SINDA (SIND) Registration filing summary

Company overview and business model

• Operates a large-scale, high-grade silver-gold greenfield project in Mexico’s Guanajuato epithermal silver belt, holding five contiguous mining concessions covering 6,232 hectares.

• The Sinda Property is positioned as a rare primary silver asset with significant exploration upside, targeting both resource development and new discoveries.

• The project is in proximity to major infrastructure and labor pools, supporting efficient exploration and future mining operations.

• The business strategy focuses on phased de-risking, infill drilling, technical studies, and community engagement to advance toward commercial production by 2031.

• Backed by Electrum, a global natural resources investment firm, which will retain majority voting control post-IPO.

Financial performance and metrics

• For the year ended December 31, 2025, reported a net loss of $18.7 million, up from $10.7 million in 2024, driven by increased exploration and administrative expenses.

• As of March 31, 2026, cash and cash equivalents were $18.1 million, with working capital of $12.1 million.

• Operating expenses for Q1 2026 were $11.7 million, with exploration expenses rising sharply due to expanded drilling campaigns.

• No revenues have been generated; the company remains in the exploration stage and is dependent on external financing.

• Private placements and debt conversions in late 2025 and early 2026 raised over $47 million to fund operations.

Use of proceeds and capital allocation

• Net proceeds from the IPO and concurrent placement are estimated at $293.4 million (or $325.7 million if the underwriters’ option is exercised), assuming a $12.25/share price.

• Planned allocation: $163.4 million for exploration and underground development, $37.6 million for ongoing project costs, and $92.4 million for general corporate purposes.

• Proceeds will fund surface and underground drilling, technical studies, and initial development, with a focus on advancing the Sinda Property toward production.