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The Silver Lining February 2008
1
Contents
The Silver Lining 2
Launching Coverage of the Silver Mining Sector 2
Summary and Investment Recommendations 3
Silver Prices – Tempered Optimism 4
Silver Mining, Exploration, and Development Companies 5
Summary 5
Valuation Methodology 6
Relative Performance Comparison – Do Silver Companies Have Leverage? 7
Relative Valuations 8
Growth Comparison 8
Silver Company Sensitivity Comparisons 9
Price to Forward Cash Flow – Silver Wheaton Stays at the Top 9
Valuation Methodologies 11
Net Asset Value 11
Looking for the Next Acquisition Will Bring Competition 12
EV/oz of Resource vs. Cash Cost Life of Mine 13
North American and Global Comparable Statistics 14
Silver Wheaton Corp. – 0.999 Pure Silver Company 19
Pan American Silver Corp. – Diversified Silver Production in the Americas 45
Silver Standard Resources Inc. – Exercising the Silver Option 75
Bear Creek Mining Corporation – Standing Out Amid the Silver Giants 97
Appendix I – Silver Outlook – Tempered Optimism 117
Note: All values in U.S. dollars unless otherwise indicated.
All share prices as at February 13, 2008.
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