In an April 14, 2026, equity research report, Couloir Capital reiterated its BUY rating on Silver Crown Royalties Inc. (SCRI:CBOE; SLCRF:OTCQX; QS0:FSE), with an unchanged fair value estimate of CA$30.30 per share, representing approximately 105% upside from the then-current price of CA$14.80.
The rating is underpinned by the commencement of contractual minimum silver deliveries from the PPX Igor 4 royalty, which the analyst views as a key inflection point transitioning the company toward predictable, high-margin cash flow generation.
PPX Igor 4 Royalty: Minimum Payments Now in Effect
As of March 31, 2026, the PPX Igor 4 royalty's minimum quarterly delivery of 14,062.5 silver ounces became contractually effective, equating to 56,250 ounces annually under a 15% silver royalty structure.
The royalty was acquired for US$2.74 million across three tranches and carries total life-of-mine deliverables of 225,000 ounces. At silver prices above US$75/oz and an approximate CA/US/US exchange rate of 0.73, the minimum quarterly delivery translates to roughly CA$1.44 million, or approximately CA$5.8 million on an annualized basis. The analyst notes this establishes a contracted cash flow base with embedded downside protection and strong leverage to silver prices — a combination "not yet fully reflected in its valuation."
Strategic Investment from Michael Gentile
On January 13, 2026, SCRI announced a CA$3.0 million cornerstone investment from prominent mining investor Michael Gentile, comprising 424,500 units priced at CA$7.00 per unit. Each unit consisted of one common share and one warrant exercisable at CA$8.25 for a three-year term.
Gentile was concurrently appointed Strategic Advisor and received 50,000 stock options exercisable at CA$8.05 for three years, along with participation in SCRI's RSU program. Gentile currently holds a major shareholding position in more than 25 junior mining companies and serves on multiple boards. CEO Peter Bures noted that Gentile's network is expected to lower SCRI's cost of equity capital — a meaningful benefit for a company whose growth strategy centers on accretively acquiring royalties funded through equity financing.
Portfolio Update: Non-PPX Assets in Transition
The remainder of SCRI's royalty portfolio is in various stages of transition. At the PGDM Complex in Brazil, operator Pilar Gold encountered restart setbacks in 2025, prompting a conservative expected credit loss provision of CA$530,409 against royalties receivable, though management expressed optimism about progress in 2026. The royalty structure — 90% of net silver proceeds with a minimum quarterly delivery of 4,000 ounces — remains contractually intact.
At Elk Gold in British Columbia, a new operator has indicated a three-year pause to optimize project economics, leading to a non-cash impairment of CA$940,446 on this royalty in FY2025; Couloir has removed Elk Gold from near-term projections.
The BacTech royalty on the Tenguel, Ecuador bioleaching facility has been fully impaired following a lack of material progress on financing and development, and is now assigned zero current value in Couloir's model. The EDM Resources Scotia Mine royalty — covering 90% of net silver proceeds or a minimum of 7,000 ounces annually for ten years from commercial production — remains on track, with Couloir modeling a partial-year contribution of 3,500 ounces in 2027, rising to 7,000 ounces per annum thereafter.
Financial Position and Capital Structure
SCRI reported FY2025 audited results showing cash of CA$888,678, working capital of CA$2.65 million, mineral assets and royalty interests of CA$9.38 million, and total assets of CA$12.21 million. The net loss for FY2025 was CA$4.31 million, or CA$1.42 per share. The report also notes that as of the publication date, the company held over CA$14 million in cash, with management indicating any future equity issuance would be directed toward accretive royalty acquisitions rather than operational funding.
The company has approximately 5.05 million common shares outstanding, with roughly 72% held by the public, 15.3% by insiders, and 12.8% by institutions and corporations. There are approximately 1.79 million warrants outstanding at a weighted-average exercise price of approximately CA$13.00, with most expiring in 2028; full exercise would add approximately CA$23.4 million to the company's treasury.
Valuation and Peer Comparison
Couloir revised its valuation methodology from an EV/Equity Raised approach to a Price-to-Sales (P/S) multiple, reflecting SCRI's transition toward a revenue-generating profile. Based on the peer group — which includes Wheaton Precious Metals Corp. (WPM:TSX; WPM:NYSE), Franco-Nevada Corp. (FNV:TSX; FNV:NYSE), OR Royalties (OR:TSX; OR:NYSE), Triple Flag Precious Metals Corp. (TFPM:TSX; TFPM:NYSE), Metalla Royalty & Streaming Ltd. (MTA:TSX.V; MTA:NYSE American), and others — the average P/S multiple is 13.3x. SCRI currently trades at a P/S of 9.4x, a discount the analyst attributes to its earlier stage of development, smaller portfolio scale, and higher reliance on equity funding.
