Silver Output Growth Triggers 343% Quarterly Revenue Climb
Silver Crown Royalties Inc. (SCRI:CBOE; SLCRF:OTCQX; QS0:FSE) posted a 343% year-over-year Q4 revenue gain, marking its seventh straight growth quarter. As early 2025 payments suggest more momentum ahead, read what's driving the surge.
Silver Crown Royalties Inc. (SCRI:CBOE; SLCRF:OTCQX; QS0:FSE) reported its seventh consecutive quarter of revenue growth, with significant increases in both quarterly and annual performance for the period ended December 31, 2024. In Q4 2024, the company recorded revenue of CA$234,702, based on minimum silver-equivalent payments of 5,500 ounces under its royalty agreements. This marked a 43% increase over the previous quarter's revenue of CA$164,425, which was based on 4,245 ounces, and a 343% increase over Q4 2023 revenue of CA$52,976 from 1,837 ounces.
For the full year, Silver Crown reported revenue of CA$581,337, compared to CA$124,772 in 2023 a 366% year-over-year increase. The company noted this reflects growing production from its royalty portfolio and structured agreements with operators, including Pilar Gold Inc. and Gold Mountain Mining Corp.
Silver Crown's Chief Executive Officer, Peter Bures, stated in a company news release, "Q4 of 2024 marks our seventh consecutive quarter of growth in revenue that is based on underlying silver ounces earned under various royalty agreements. This milestone reflects our ability to execute our strategy as well as the drive and dedication of our team."
The Q4 revenue figure included contributions from the PGDM Complex royalty, although the company confirmed the minimum payment for that asset remains overdue and outstanding. Nevertheless, management pointed to the early payment of the PPX/Igor 4 royalty in Q1 2025 as an indicator of continued momentum.
Silver Crown Royalties currently holds four silver royalties, three of which are generating revenue. The company's model is based on net smelter return (NSR) royalties agreements that provide a percentage of production revenue from mines, typically after refining costs. Silver Crown has focused on creating 90% silver-only NSRs registered on title, with defined minimum delivery obligations that protect cash flow and offer upside from production growth.
Silver Builds Momentum Amid Surging Demand and Market Shifts
John Newell, in a March 17 commentary for John Newell & Associates, emphasized silver's dual role as both a store of value and an industrial metal. He described the metal's fundamentals as increasingly compelling, citing historical precedents for large price movements during inflationary periods. "Silver, like gold, is a well-known hedge against inflation," he explained, adding that its utility in electronics, solar panels, and medical applications was also creating upward price pressure. Newell referenced previous bull markets, arguing that "if the metal were to repeat even an average of these moves . . . silver could trade at $70 per ounce."
On March 20, Newswire.ca reported that Santacruz Silver Mining completed an initial US$10 million payment to Glencore as part of a voluntary plan to accelerate debt repayment. The company's goal was to save US$40 million through early payments. According to the release, "the plan's primary objective is to save the company US$40 million," with follow-up payments scheduled bi-monthly through October 2025. This financial restructuring highlighted the firm's strengthening cash flow and improved access to capital amid rising silver prices.
According to a March 24 report from Excelsior Prosperity, silver stocks began rebounding in late December 2024 following seasonal tax-loss selling. Shad Marquitz wrote that "positive momentum was escalating" during the September to October 2024 run-up, but sentiment rapidly shifted before recovering in early 2025. He argued that the dip in silver equities during late 2024 created an opportunity, and the first quarter of 2025 confirmed it: "Silver stocks rally[ed] handsomely for most of the Q1 run." Marquitz pointed to growing investor interest in growth-oriented producers with upcoming catalysts.
On the same day, March 24, FX Empire noted that silver was holding support levels despite a recent pullback, trading at US$33.15. James Hyerczyk highlighted the market's technical strength and sensitivity to upcoming economic data. "Silver is trading above its 50-day moving average of $32.01, a critical level that continues to act as the market's trend anchor," he wrote. He pointed to the U.S. Personal Consumption Expenditures (PCE) inflation report as a near-term catalyst that could influence rate expectations and, by extension, silver prices.
MarketWatch also reported on March 24 that silver was gaining attention amid gold's record highs and growing geopolitical uncertainty. Peter Spina of SilverSeek.com stated that "there is a real rush to get access to untaxed physical silver into the U.S. That places real pressures on existing supplies." He also warned of a potential squeeze in the market if short sellers were forced to cover, adding, "The price of silver could really take off."
