Sinda (SIND) is one of the newest and biggest undeveloped primary silver resources worldwide, which could support a large-scale and long-life operation in central Mexico, RBC Capital Markets said Tuesday.

Although Sinda is in the early stages, its scale, exploration potential and substantial catalysts over the next 12 to 18 months create a differentiated risk and reward profile at current levels, according to the note.

RBC modeled annual silver equivalent production of 19 million ounces over 17 years at an all-in sustaining cost of about $14 per ounce, placing Sinda among the top three primary silver producers globally, the note added.

The brokerage forecasts initial production in 2032, with development spend of about $610 million and a revenue split of about 70% from silver and 30% from gold.

Ongoing drilling, an updated resource estimate in early 2027, and a preliminary economic assessment in mid-2027 are key near-term catalysts, RBC said.

RBC initiated Sinda with an outperform speculative risk rating and a $19 price target.

Price: 13.26, Change: +0.83, Percent Change: +6.68