Applying a 13.3x P/S multiple to 2027 estimated sales of CA$10.9 million (US$7.9 million), and adding CA$14.5 million in cash with zero debt, Couloir derives an implied equity value of CA$159.5 million, or approximately CA$30.30 per share on a fully diluted basis of 5.3 million shares.
Outlook and Risks
Couloir projects total silver royalty payments growing from US$900,000 in FY2025 to approximately US$4.36 million in FY2026, US$7.93 million in FY2027, and US$10.82 million in FY2028 and FY2029, driven by PPX ramp-up, anticipated new royalty additions, and eventual contributions from EDM and PGDM. Q4 2025 revenue grew by over 60%, and the analyst believes the company is well-positioned to achieve cash flow positivity within the next twelve months. Key risks cited include operational risk if royalty vendors encounter production difficulties, commodity price risk tied to silver's volatility, broader market risk from macroeconomic factors including interest rate changes, and potential shareholder dilution if equity issuance is required.
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Important Disclosures:
- Silver Crown Royalties has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Silver Crown, EDM Resources, Bactech Environmental Corp., Wheaton Precious Metals Corp., Franco-Nevada Corp., OR Royalties, Triple Flag Precious Metals Corp., and Metalla Royalty & Streaming Ltd.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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Disclosures for Couloir Capital, Silver Crown Royalties, April 14, 2026
This report has been prepared by an analyst on contract with or employed by Couloir Capital Ltd. The analyst certifies that the views expressed in this report, which include the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report, accurately reflect his or her personal views about the subject securities and the issuer. No part of his / her compensation was, is, or will be directly or indirectly related to the specific recommendations. Couloir Capital, its affiliates, and their respective officers, directors, representatives, researchers, and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Couloir Capital may have provided, in the past and may provide, in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services. Couloir Capital has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate, but cannot be guaranteed. This document does not consider the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g., prohibitions to investments due to law, jurisdiction issues, etc.) that may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before making an investment. Couloir Capital will not treat recipients of this document as clients by virtue of having viewed this document. Company-specific disclosures, if any, are below: 1 In the last 24 months, Couloir Capital Ltd. has been retained by the subject issuer under a service agreement that includes analyst research coverage only. 2 The issuer has no control over the content of this report. 3 The views of the Analyst are personal. 4 No part of the Analyst’s compensation was directly or indirectly related to the specific ratings as used by the research Analyst in the Reports. 5 The Analyst does not maintain a financial interest in the securities or options of the Company. 6 The principal of Couloir Capital maintains a financial interest in the securities or options of the Company through an affiliated fund entity. 7 The information contained in the Reports is based upon publicly available information that the Analyst believes to be correct but has not independently verified with respect to truth or correctness.
Investment Ratings—Recommendations Each company within an analyst’s universe, or group of companies covered, is assigned: 1 A recommendation or rating, usually BUY, HOLD, or SELL; 2 A 12-month target price, which represents an analyst’s current assessment of a company’s potential stock price over the next year; and 3 An overall risk rating which represents an analyst’s assessment of the company’s overall investment risk. These ratings are more fully explained below. Before acting on a recommendation, we caution you to confer with your investment advisor to determine the suitability of our recommendation for your specific investment objectives, risk tolerance, and investment time horizon. Couloir Capital’s recommendation categories include the following: Buy The analyst believes that the security will outperform other companies in their sector on a risk-adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) BUY rating. Hold The analyst believes that the security is expected to perform in line with other companies in their sector on a risk-adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) HOLD rating. Sell Investors are advised to sell the security or hold alternative securities within the sector. Stocks in this category are expected to under-perform other companies on a risk-adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) SELL rating. Tender The analyst is recommending that investors tender to a specific offering for the company’s stock. Research Comment An analyst comment about an issuer event that does not include a rating. Coverage Dropped Couloir Capital will no longer cover the issuer. Couloir Capital will provide notice to clients whenever coverage of an issuer is discontinued. Following termination of coverage, we recommend clients seek advice from their respective Investment Advisor.
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COULOIR CAPITAL SUBSCRIBE TO RESEARCH is a research-driven investment dealer focused on emerging companies in the natural resources sector Vancouver 604 609 6190 • Toronto 416 460 2960 • [email protected] We employ a fundamental-based analysis with the goal of discovering a company’s fair value in the context of Macro factors facing each company. In doing so we generate actionable ideas in underfollowed companies where a small number of market participants can rapidly close the gap between price and fair value. Our research reports are disseminated through Bloomberg, S&P Capital IQ, Thomson Reuters, FactSet, and large email lists. RESEARCH DRIVEN
