Updated Silver Miner Rankings Based on My Investment Criteria Here are my favorite Silver miners based on my investment thesis, and not financial advice. I am looking for quality undervalued companies with high silver leverage, prefer smaller or mid tier producers, so they can capitalize on higher Silver prices, when they do finally come. And I personally expect $100 within 4-5 months and $200 within 24 months, if not sooner, so my modeling has done projections of companies at various higher silver prices. If Silver stays the same or goes slightly higher for years, these rankings would be substantially different (though of course I'd have to know that before time to adjust them). I don’t have too many long term developers high on the list and most of those lower rankings are due purely to not being in production until 2030 or later, with many question marks still there on funding, execution, etc. However, they will all move when Silver moves, but I really want those that can show it in their earnings reports, which will attract higher dollars when Silver gets to higher prices and hopefully remains there. If stocks are missing, I have either not reviewed the companies in detail, or they are primarily gold stocks. For example, you could easily put Couer and Pan American in tier 3, but they now have a lower percentage of Silver, and also have a lot bigger market caps (though I own Couer and still may buy Pan American). I also think in a silver bull market, all of these will do well, and some of the long term developers I have lower, could really outperform, as it depends on news, momentum, market cap, etc. And based on news releases and quarterly results, companies can move up and down substantially in how I rank them because there is not that much separation between many of these. For example, the top 10 for me, were pretty hard to rank, as well as the next 5. Then tier 2 could really move around. And tier 4 as well, given there are a lot of similarities in many of the long term developers and news and updates can change things considerably. For example, the Apollo community vote on Cinco, and what happens after that if it is passed, could substantially change that ranking. Then there are a few smaller producers in there, that with great or poor quarterly results, or revised resource estimates, could move up or down as well. TIER 1 — EXCEPTIONAL RISK/REWARD #1 — Aya Gold & Silver One of the best combinations of current production, silver purity, growth and future NAV. Zgounder is now a rapidly growing silver operation rather than simply a development project. Q2 2026 production reached approximately 1.49 Moz silver at Zgounder, while consolidated AgEq production increased 61% YoY. Revenue reached approximately $97M and operating cash flow $48M. Then there is Boumadine, which gives Aya a potentially enormous second-stage growth option. Most importantly, Aya combines: High silver purity Rapidly growing production Strong financial position Existing cash flow Major exploration upside Zgounder expansion Boumadine optionality. Why #1: There are a few that may have greater percentage upside, but Aya offers an unusually strong combination of current earnings + future growth + silver leverage + asset optionality. #2 — Endeavour Silver One of the best actual producer + growth combinations. Terronera is now operating, Kolpa provides another production-growth avenue, and Pitarrilla gives Endeavour a potentially enormous second wave of silver production. This is important because Endeavour isn't simply a mature producer. It's a company that can potentially grow into a substantially larger silver producer over the next several years. The primary concern remains cost execution and the capital required for the next stages of growth. Why #2: Strong silver exposure, existing production, Terronera ramp-up, Kolpa growth, Pitarrilla optionality and substantial operating leverage. #3 — Vizsla Silver Probably the highest-quality pure development torque story in the group. Panuco remains extraordinary: ~128 Moz M&I actual silver ~222 Moz AgEq M&I exceptional grades ~17.4 Moz AgEq/year average production ~20 Moz AgEq/year during the first five years ~$1.8B NPV 111% IRR very low projected AISC. And then there is the stock-specific opportunity. The January 2026 security incident created enormous selling pressure, and the shares never fully recovered despite the underlying project continuing to advance. That gives Vizsla a particularly interesting setup if permitting and security concerns continue to improve. Why #3: The combination of an exceptional silver asset, high projected production, enormous margins and a relatively depressed valuation makes this one of the highest-upside companies in the group. #4 — Santacruz Silver A company with great silver leverage, already in production, yet still with a relatively smaller market cap for a mid tier producer, despite how much the stock has already moved. Q2 2026 produced: 2.81M AgEq 1.57M silver $113.5M revenue $46.7M adjusted EBITDA $72.8M cash/liquid securities ~$21.87/oz