ABOUT THIS EPISODE
Interview with Peter Bures, Chairman & CEO of Silver Crown Royalties
Our previous interview: https://www.cruxinvestor.com/posts/silver-crown-royalties-slcrf-silver-pure-play-royalty-unlocking-unreported-ounces-12426
Recording date: 6th November 2026
Silver Crown Royalties Inc. (CBOE:SCRI, OTCQX:SLCRF) builds a silver-only royalty portfolio by buying byproduct silver from gold and copper operators, with the stated objective of becoming a dividend-paying company tied to the silver price. Two announcements in quick succession have reshaped its outlook. The company reported third quarter results showing royalty revenue of C$1.61 million, up 541% year on year, and net income of over C$379,000 for its second consecutive profitable quarter. Attributable deliveries were 18,063 ounces (oz), unchanged from the second quarter, while revenue fell 14% quarter on quarter on a lower average silver price. The balance sheet showed C$7.72 million in cash and term deposits, C$15.49 million in working capital and no debt.
Silver Crown announced a definitive agreement, dated October 31, to acquire a royalty on 90% of payable silver from Soma Gold’s El Bagre Gold Mining Complex in Antioquia, Colombia, for US$10 million in cash. The structure pays Silver Crown the greater of 90% of payable silver until 305,500 oz are delivered, after which a 7.5% silver net smelter return (NSR) royalty applies for the life of the operation. US$3 million is due at closing, targeted by November 30, 2026, and US$7 million follows once Soma’s existing gold financier releases its security and Silver Crown registers first-ranking security. If that discharge is not completed by December 31, 2026, Silver Crown can require Soma to buy back the royalty for US$3 million plus interest.
The company is targeting a roughly 29% increase in attributable silver ounce revenue in 2027 and 57% in 2028 from the deal. Chairman and Chief Executive Officer Peter Bures states the current annualized run rate is about 75,000 oz from PPX Mining’s Igor 4 project in Peru and Pilar Gold’s recently restarted PGDM complex in Brazil.
Further upside comes from three 1% NSR royalties on Titiminas Silver’s Madre Sierra deposit in Peru, where the operator is targeting a 2027 restart and 2.5 million to 3.5 million silver-equivalent oz a year by 2029. Bures said 25,000 to 30,000 oz is plausible at the small-scale stage. The Elk Gold and Scotia mine royalties are excluded from management’s figures.
Valuation is the main debate. Silver Crown trades at about 53 times trailing twelve-month sales and 38 times annualized third quarter sales on a C$243 million market capitalization, against 25 to 35 times for royalty peers under $1 billion. Risks include closing conditions and the security discharge at El Bagre, operator credit, and silver price exposure.
For investors, the near-term tests are the El Bagre first-tranche closing by November 30, 2026, the security registration targeted by December 31, 2026, and the Madre Sierra restart in 2027.
View Silver Crown's company profile: https://www.cruxinvestor.com/companies/silver-crown-royalties
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