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Update: Scorpio Mining/U.S. Silver & Gold Receive Shareholder Approval For Business Combination
- Shareholders have just approved the proposed merger between Scorpio Mining and U.S. Silver & Gold.
- I had anticipated this in my previous article.
- The two companies have synergies that should make the business combination work, and this is one of the cheaper and more compelling silver miners out there.
- U.S. Silver & Gold saw its loss narrow in spite of lower silver prices and lower production.
- This is better than I had expected.
- While I still like the company, the bullish case has changed in light of the recent merger proposal with Scorpio Mining.
Update: U.S. Silver & Gold To Merge With Scorpio Mining
- U.S. Silver & Gold just announced a merger of equals with Scorpio Mining--a silver miner in Mexico.
- I had not anticipated this in my July article.
- The deal is excellent as Scorpio Mining arguably offers better value than USSG given its strong cash position.
Update: U.S. Silver & Gold's Production Falls On Milling Downtime
- U.S. Silver & Gold reported lower Q3 production as the company transitioned to lead-silver ore and experienced downtime at its mill.
- I had anticipated the transition in my bullish article earlier this year.
- Like all silver miners U.S. Silver & Gold has been weak, presenting long-term investors with an opportunity.
- U.S. Silver & Gold generated $1 million in operating cash-flow for the second quarter which is substantially better than last year's loss thanks to falling production costs.
- This is largely in line with my prediction that costs would come down, although it missed my expectation on low silver prices.
- I remain bullish and believe that U.S. Silver & Gold is improving its operations while trading at a substantial discount to its peers.
Falling Production Costs And Steady Production Give U.S. Silver And Gold Shares At Least 25% Upside
- U.S. Silver And Gold has struggled with high production costs, although recently these costs have been coming down substantially.
- The company's Q2 production cost figures indicate that the company's Galena Project is highly profitable at current prices.
- While the stock has outperformed the sector year to date it still has substantial upside.
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USGIF vs. ETF Alternatives
We are the second largest primary silver producer in the United States. With a current expected annual rate of silver production of 2.0-2.4 million ounces. Our growth will be driven by taking advantage of operational efficiencies, near-term development of key assets and disciplined execution of... More
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