In a March 25 piece for Kitco Media, Rich Checkan summarized silver's recent gains, noting a 6.3% rise in March alone. He emphasized that silver's affordability compared to gold made it attractive to a broader range of investors. "Silver remains much more affordable," Checkan wrote, "and that makes it an attractive investment for a wider range of investors, particularly in emerging markets." He attributed silver's rise to its industrial demand, role as an inflation hedge, and relative undervaluation compared to gold.
Upcoming Catalysts and Strategic Positioning
According to the company's Q1 2025 investor presentation, Silver Crown has multiple catalysts that could contribute to further expansion of its royalty revenue base. Key among these is the PGDM Complex, where the company exercised an option to increase its NSR royalty to 90% of silver produced. The royalty agreement includes a minimum delivery obligation of 16,000 ounces per year for ten years and could rise to 32,000 ounces based on performance milestones. The PGDM royalty was acquired for US$2.0 million, with an additional US$1.5 million payable in equity if higher thresholds are met.
The company also holds a royalty on Gold Mountain's Elk Gold Mine, which requires a minimum of 6,000 ounces annually and includes bonus payments tied to production increases. That agreement includes CA$2.5 million in upfront cash and provisions for CA$500,000 bonuses for every additional 2,000 ounces delivered annually, up to 20,000 ounces.
A third royalty, secured on a facility in Ecuador operated by BacTech Environmental, provides for 35,000 ounces of silver per year, acquired through a CA$1.0 million equity payment and bonus terms totaling up to CA$3.0 million. The facility is pre-production and expected to contribute significant future deliveries.
Together, these royalties represent a growing foundation for Silver Crown's revenue. As of year-end 2024, the company's annual minimum delivery obligation had increased to 22,000 ounces, and its current portfolio is structured to deliver up to 80,000 ounces per year if fully ramped. The company has also executed definitive agreements for two additional royalties, including the PPX/Igor 4 and Tucano projects, and is engaged in over ten active discussions according to its corporate materials.
Silver Crown's 470% Upside Projection Shines in a Market Gripped by Tight Supply and Rising Demand
Couloir Capital analyst Tim Wright issued a bullish assessment of Silver Crown Royalties Inc. in a research note dated January 21, assigning the company a Buy rating with a target price of CA$32.34. At the time, shares traded at CA$6.70, implying a potential return of 470%. Wright highlighted Silver Crown's status as the only pure-play silver royalty company in the market and pointed to a 286% revenue increase between Q3 2023 and Q4 2024 as evidence of accelerating growth.
Wright credited several late-2024 milestones for fueling this momentum, including new listings on the OTCQX, Cboe Canada, and the Frankfurt Stock Exchange. He also noted the strategic addition of Salman Partners to the company's advisory board as a key step toward greater visibility and deal flow.
Among the company's key acquisitions, Wright emphasized the CA$4.0 million BacTech royalty, which secured minimum annual silver deliveries of 35,000 ounces over ten years. He also cited the royalty agreement on PPX Mining Corp.'s Igor 4 project in Peru, covering up to 15% of silver produced. Based on projected deliveries totaling 36,063 ounces in 2025, Wright estimated that these assets could generate over US$1 million (CA$1.43 million) in revenue for Silver Crown that year.
Streetwise Ownership Overview*
Silver Crown Royalties Inc. (SCRI:CBOE; SLCRF:OTCQX; QS0:FSE)
*Share Structureas of 3/26/2025Source: Silver Crown Royalties Inc.In terms of shareholder composition, Silver Crown reported as of February 20 that 57% of shares were held by retail investors, with management and insiders holding 21%, institutions 16%, and corporate investors 6%.
While acknowledging risks such as operational execution, commodity price volatility, and the potential need for equity financing, Wright underlined the company's relative valuation. He pointed to Silver Crown's Enterprise Value to Equity Raised ratio of 1.0, well below the peer group average of 5.7, as an indication of strong upside potential.
Ownership and Share Structure
Insiders and management hold a total of 21% of the company, institutions own 16%, and private corporations have 6%, noted Wright with Couloir.
"Insider ownership by management aligns management's interests with those of shareholders, which is a desirable attribute," he added.
As for share structure, Silver Crown has 2.49M outstanding shares and 2.1M free float traded shares. Its market cap is US$10.6 million. Its 52-week trading range is CA$6.50-9.85 per share.
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Important Disclosures:
Silver Crown Royalties Inc. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Silver Crown Royalties Inc. .James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.For additional disclosures, please click here.