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The latest update is out from Golden Tag Resources ( (TSE:SVRS) ).
Silver Storm Mining Ltd. has entered into a $7 million offtake prepayment financing agreement with Samsung C&T to restart operations at the La Parrilla Silver Mine Complex in Durango, Mexico. This agreement marks a significant step in Silver Storm’s strategic vision to transition into an operating entity, with Samsung’s involvement reflecting confidence in the company’s path forward. The funds will be used for mill rehabilitation, underground development, and working capital, with Samsung securing rights to purchase 100% of the lead-silver and zinc concentrates produced over a two-year period.
Spark’s Take on TSE:SVRS Stock
According to Spark, TipRanks’ AI Analyst, TSE:SVRS is a Underperform.
Golden Tag Resources faces significant financial challenges, typical of a pre-revenue mining exploration company. While technical indicators suggest a neutral outlook, the valuation remains unattractive due to the lack of profitability. The recent private placement announcement is a positive development, providing potential financial stability. However, overall risks remain high due to financial instability and lack of revenue.
To see Spark’s full report on TSE:SVRS stock, click here.
More about Golden Tag Resources
Silver Storm Mining Ltd. is a company focused on advanced-stage silver projects in Durango, Mexico. It is committed to restarting operations at its wholly-owned La Parrilla Silver Mine Complex, which includes a 2,000 tpd mill and three underground mines. The company also holds a 100% interest in the San Diego Project, one of the largest undeveloped silver assets in Mexico.
Average Trading Volume: 2,651,865
Technical Sentiment Signal: Strong Buy
Current Market Cap: C$166.1M
For an in-depth examination of SVRS stock, go to TipRanks’ Overview page.