silver AISC. That's substantial operating leverage for a company with a market capitalization around the $800M range. Bolivar returning to full production provides another potential improvement. Why #4: Tremendous silver-price leverage combined with real revenue, EBITDA, production and a relatively modest valuation. Bolivia and operational complexity prevent it from moving even higher. #5 — Blackrock Silver This is one that will take awhile to get into production, but it’s probably the best combination of valuation asymmetry, silver leverage, grade, jurisdiction and defined economics in the group. Tonopah West gives us: 7.1 Moz AgEq/year 11.2-year mine life $17.44/AgEq oz AISC $190M initial capex $437M after-tax NPV5 28% IRR 3.5-year payback And that's using only $31 silver as the base case. At $66.90 silver, the company's sensitivity produces approximately $1.55B NPV, a 79% IRR and a 1.4-year payback. The extraordinary part is the starting valuation. Blackrock is still small enough that a transition from developer to financed, permitted Nevada producer could result in a massive valuation rerating. Why #5: It combines the extreme upside characteristics of a junior with an economic study substantial enough for institutional investors to eventually underwrite the story. #6 — Honey Badger Silver One of the greatest valuation/asset asymmetries in the entire group. The Prairie Creek acquisition was remarkable given the consideration paid, and they just released an impressive PEA that showed more resources than expected, with very high valuation estimations at various silver prices. The purchase brought: Enormous historical AgEq inventory High-grade silver/zinc/lead Underground development Mill Airstrip Infrastructure Important permits The upcoming updated MRE and mill assessment on whether they can just upgrade the existing mill to get the project up and running relatively soon, could substantially change the market's perception of the project. The potential upside is enormous. Why #6: The reason it isn't higher is not lack of upside — it's financing, restart, permitting, technical and execution risk. If the updated MRE and mill assessment are excellent, Honey Badger could move even higher. #7 — Silver X Mining One of the most interesting smaller producing silver companies. Silver X has: Existing production Growing revenue Improving profitability Cash Operating infrastructure An expanding operation A huge exploration district Q2 2026 revenue reached approximately $17.3M, up 221% YoY, with adjusted EBITDA of $6.9M and H1 net income of $7.7M. Its long-term objective of moving toward approximately 6 Moz AgEq annually creates substantial production leverage. Why #7: This is exactly the type of smaller producer that can potentially transition from a micro/small-cap valuation into a much larger institutional-quality company if production and profitability continue to improve. #8 — Avino Silver & Gold One of the best fits for the entire investment framework. You have: Existing production La Preciosa ramping Strong balance sheet No traditional debt ~127 Moz AgEq P&P reserves Meaningful copper/gold by-products Substantial production growth Q2 production reached approximately 535K AgEq ounces, while La Preciosa development production increased 59% QoQ. The company is therefore benefiting from both higher silver prices and increasing production. Why #8: Avino is considerably less speculative than the tiny juniors, but still has enough valuation and production-growth leverage to potentially produce substantial percentage upside. #9 — Americas Gold & Silver One of the best mid tier producers in mostly low risk jurisdictions. Cosalá + Galena + Crescent creates a compelling combination of: current production + silver leverage + operating leverage + production growth + optionality. Cosalá has been producing at increasingly attractive costs, with recent cash costs around the mid-teens per ounce. Galena is undergoing a major expansion, including substantially increased hoisting and milling capacity. Then there is Crescent, the past-producing silver mine located near Galena, which could potentially leverage existing infrastructure. And finally there is Relief Canyon, currently on care and maintenance, providing gold-price optionality. The antimony opportunity at Galena provides another strategic component. Why #9: Americas is becoming a multi-asset North American precious-metals platform rather than simply a small silver producer. The combination of current revenue, growing production and multiple future assets gives it considerably more upside than its previous #18 position suggested. #10 — Silvercorp Metals Best established lower-risk silver exposure in the group. Silver represents roughly 70%+ of revenue, costs are exceptionally low, and the company generates enormous cash flow. FY2026 produced: ~$438M revenue ~$238M adjusted EBITDA ~$151M adjusted net income ~$311M operating cash flow ~$181M free cash flow $14.25/oz AISC That's an extraordinary financial foundation for a silver producer. The major drawback