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Summary
1.
Sentiment has strengthened following the latest report, but investors remain wary of the weak balance sheet and the risk of a rights issue.
2.
The company shows a clear operational turnaround with improved profitability, but financial risk is extremely high due to the low cash position. A 'Hold' recommendation is justified pending news on financing or confirmation of stable production in Q1.
3.
Bull case: - **Strong silver prices** provide direct leverage on cash flow
- **Positive momentum** following a strong Q4 report with high profitability
- **New mining contract** with Tapojärvi expected to increase efficiency
Latest news
Since 2026-03-16, the company published the AGM notice (21 April 2026) where the board proposes an authorization to resolve on share issues, warrants and/or convertibles. The share has remained weak in the short term and market focus has shifted more toward likely financing/dilution and how the mining contractor transition may affect margins. The next key datapoint is the Q1 report on 29 April 2026.