The SilverPages for the Week Ended June 22, 2026

Research evidence excerpt

The SilverPages for the Week Ended June 22, 2026

June 24, 2026

Materials – Precious Metals & Minerals

The SilverPages Silver Mining Research

Kevin O’Halloran Analyst

Kevin.OHalloran@bmo.com (416) 278-7023

TheSilverPagesis a comprehensive review of operating and valuation metrics for a Andrew Mikitchook P.Eng., CFA Analyst

broad universe of North American and global silver companies. andrew.mikitchook@bmo.com (416) 359-5782

Matthew Murphy, CFA Analyst

The data set can be used to evaluate the relative investment merits of global silver

Matthews.Murphy@bmo.com (416) 843-3198

stocks based on consistent and rigorous analysis over a range of valuation and

Brain Quast, P.Eng., JD. Analystcommodity price scenarios.

brian.quast@bmo.com (416) 359-6824

CLICK HERE to open/save Excel version.

CLICK HERE to access our research website. Data/Project Mgmt: Alona Yunda

Alona.Yunda@bmo.com +44 789 479 7518

TableofContents Legal Entity: BMO Nesbitt Burns Inc.

Metals and Mining Sectors Summary 2

Charts - Silver Sector Valuation at Spot 2

Key Valuation Metrics - 1 3

Key Valuation Metrics - 2 3

Net Present Value 4

Silver Price Sensitivity - Net Present Value at 5% Discount Rate 4

Production and Cash Cost - Co-Product 5

Production and Cash Cost - By-Product 5

All-in Sustaining Costs & All-in Costs - Co-Product 6

Adjusted Earnings 6

Adjusted Cash Flow 7

Net Free Cash Flow 7

Enterprise Value 8

Balance Sheet 8

Reserves Summary 9

Silver Price Sensitivity - Adjusted Earnings per Share 9

Silver Price Sensitivity - Adjusted Cash Flow per Share 10

Silver Price Sensitivity - Net Free Cash Flow per Share 10

Revenue Mix 11

Charts - Implied Silver Price and Net Present Value Sensitivity 12

Summary of Minor Weekly Changes 13

Net Present Value Changes 13

Earnings per Share Fiscal Year 2026 Changes 13