remains China/jurisdiction risk, which is why I wouldn't move it above the companies with greater valuation asymmetry. Why #10: It probably won't produce the largest percentage gain in a $100-$200 silver environment, but its ability to convert higher silver prices directly into enormous cash flow makes it one of the most compelling companies in the group. Depending on your criteria, this could be quite a bit higher. I know some consider China high risk, but it really hasn’t been, and they have enormous cash flow. #11 — GoGold Resources Great combination of production, near term development, and longer term development. Will have consistent growth. Los Ricos South is no longer simply a future development story. It is fully permitted + construction underway. GoGold has approximately $284M cash with no debt against approximately $227M of initial project capital. Meanwhile: Parral continues generating cash Los Ricos South is being built Los Ricos North provides another major development option Projected costs are very low. Why #11: This is a remarkably de-risked way to obtain substantial silver-development leverage. The fact that GoGold can fund the initial construction largely from its existing balance sheet is extremely important. #12 — Highlander Silver One of the best development-risk/reward stories in the group. Corani is enormous: ~323 Moz M&I silver ~229 Moz reserves ~9.6 Moz/year average silver production in the old FS Low projected costs Fully permitted But what really changes the picture is: Mercedes producing ~$100M cash / no debt Corani site development underway. Camp construction, earthworks, roads and substation work are already progressing. Why #12: Corani's size and permitting status make Highlander considerably more de-risked than a conventional exploration company. #13 — Silver Mountain Resources One of the highest-beta near-production stories. Reliquias has: Existing infrastructure Existing concentrator Defined resource Completed PEA Plant rehabilitation Commissioning underway First production targeted in the near term. The company has also indicated that the restart is funded. Why #13: The valuation remains small enough for substantial upside, while reaching production could materially de-risk the company. The main issue is proving sustainable operating economics. #14 — Southern Silver Exploration Potentially one of the most interesting "sleepers" on the list. Cerro Las Minitas is a large, high-grade silver project with a historical PEA showing approximately: 17-year mine life 14.3M AgEq oz annual plant feed $13.23/AgEq AISC $501M after-tax NPV 21.2% IRR. And that PEA used only approximately $23 silver. The market capitalization is still very small relative to the potential scale of the project. Why #14: This is one of the companies where I willbe particularly interested in the next updated resource/PEA. It remains earlier-stage, but the combination of asset quality, valuation and silver sensitivity gives it considerable potential. #15 — Hycroft Mining This remains the wild card. The resource is gigantic: ~563 Moz M&I silver ~16.4 Moz M&I gold. And it's in Nevada. But the capital requirement and technical complexity are enormous. Why #15: Potentially extraordinary upside in a massive precious-metals bull market, but the range of outcomes remains unusually wide. This could be higher or much much lower, depending on how you view it. If Eric Sprott wasn’t so confident in it, I wouldn’t be either, but that’s something that’s hard for me to ignore, and it does have A LOT of fans. #16 — Silverco Mining La Negra provides existing production while Cusi offers a much more silver-pure growth opportunity. Approximately 90% of projected Cusi revenue being silver is exactly the kind of exposure you want in a major silver bull market. The Cusi PEA also demonstrates substantial sensitivity to higher silver prices. Why #16: Very high silver torque and substantial development upside. Tthe company has already rerated considerably, but it is still small enough that a successful transition to a meaningful multi-million-ounce silver producer could cause a major change in enterprise value. And management is targeting 10M AgEq oz/year within three years, but it also remains less financially proven than some others above it . #17 — Discovery Silver One of the largest silver-development opportunities in the group. This is one of my favorite companies, but it is lower than previously because it already has a significant market cap. However, it has done very well this year and is near it’s all time highs. Cordero contains approximately 302 Moz silver reserves. And Discovery has something most developers don't: A producing gold business. That gives it internal operating cash flow while Cordero is developed. The reason it doesn't rank even higher is primarily valuation and scale. Cordero is a giant project requiring substantial capital and execution. But at $100–$200 silver, the economics and eventual NAV could be dramatically different from today's assumptions. Why #17: The enormous resource and operating