1. Sinda is like a future Fresnillo, focused on developing a major new primary silver discovery in Mexico.

2. Sinda is like a highly promising junior gold miner, but for a potentially world-class primary silver asset.

• Silver: Sinda's primary product is silver, extracted from its high-grade mining concessions in Mexico.
• Gold: Sinda also explores for and exploits gold deposits found within its mining properties.

Based on the provided company description, Sinda (SIND) is an exploration and development company focused on a large-scale, high-grade, silver-gold greenfield discovery in Mexico. The description details their mining concessions, the nature of the asset, and the potential for future operations, but does not indicate that the company is currently engaged in commercial production or sales of silver or gold.

Therefore, Sinda does not currently have major customers for its silver and gold products, as it is in the exploration and development phase and has not yet commenced production or sales.

Daniel Muñiz Quintanilla, Executive Chairman

Daniel Muñiz Quintanilla has over 30 years of business experience in Mexico and 20 years in mining and natural resources, with senior executive and board experience. He has served as the Executive Chairman of Sinda since 2021. Previously, he was the Chief Financial Officer of Grupo Mexico from 2007 to 2014, and the Managing Director (CEO) of Industrial Minera Mexico (the underground mining division of Grupo Mexico) from 2010 to 2014. He was also the Managing Director (CEO) and Executive Vice Chair of Americas Mining, the holding company of Grupo Mexico's mining division, from 2014 to 2018. During his time at Grupo Mexico, he successfully raised over $11 billion in capital. He is a Founding Partner of Whetstone Resources and Axkan Capital Partners S.L. Muñiz Quintanilla has served on the boards of various companies, including Brookfield Infrastructure Partners L.P. and Brookfield Infrastructure Corporation, NOVAGOLD Resources, Southern Copper Corporation, Hudbay Minerals Inc., First Majestic Silver Corp., Gatos Silver, Inc. (acquired by First Majestic Silver Corp. in January 2025), and Sunshine Silver Mining & Refining Company. He also serves as a director of Tharsis Mining S.L., a private company focused on copper.

Luis Barreto, Chief Financial Officer

Luis Barreto is the Chief Financial Officer of Sinda. He previously served as a senior leader at Brookfield Infrastructure, where he gained extensive experience in global transactions and asset management. He holds an MBA from Columbia Business School.

Fabián Galindo, Country Manager

Fabián Galindo is the Country Manager for Sinda. His background includes serving as a senior executive at Grupo Mexico, where he was responsible for leading U.S. copper operations and strategic planning. He possesses a strong background in finance and mergers and acquisitions (M&A).

Jaime Cortés Álvarez, General Counsel and Secretary

Jaime Cortés Álvarez brings over 30 years of experience in M&A, capital markets, and corporate governance. He previously held positions as a partner at leading Mexican law firms.

Maria José Romero, Technical Services Lead

Maria José Romero has over 20 years of experience in exploration, project evaluation, and underground operations. She previously worked with prominent mining companies such as Coeur Mining and Industrias Peñoles.

The key risks for Sinda (SIND) are primarily associated with its status as an exploration-stage company developing a greenfield discovery, the complex operating environment in Mexico, and the inherent volatility of precious metal prices.

