First Majestic kept 24.8% of the shares after selling the asset. That’s all I needed to know.

Okay so silver gets cut in half and everyone forgets there’s actually companies out there doing real things in the ground.

Been watching Sierra Madre (TSXV: SM) for a while. Small Mexican silver producer, been quietly executing while the rest of the sector melts down. A few things happened recently that I think are getting zero attention:

Closed the Del Toro silver mine acquisition from First Majestic in June. Fully permitted, past producing asset. First Majestic kept ~24.8% of SM shares after the deal. That’s not something a major does unless they believe in what they’re selling. Just fully repaid a US$5M loan to First Majestic. Debt free now. Positive cash from operations. 30,000 metre drill program starting H2 2026 into 39km of colonial-era structures. No modern drilling ever done there.

At $58 silver this thing is being priced like the metal is going to zero. Peers like First Majestic, SilverCrest, Endeavour Silver are all getting hit too but SM has actual catalysts coming in the back half of the year that most of them don’t.

Anyway. $58 silver with six consecutive supply deficits and a company actually doing things. Make it make sense.