gold business make Discovery much more attractive than a simple market-cap comparison suggests. TIER 2 — ATTRACTIVE HIGHER-BETA #18 — Sierra Madre Gold & Silver An emerging producer with multiple avenues for growth. La Guitarra is already producing and being expanded. Then there is Del Toro, acquired from First Majestic, which adds another past-producing silver operation and infrastructure base. The progression is essentially: La Guitarra producer → throughput expansion → Del Toro restart → district exploration. Why #18: Demonstrated operating capability, existing infrastructure and multiple growth opportunities make Sierra Madre substantially less speculative. #19 — Impact Silver Impact has quietly become a much better operating company. Q2 produced approximately: 215K oz silver 221K AgEq $22M revenue $8.7M gross profit $52M cash No long-term debt And approximately 97% of Zacualpan's production value is silver. The reason I don't rank it higher is that the company doesn't yet have the same scale or defined development pipeline as the companies above it. Plomosas also remains uncertain after the underground mining suspension. Why #19: Small valuation + real production + very high silver purity + improving operations make it attractive, but its future growth is less defined than Silver X, Sierra Madre or Highlander. #20 — Silver Storm Mining Silver Storm has become an increasingly interesting high-beta situation. La Parrilla provides: Existing 2,000-tpd infrastructure First production/concentrate Restart potential Then there's San Diego, with approximately 115 Moz historical actual silver. That's substantial optionality for a company of this size. Why #20: Potentially enormous torque, but sustained production economics still need to be demonstrated. #21 — Silver Tiger Metals A very interesting high-grade development story, however the stock price got hit today when they announced a major financing deal which will dilute the shares to fund increased project cost estimates. Silver Tiger has substantial silver resources and an attractive development opportunity. The underground portion is particularly relevant for a silver-focused investor, although the headline AgEq numbers need to be interpreted carefully because the Stockwork project has significant gold content. Why #21: This was higher, but I moved it down today. However, it still has excellent potential leverage to a strong metals market and relatively small valuation, but it remains a development story and isn't as silver-pure as the headline AgEq figures might suggest, The ranking did drop a little bit due to the recent development with financing and higher cost projections. With the stock price hit though, it potentially could be a good entry point if you like the project. #22 — Bunker Hill Mining Bunker Hill has now crossed an important threshold when it comes to production, while also acquiring Silver47, both of which take it from a development company, to a producer who now has substantial projects in the pipeline. It has produced its first concentrate, shipped concentrate to the Trail smelter and is targeting commercial production. It also has: Existing processing infrastructure 1,800 tpd capacity Potential expansion A large historical silver/zinc/lead system Why #22: The company is beginning production and recently made the acquisition of Silver47 meaning. It could get a massive re-rating but it still has to work through combining the companies, as well as proving the economics of its current mine. #23 — Excellon Resources Mallay producing its first concentrate is a meaningful step. Excellon now has: Permitted past-producing mine Mill Infrastructure Initial production But it still needs to demonstrate sustainable economics and production. Why #23: Much more advanced than an explorer, but not yet proven enough operationally to compete with the producing companies above it. #24 — Guanajuato Silver Guanajuato remains an operating silver producer with substantial silver exposure, but it is an interesting example of why production alone doesn't guarantee a high ranking. The Q2 AISC and operating trends raise concerns about cost structure and execution. The company has also been investing heavily in development and capital expenditures. That may not be a bad thing, and could improve economics in the long run, but that remains to be seen. Why #24: Real production and silver exposure are positives, but current cost and operating concerns reduce the risk-adjusted upside. If AISC comes down considerablythis could move up quite a bit, as the stock could dramatically outperform. But today the operational risk is too high. TIER 3 — CORNERSTONE HOLDINGS #25 — First Majestic Silver This is probably the cleanest large-scale silver-price torque play. Q2 2026 was extraordinary: 3.8 Moz silver $415.5M revenue $194.6M FCF ~$1.25B treasury That's enormous. The reason it isn't higher is primarily valuation. A lot of the improvement has already been recognized. Why #25: Fantastic silver exposure and financial strength, but less asymmetry than the smaller