$100 Silver/oz

Here’s a fresh summary of how Southern Silver Exploration (SSV / SSVFF) is doing, based on the latest available info. If you want, I can pull up more recent filings or peer comparison too.

🔍 Current Stock & Market Data

Ticker(s) Market(s) Latest Price* 52-Week Range Market Cap / Notes SSV (TSXV) Canada ≈ CAD $0.27 (Investing.com) ~ $0.17 — $0.34 (Investing.com) Several million CAD; still small cap / micro‐cap level (Morningstar) SSVFF (OTCQX) USA (OTC) ≈ USD $0.20 (StockAnalysis) ~ $0.11 — $0.25 (StockAnalysis) Market cap ~ USD ~$78M based on recent data (StockAnalysis)

*Prices are delayed, approximate; always check live feed for official numbers.

📰 Recent Corporate / Exploration Highlights

1. Private Placements / Financing
   • Company raised capital via a bought deal / private placement of C$15.0 million. (StockAnalysis)
   • There was an upsized private placement (that is, increased from initial offering) — shows investor demand is somewhat strong. (StockAnalysis)
2. Drilling / Assay Results
   • One of their recent results: 8.9 metres at 222 g/t AgEq in the South Skarn area of the Cerro Las Minitas project. (StockAnalysis)
   • They have also been doing baseline data collection and other preparatory work at CLM. (StockAnalysis)
3. Stock Performance
   • SSV has seen significant volatility but has recovered from lower ranges. Current price is near the upper half of its 52-week range. (Investing.com)
   • OTC ticker (SSVFF) shows YTD gains around ~59% per one source. (MarketWatch)
4. Valuation / Analyst Sentiment
   • A past analyst target (from Fundamental Research) placed the share price at C$0.60 per share. That suggests some upward expectation. (MarketWatch)
   • TipRanks (or related analysis) seems to show it's considered undervalued currently. (TipRanks)

⚠️ Things to Watch / Risk Points

• Dilution Risks: Private placements always risk diluting existing shareholders. Given they are financing by issuing shares, this is a live concern. (Junior Mining Network)
• Exploration vs. Production: They're still in the exploration / PEA / permitting stage. So no revenue yet (or minimal). (StockAnalysis)
• Silver-/Zinc Market Moves: Their upside remains heavily dependent on metals’ prices and macro demand (as your original analysis assumed).
• Execution / Regulatory / ESG Risks: Common for mining/exploration—permits, environmental studies, local/regional governments, community engagement, etc. Nothing specific new, but always relevant.

✅ Overall Impression

Southern Silver appears to be progressing steadily:

• They've secured funding, which is key for continuing exploration, permitting, and keeping the project moving.
• Drilling results are positive in places (e.g. South Skarn) and support the case for resource expansion.
• The stock has done relatively well (in percent terms) in recent months/YTD, though the absolute price is still very low (reflecting early stage risk).
• Analyst sentiment shows there is belief in substantial upside, but current valuation seems modest compared to what your scenario analysis posits.

Here’s what I found on whether Southern Silver plans (or is currently) to build the Cerro Las Minitas (CLM) mine, versus selling / JV / developing through studies:

🧐 What They Are Doing (As of Latest Reports)

1. PEA & Mine Plan
   • They completed an updated Preliminary Economic Assessment (PEA) in June 2024. That includes a mine plan: underground mining (no open pits), with 2 portals accessing different deposit zones. (Southern Silver Exploration Corp.)
   • The PEA has 17-year life of mine; projected production rates; capex; etc. (Southern Silver Exploration Corp.)
2. Drilling / Exploration / De-risking
   • They are doing further drilling (core drilling) to test shallow and down-dip extensions, aiming to increase tonnage and upgrade resource classification (inferred → indicated). (Junior Mining Network)
   • Baseline studies underway: environmental, hydrological, geotechnical, social / community engagement etc. (Junior Mining Network)
3. Corporate Strategy Language
   • Company says its strategy is to “develop the Cerro Las Minitas project into a premier, high-grade, silver-lead-zinc mine.” (Southern Silver Exploration Corp.)
   • Also, they plan to de-risk the project by doing the studies needed for future permitting, engineering, etc. (Southern Silver Exploration Corp.)

⚠️ What They Are Not (or Have Not Yet) Done

1. No Final Investment Decision (FID) / Construction
   • I found no public record that they have committed to building / putting it into production themselves. The project is still in the economic study / permitting & exploration stage. (Southern Silver Exploration Corp.)
   • The PEA is explicitly “preliminary.” Mineral resources are not yet reserves. The studies indicate potential viability but don’t guarantee funding, approvals, or construction. (Southern Silver Exploration Corp.)
2. JV / Sale Option Still on the Table
   • The company’s communication implies that structured deals (JV, partner, sale) are part of their model. The description of advancing the project rather than “build it out entirely by ourselves” is in their corporate strategy. (Southern Silver Exploration Corp.)

✅ My Interpretation: Do They Plan to Build?

From what I gathered, yes, they intend for Cerro Las Minitas to become a producing underground mine. The PEA and related engineering and permitting work are all steps in that direction. But no, they have not yet committed to building it on their own in a fully financed, permitted, operational sense.

Their plan seems more phased / conditional:

• Complete additional exploration to improve confidence, expand resource, and reduce risk.
• Carry out environmental, geotechnical, permitting work.
• Possibly find a partner or JV, or sell the project, rather than self-fund the whole thing.