Growth opportunity Terronera as a commercial operation and the pipeline with Pitarrilla indicate a strong near-term production ramp and a measurable demand for services, equipment, and support across mining operations, processing, and infrastructure development.

Expansion needs Significant planned sustaining capital and mine development spend, including US$56.7 million for Terronera development and a broader $91 million sustaining capital program, signal ongoing procurement opportunities in mining equipment, maintenance, and services.

Geographic footprint Operations across Mexico, Peru, with exploration/development assets in Chile and the United States, create multiple regional sales channels for local suppliers, logistics providers, and regional service partnerships.

Financial momentum Strong quarterly revenue trajectory and large financing activity (recent funding and convertible notes) suggest capacity for larger project-related orders and vendor financing discussions aligned with growth milestones.

Industry positioning Position as a mid-tier to senior silver growth story with an emphasis on organic growth and large undeveloped deposits presents cross-sell opportunities for metallurgical testing, feasibility studies, EPCM, and long-term service agreements aligned to the Terronera and Pitarrilla development programs.