names above it. However, it will likely be one of the first to move, when investments rotate into the sector, given institutions will invest in the larger companies. #26 — Hecla Mining Hecla is the quality anchor. It has: Enormous production very low costs Excellent balance sheet Established infrastructure High-quality U.S./Canadian assets But precisely because it's such a large, established company, I don't expect the same percentage upside. Why #26: Probably one of the safest silver choices, but my strategy is not to simply own the safest miner. It’s a great company but upside is more limited than those above it. However, again, it will likely be one of the first to move, when investments rotate into the sector, given institutions will invest in the larger companies #27 — Andean Precious Metals APM is a much better company financially than its ranking might suggest. It has: Producing operations Strong cash generation Approximately $171M liquid assets as of Q2 Substantial gold exposure Meaningful silver production. Why #27: Excellent company and balance sheet, but less silver torque in large part because it was one of the best performers last year, so has already increased it’s market cap considerably TIER 4 — SPECULATIVE/LONGER-DATED #28 — Silver One Resources Candelaria is an interesting Nevada silver development opportunity. It has: ~121M+ oz M&I silver Past production Infrastructure Nevada jurisdiction Strong treasury PFS work underway That combination gives Silver One substantially more credibility than a conventional early-stage explorer. Why #28: If the PFS validates strong economics, this could move considerably higher. The main issue is that the economic case still needs to be demonstrated. #29 — New Pacific Metals Silver Sand is one of the great assets on this list: ~157 Moz payable silver ~15 Moz/year initial production ~$740M after-tax NPV ~37% IRR Very low projected AISC The asset itself could arguably rank much higher. The problem is Bolivia and valuation The market has also already assigned New Pacific a substantial valuation relative to many of the smaller developers. Why #29: Outstanding silver asset, but the combination of jurisdiction risk and a considerably higher starting valuation reduces its risk-adjusted equity torque. #30 .— AbraSilver Diablillos is an exceptional silver asset: ~183 Moz silver reserves ~366 Moz AgEq reserves ~14 Moz/year initial silver ~$4.2B after-tax NPV ~42% IRR The problem is that the market already recognizes a substantial portion of that value and production remains further out. Why #30: Outstanding asset, but less valuation asymmetry than the smaller companies above it. #31 — Kuya Silver I continue to like Kuya as a pure silver story. Bethania is operating, silver represents the overwhelming majority of revenue, and expansion is underway. The biggest issue is simply scale. Why #31: Very attractive silver purity and operating exposure, but a smaller overall asset/production base limits the potential institutional rerating. #32 — Apollo Silver Calico is a substantial U.S. silver opportunity with significant exploration upside. This is a company that could really move up a lot depending on what happens with Cinco. The jurisdiction is attractive and the resource potential is substantial. But it remains relatively early in the development process. Why #32: Good long-term silver optionality, but insufficient development visibility for a higher ranking. This could move up substantially depending on the community vote on Cinco and what happens after that if it passes. If the vote passes and there is along-term access agreement, you then have Calico plus a potentially significant second silver asset, this would move up quite a bit in the rankings. If you then get access and drilling validates/expands Upper Manto/Pegaso, Apollo then becomes a genuine two-asset silver development story, and could move substantially higher in my rankings. #33 — Andean Silver Cerro Bayo has: ~136 Moz AgEq ~55 Moz actual silver Existing infrastructure Past production That's an attractive foundation. The issue is that it still requires substantial work before becoming a production story. Why #33: Good jurisdiction and existing infrastructure, but longer-dated than most of the companies above it. 1/2 (see first response for the rest)

Some names I like the most....(Silver Storm just missed this screenshot).

