Couloir Research Team June 15, 2026
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Since our last update on April 14, 2026, three developments have materially advanced the investment case. SCRI posted record quarterly royalty revenue of $665,854 in Q1 2026 (+119% YOY), with positive operating cash flow guided for Q2 as PPX Mining’s Igor 4 minimum delivery obligations commence. Prominent mining investor Michael Gentile anchored a $4.5 million private placement at $14.00, a premium to market, lifting his partially diluted stake to ~19.4% and joining as Strategic Advisor. Most significantly, SCRI announced the acquisition of two 1% NSR royalties on Titiminas Silver’s Madre Sierra deposit in Peru for up to US$8 million, targeting ~60,000 oz/yr silver within two years, a potentially transformative addition to the portfolio. With $15+ million in treasury and ~$20 million of in-the-money warrants, the balance sheet is well-funded for further growth.
Investment Highlights
- Silver Crown Royalties (CBOE: SCRI) (the “Company”) is an emerging silver royalty company that stands to benefit from the first-mover advantage. It is the only pure-play silver royalty company in the market offering investors access to a diversified portfolio of silver royalties.
- Record Q1 2026 Revenue: Reported record Q1 2026 royalty revenue of $665,854, up 119% YOY and 62% QOQ, driven by higher silver deliveries and stronger silver prices. Management expects positive operating cash flow beginning in Q2 as minimum delivery obligations begin at PPX Mining.
- Titiminas Royalty Acquisitions: SCRI entered a definitive agreement to acquire two existing 1% NSR royalties on Titiminas Silver’s (TSXV: TITI) Madre Sierra deposit in Peru for up to US$8M total consideration. Management expects an estimated 60,000 attributable silver ounces annually to SCRI within two years, potentially representing a transformative increase in SCRI’s royalty revenue and cash flow profile.
- Strong liquidity: SCRI reported over $15 million of available liquidity, including silver bullion holdings, alongside ~$20 million of in-the-money warrants. This provides ample capital to fund accretive royalty acquisitions while limiting dilution.
- We reiterate our BUY rating and increase our fair value per share estimate to $35.00 per share (earlier $30.30).
- Michael Gentiles Raises Stake: SCRI completed a $4.5 million premium-to-market financing led by prominent mining investor Michael Gentile, who increased his partially diluted ownership to approximately 19.4% (earlier 16.5%) and joined the Company as Strategic Advisor. The strategic investment from Michael Gentile represents a meaningful validation of the Company’s royalty model.
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