Co. Is Only Pure Silver Play On the Market, Analyst Says
Research Report

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Disclosures for Couloir Capital, Silver Crown Royalties Inc., January 21, 2025

This report has been prepared by an analyst on contract with or employed by Couloir Capital Ltd. The analyst certifies that the views expressed in this report, which include the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report, accurately reflect his or her personal views about the subject securities and the issuer. No part of his / her compensation was, is, or will be directly or indirectly related to the specific recommendations. Couloir Capital, its affiliates, and their respective officers, directors, representatives, researchers, and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Couloir Capital may have provided, in the past and may provide, in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services. Couloir Capital has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate but cannot be guaranteed. This document does not consider the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g., prohibitions to investments due to law, jurisdiction issues, etc.) that may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before making an investment. Couloir Capital will not treat recipients of this document as clients by virtue of having viewed this document. Company-specific disclosures, if any, are below: 1 In the last 24 months, Couloir Capital Ltd. has been retained under a service agreement by the subject issuer. This service agreement includes analyst research coverage. 2 The views of the Analyst are personal. 3 No part of the Analyst’s compensation was directly or indirectly related to the specific ratings as used by the research Analyst in the Reports. 4 The Analyst does not maintain a financial interest in the securities or options of the Company. 5 Couloir Capital does maintain a financial interest in the securities or options of the Company. 6 The information contained in the Reports is based upon publicly available information that the Analyst believes to be correct but has not independently verified with respect to truth or correctness. dbanning @ streetwisereports.com Prepared solely for Doresa Banning. Not to be distributed anywhere. Strictly for personal use. 10 | COULOIRCAPITAL.COM JANUARY 21, 2025 Investment Ratings—Recommendations Each company within an analyst’s universe, or group of companies covered, is assigned: 1 A recommendation or rating, usually BUY, HOLD, or SELL; 2 A 12-month target price, which represents an analyst’s current assessment of a company’s potential stock price over the next year; and 3 An overall risk rating which represents an analyst’s assessment of the company’s overall investment risk. These ratings are more fully explained below. Before acting on a recommendation, we caution you to confer with your investment advisor to determine the suitability of our recommendation for your specific investment objectives, risk tolerance, and investment time horizon.

In a January 21, 2025 research note, Couloir Capital analyst Tim Wright maintained a Buy rating on Silver Crown Royalties Inc. (SCRI:CBOE; SLCRF:OTCQX; QS0:FSE) with a CA$32.34 target price, citing the company's position as the only pure-play silver royalty company and rapidly increasing revenues.

The company, which listed in July 2024, has experienced significant revenue growth, with a 286% increase from Q3 2023 to Q4 2024. During Q3 2024, the company received CA$124,000 from the Elk Gold Mining royalty agreement, bringing the total cash flow from this royalty to CA$216,000.

Recent strategic developments include listings on the OTCQX market in September 2024, CBOE Canada for warrants, and the Frankfurt exchange in October 2024. The company also appointed Salman Partners as a strategic advisor to improve visibility and access to new royalty opportunities.

The company has acquired new royalties, including the BacTech royalty for CA$4.0 million, guaranteeing a minimum of 35,000 ounces annually for at least ten years, and a royalty agreement with PPX Mining Corp for up to 15% of their Igor 4 project in Peru. At current silver prices, the company is expected to generate revenue of more than US$1 million or CA$1.43 million in 2025, based on an estimated 36,063 ounces.

Key risks include operational risk from royalty vendors, commodity price risk tied to silver prices, broader market risk, and potential shareholder dilution if non-dilutive funding is unavailable.

The analyst's valuation is based on Enterprise Value/Equity Raised ratio comparison with peers, noting that Silver Crown has a ratio of 1.0 versus the peer group average of 5.7, suggesting significant upside potential.

The share price at the time of the report of CA$6.70 represents a potential return of 470% to Couloir's CA$32.34 target price.