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Summa Silver is a Key Holding for Exposure to Silver

IWA NOTE:    

Summa Silver is a Key Holding for Exposure to Silver

IWA loves the prospects for Summa Silver Corp. (TSXV:SSVR) (OTCQB:SSVRF), a junior mining and exploration company drilling two high-grade past-producing silver-gold properties in Nevada and New Mexico. 

There are a few key reasons that IWA is recommending Summa Silver: 

Significant Investors: Not only does legendary investor Eric Sprott own 18% of the company, but the leadership team also has a ton of skin in the game, with 30% insider ownership

Shareholder Control: Tight share structure and inside ownership means that management and the legendary Eric Sprott have good control over operations, capital management, and future investment.

Two High-Grade Properties: The Hughes and Mogollon properties are located in high-grade past-producing properties in mining-friendly silver-gold districts. 

Summa Silver (SSVR) will be drilling aggressively its Mogollon project in New Mexico along with its Tonopah project in Nevada - please see below multiple samples from Mogollon which returned grades exceeding 1,000g/t AgEq and locally exceeded 5,000g/t AgEq (Mogollon already has a historical resource). 

We are expecting Summa to drive towards mineral resources on the two high grade US based silver projects by Q4 2022 - the company is guiding between 50-70Moz Ag as a starting resource by the end of the year. Grades have consistently been 400-700g/t AgEq and even as high as 11,000g/t AgEq with its current drilling at Tonopah and historical drilling at Mogollon. 

The comps for high grade projects like these command premium valuations with an average MarketCap/Oz of $5.10 (see company presentation attached). Using this valuation and 60Moz as a starting point resource for SSVR by the end of 2022, the valuation would be $306m mkt cap vs the current mkt cap of $65m. Even with a valuation of $3/oz, Summa would be significantly undervalued to many of its peers assuming it executes successfully on the 2022 drilling. 

We believe downside is limited and there is multi-bagger upside with a ton of expected high grade drill results on route for 2022 (up to 75 holes - see below) - the structure is very tight with only 63Ms/o and large long term institutional investors invested. 
Summa Silver Samples Multiple Undrilled High-Grade Veins Above 1,000 g/t Silver Equiv. at Mogollon, New Mexico

Summa Silver Corporate Presentation
IWA is a shareholder of Summa Silver

Statements which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental, and technological factors that may affect the Company’s operations, markets, products, and prices. Readers should refer to the risk disclosures outlined in the Company’s Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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