Why HOLD?
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Summary
1.
Sentiment has weakened post-results: the growth story remains, but investor focus has shifted toward cost control, AISC levels, and earnings quality (derivatives/one-offs).
2.
With FY/Q4 now reported, the prior “add ahead of earnings” setup is no longer applicable. Elevated AISC and an earnings miss raise the bar for upcoming quarters to prove Terronera-driven cost reductions and cash-flow improvement; hence the stance moves to HOLD pending Q1 results and ramp-up updates.
3.
Bull case: Kort sikt (1-3 mån):
- **Terronera**-uppstarten ger positivt operativt momentum.
- Starkt sentiment för silverpriset driver kursen vid breakout-nivåer.
- Positiv marknadsreaktion på den offensiva produktionsprognosen för 2026.
Latest news
On 2026-03-02 the company announced board and management changes: George Paspalas joined the board, Don Gray will retire as COO (effective April 30), Luis Castro became the new COO (effective March 1), and Gord Bussieres was appointed VP, Projects. Through March, sector commentary indicated Terronera ramp-up continues, but investor sentiment has remained polarized and the stock volatile, partly tied to concerns about high Terronera start-up costs and earnings quality following the Q4/full-year release.