1. Development and Resource Conversion Risk: Sinda is a pre-production, pre-revenue company with a "greenfield discovery," meaning no silver has yet been mined, processed, or sold. The company's financial statements reflect only costs, not returns, underscoring the significant development execution risk. A five-year timeline to production involves numerous phases, each carrying schedule and cost risks. A substantial portion of Sinda's resources (~96%) are classified as "inferred," which is the lowest-confidence resource category. Converting these inferred resources into a higher confidence category through further drilling is crucial for establishing a feasible mine plan and ultimately achieving economic viability. Furthermore, building a large-scale mine requires significant capital beyond its initial public offering, making future financings and potential shareholder dilution a relevant concern.
2. Regulatory, Political, and Security Risks in Mexico: While the company notes "recent policy shifts in Mexico have reignited investment and exploration," the Mexican mining sector is exposed to substantial regulatory, political, and security challenges. Risks include legal uncertainty, potentially disruptive mining unions, and political interference from the national government. More critically, criminal organizations pose a significant security threat to mining operations in Mexico, with reports indicating that 97% of mining companies have experienced some form of crime, particularly in states like Guanajuato where Sinda is located. These security issues can lead to extortion, kidnappings of personnel, and temporary suspensions of operations. Additionally, a 2023 Mining Law reform in Mexico has introduced more demanding social and environmental requirements and increased the role of permits, with inconsistent application of regulations often leading to delays and uncertainty.
3. Commodity Price Volatility: As a company focused on silver and gold, Sinda's future profitability and valuation are highly sensitive to the volatile prices of these precious metals. Silver, in particular, tends to exhibit higher volatility and greater price swings than gold, influenced by a combination of investment flows and industrial demand. Significant corrections or declines in gold and silver prices, driven by macroeconomic factors such as interest rates and currency movements, could adversely impact the economic feasibility of Sinda's project, especially as a pre-production entity.

1. Successful Advancement of Exploration and Development Programs: Sinda's primary driver for future revenue potential is the successful execution of its aggressive exploration and drilling program, along with the construction of an underground decline. These activities are crucial for delineating and de-risking the "large-scale, high-grade, silver-gold greenfield discovery" in Mexico and moving it closer to commercial production. Proceeds from the recent Initial Public Offering (IPO) are specifically allocated to fund these multi-year programs and technical studies.
2. Conversion and Expansion of Mineral Resources to Reserves: Sinda currently has estimated Indicated and Inferred Mineral Resources of silver-equivalent ounces, with significant exploration upside identified. A key driver will be the successful conversion of these resources into higher confidence categories, specifically proven and probable reserves. This process, driven by ongoing drilling and technical studies, is essential to confirm the economic viability and scale of a future mining operation, which will directly impact potential revenue once production commences.
3. Favorable Silver and Gold Commodity Prices: As a company focused on a primary silver and gold asset, the prevailing market prices for these precious metals will be a critical external driver of future revenue. Higher prices would enhance the economic attractiveness of the Sinda Property, support investment decisions, and ultimately increase the revenue generated per ounce once mining operations begin. Recent reports indicate "strong pricing tailwinds" for silver, which could provide a positive backdrop for Sinda's development plans.
4. Continued Strategic Financing and Partnerships: Sinda recently completed its IPO and secured investments from major mining entities like Fresnillo plc and Franco-Nevada. While initial funding is in place to advance the project, the capital-intensive nature of mine development means that continued access to financing and maintaining strong strategic partnerships will be crucial. This ensures the company can sustain its exploration and development activities through to the production phase, indirectly driving future revenue by enabling the project's progression.

Share Issuance

• Sinda priced its initial public offering (IPO) in June 2026, offering 17,750,000 shares of common stock at a price of $12.00 per share.
• The underwriters were granted a 30-day option to purchase an additional 2,662,500 shares of common stock.
• The net proceeds from the IPO and a concurrent private placement are estimated to be $293.4 million, potentially increasing to $325.7 million if the underwriters fully exercise their option.

Inbound Investments

• Fresnillo plc, a primary silver producer, is subscribing for up to 5% of Sinda's outstanding shares through a private placement.
• Franco-Nevada, a global gold-focused royalty and streaming company, participated as an anchor investor in the IPO with a $10 million order.
• The company is backed by experienced mining investors, including The Electrum Group.

Capital Expenditures

• Approximately $163.4 million of the IPO proceeds are planned for exploration and underground development.
• An additional $37.6 million from the IPO proceeds is allocated for ongoing project costs.
• These funds are intended to finance surface and underground drilling, technical studies, and related development activities for the Sinda Property.