Ben Pirie, an analyst from Atrium Research, maintained the Buy rating on Santacruz Silver Mining. The associated price target is C$3.10.
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Ben Pirie has given his Buy rating due to a combination of factors that highlight the potential of Santacruz Silver Mining’s Soracaya Project. The company has successfully initiated development and full production permitting at this high-grade, silver-rich project in Bolivia, which marks a significant step toward making a construction decision. This development follows the completion of a $40 million accelerated option with Glencore, granting Santacruz full ownership of its Bolivian assets and allowing them to advance the Soracaya Project with complete interest.
The Soracaya Project boasts an impressive inferred resource, supported by extensive drilling data, which enhances its attractiveness as a cornerstone growth asset for the company. The mineralization at the site is characterized by reactivated faults and brecciated sulphides, features commonly associated with some of the world’s most productive silver deposits. These factors, combined with strong synergies with Santacruz’s existing operations in Bolivia, have led to an increased target price of C$3.10 per share, reinforcing the Buy rating.