Silver mining stock valuation calculator

Primary silver or by-product silver

Start by asking whether silver pays the bills. At a primary silver mine, silver ounces drive revenue and cost per ounce is the natural yardstick. At a polymetallic mine, zinc or lead may carry the economics and silver is a credit. The calculator accepts several commodities, so you can enter each resource line separately and see how much value rests on silver itself.

Silver grade is entered in grams per tonne, and contained metal is shown in thousands or millions of ounces. Check the units in the filing before typing, because a mix-up between grams per tonne and ounces per ton changes the result by a large factor.

Keep inferred resources separate from measured and indicated resources and from proven and probable reserves. Inferred ounces are not reserves. Recovery- and confidence-weighted in-ground value remains a screening metric, not a feasibility-study NAV.

Costs, credits and capital

By-product credits reduce the net cost of silver, but they depend on those other metals holding their price. Enter credits conservatively and test the case where they fall. As with gold, all-in sustaining cost already contains sustaining capital, so avoid deducting the same spending twice.

For a screening view, compare enterprise value with annual cash flow using an explicit multiple you can defend. If you add a mine plan, the project NAV is only as sound as its production schedule and capital estimate, so lean on a technical report when you have one. See the methodology guide for the full flow.

Volatility is the main risk

Silver prices move sharply, which makes scenario work more valuable than a single estimate. Change the price, production and capital multipliers together and look at the spread. All figures are entered by you, samples are illustrative, the tool is not a live market feed, and it does not give investment advice. Before you act on any run, compare the silver ounces implied by your inputs with what the company itself reports, and check that the by-product assumptions match the metal prices you used elsewhere in the model. Our guide on valuing junior miners covers early stage names.