Updated Silver miner rankings after I have done more extensive analysis comparing miners. After more research and looking at some more companies I will update with more comments. Keep in mind, this is based on my risk profile, what kind of upside I want, etc. One could easily say Hecla, Couer, Pan American and First Majestic are the best ones to own (and for me, I own them all, but they have less upside..and less torque when Silver goes up). Endeavor Silver (huge upside, moderate risk producer) Aya Gold & Silver (huge upside lower risk producer) Santacruz Silver (huge upside, moderate risk producer) Avino Gold & Silver (huge upside, lower risk producer) Viszla Silver (huge upside, moderately high risk late stage developer - production first half 2027) - these next 3 are very close depending on what you are looking for Discovery (considerable upside, huge Silver deposit they are developing and bought a producing Gold mine (Porcupine) from Newmont to help with financial position, moderate risk) Silvercorp Metals (nice upside, but not as much as above lower risk producer, nice financial position) America's Gold & Silver (nice upside, though not as much as top 5, moderate risk producer) Hycroft (enormous upside, but very volatile, very leveraged to Silver price even though they will be more of a Gold producer, 51 year mine life, but still early in development so that presents some risks. If you've owned this stock and watch the price action, it can really move, but it is volatile and has already gone up a lot).. in some ways, even though the project is in Nevada, I feel this is a risky play, and it's not near producing at all. But I wouldn't fault people for putting it anywhere in the rankings.) Hecla - I used to have First Majestic higher but after my recent updated analysis I have to put this one spot higher. It's just a low risk huge Silver producer. First Majestic is higher risk due to location. First Majestic - I place this and Hecla higher than Couer and Pan American simply because I am more interested in Silver and those two are primarily Gold mines with about 30% Silver. Hecla and First Majestic are primarily Silver mines Highlander (This will probably move up above Hecla, First Majestic and possibly Hycroft but I just started looking at it and did my first detailed analysis...but huge deposit, considerable upside, high Silver leverage) Silverco - (This is a new add, so I may move it around the more I look at it, but I like it. Enormous upside. Restarting Cusi Silver mine in Mexico, starting production, ramping up in 27, relatively low historical AISC (in the mid $20 range. One big plus is it has huge insider backing. 38% by founders and 18% by Eric Sprott, I would normally say it is higher risk, but it's more moderately high given it's a restart and the huge insiders) Guanajuato is one I think would be firmly in the top 10 if they didn't have their recent high AISC in their results, but at the same time I understand their strategy of using Capex now to become more efficient and bring down the cost later as they incorporate the new mine purchased from Endeavor. Might as well get things running as cost efficient as possible while the Silver price is likely a lot lower than it will be a year from now. My guess is that within 6 months, this jumps back up into the top 10, probably 7 or 8. The next two that I would say I like, and much of the reason is because of their stock performance, is New Pacific Metals and Silver Storm. I need to analyze them both a little more closely to decide if they make top 15 for me. Same goes with Silver X and Silver One Resources. And then I do have pretty good sized positions (for me) in Southern Silver and Honey Badger but Honey Badger is very high risk (though it does have backing by Eric Sprott and Rick Rule)..it's a small market cap though so it can get kicked around in price. Southern Silver I had to buy because I think TheApeofGoldStreet knows his stuff, but I don't personally have as high as conviction. I will say the price seems to move. But it's an early developer and it does have decent upside, but at the same time they are looking for a JV deal, or possibly will get bought out, so that cools off the excitement a bit on that one. My other holdings, in order of size are Blackrock, Silver Tiger, Silver Mountain, GoGold, Andean Silver, Kuya, Impact, Excellon. I will likely pick back up GR Silver next, and then Apollo and Outcrop. I do also like Chesapeake and Skeena but they are only about 30% Silver, Chesapeake is years from production, but they do have enormous upside. Skeena is a little different. They are a junior near term producers which I like but they also don't have near the upside of most all in my list except for Hecla and First Majestic. Their upside is not at the multiples I am looking for. And their stock price is near it's high I believe. This obviously means it's a strong company and probably a good core holding especially if you like Gold, given it's 70% Gold. I had dropped all those because I needed to rotate some funds, being fully allocated, and GR, Apollo, Outcrop, Aftermath and Chesapeake will not be in production until the 2030s (GR maybe more like 2029). Well I think that's all my miner analysis and work for the week. Feels like it was a lot. Have a great weekend everyone and after Labor Day volume should pick up on the markets which should help the Comex especially where Silver trading is thin, giving the banksters an easier time with manipulating it. Hopefully Silver and Gold start moving this month. I think it's going to happen. Those call options from big money for Silver in October and Gold in December I think may be hinting at something....that someone in the know is positioning early.