n/a 0.00M
FD MCap Growth (Cash Flow): 638% 768% n/a 129%
Estimated
Price		 USD: $383.12 $383.12 n/a $0.00
Ratio FD MCap (Resources : Cash Flow): 0.48 0.48 n/a 0.00
Annual
Production		 Gold: 600,000 oz. 600,000 oz. n/a 0 oz.
Silver: 56,000,000 oz. 56,000,000 oz. n/a 0 oz.
Current
FD MCap / 		Gold Eq. Reserves: 591.82 503.56 n/a -88.26
Silver Eq. Reserves: 16.91 14.39 n/a -2.52
Gold Eq. Production: 9,376.81 7,978.42 n/a -1,398.39
Silver Eq. Production: 267.91 227.95 n/a -39.95
P&P
Reserves
(oz.)		 Gold: 12.00M 12.00M 05/18/2026 n/a
Silver: 800.00M 800.00M 05/18/2026 n/a
Gold Eq.: 34.86M 34.86M 05/18/2026 n/a
Silver Eq.: 1,220.00M 1,220.00M 05/18/2026 n/a
P&P Reserves
per FD
Share (oz.)		 Gold: 0.030 0.030 n/a n/a
Silver: 2.013 2.013 n/a n/a
Gold Eq.: 0.088 0.088 n/a n/a
Silver Eq.: 3.069 3.069 n/a n/a
Free Cash Flow 05/18/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Current: $1,766.65M $673.01M n/a $-1,093.64M
Current Multiple: 11.68 26.08 n/a 14.40
Current FCF/MCap Ratio: 8.56% 3.83% n/a -4.73%
Current FCF/Share: $4.44 $1.69 n/a $-2.75
F
U
T
U
R
E		 @ current pm prices: $1,766.65M $673.01M n/a $-1,093.64M
Multiple @ current pm prices: 11.68 26.08 n/a 14.40
Growth @ current pm prices: 0.00% 0.00% n/a 0.00
@ future prices: $10,152.00M $10,152.00M n/a $0.00M
Multiple @ future prices: 2.03 1.73 n/a -0.30
Growth @ future prices: 1,408.44% 1,408.44% n/a 9.34

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