--- title: "Sinda, Mexican Silver Exploration And Development, Files for NYSE IPO" type: "News" locale: "en" url: "https://longbridge.com/en/news/288907167.md" description: "Sinda, a Mexican silver exploration company backed by Electrum, filed an S-1 to list on the NYSE under ticker 'SIND'. The company controls a large primary silver project in Guanajuato with significant inferred and indicated resources. Proceeds from the IPO will fund drilling, underground development, and technical studies." datetime: "2026-06-05T21:18:01.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/288907167.md) - [en](https://longbridge.com/en/news/288907167.md) - [zh-HK](https://longbridge.com/zh-HK/news/288907167.md) --- # Sinda, Mexican Silver Exploration And Development, Files for NYSE IPO Sinda filed an S-1 to take the Mexican silver exploration company public on the New York Stock Exchange under the ticker "SIND." The company, backed by Electrum, controls a large primary silver project in Guanajuato, Mexico, and plans to use proceeds to advance drilling, underground development, and technical studies. Prior to this offering, there has been no public market for its common stock. **Business Description** Sinda is a precious metals exploration and development company focused on a large-scale, high-grade primary silver project in the Guanajuato epithermal belt of Mexico. The company holds title to, or exploration and exploitation rights on, five contiguous mining concessions totaling approximately 6,232 hectares near San Miguel de Allende. According to a Technical Report Summary prepared under S-K 1300, the Sinda Property has an estimated 369 million silver-equivalent ounces of Inferred Mineral Resources and approximately 16 million silver-equivalent ounces of Indicated Mineral Resources. The project comprises multiple low-sulfidation epithermal vein systems across two primary areas—Caracol and Agaves—with 135 identified veins totaling ~182 kilometers of strike. Sinda plans an underground development approach and is advancing extensive surface and underground drilling, technical studies, and permitting. Proceeds from the IPO are intended to accelerate infill and exploration drilling, drive underground access for definition drilling, and support economic studies aimed at de-risking a potential future mine. **Market Overview** - **Total addressable market**: Mexico accounts for ~20% of global mined silver; silver prices were ~$76.90/oz as of June 1, 2026. - **Market growth**: Industrial silver demand was ~58% of total in 2025 and is projected to grow ~17% by 2032 (CPM Group). - **Market position**: Large primary silver deposits are scarce; only ~26%–28% of global mined supply comes from primary silver mines, highlighting scarcity value. - **Key competitors**: Pan American Silver, First Majestic, Fresnillo, Coeur Mining, Endeavour Silver, Guanajuato Silver, Vizsla Silver. - **Industry trends**: Declining mined supply since 2016, consolidation among silver producers, and China’s new export licensing regime may constrain supply. **Operational Metrics** - **Customers**: Not applicable (exploration stage) - **Locations**: 5 contiguous mining concessions covering ~6,232 hectares in Guanajuato, Mexico - **Geographic presence**: Project is ~35 km from San Miguel de Allende; access to highways, rail, power grid, and two international airports - **Partnerships**: Backed by The Electrum Group; technical reports prepared by SRK Consulting (U.S.) - **Orders/GMV**: Not applicable - **Other key metrics**: 229,843 meters drilled (2017–Jan 2023); ~44,000 meters drilled Oct 2025–May 2026; 13 drill rigs mobilized (target up to 15); 135 veins identified with ~182 km total strike; Phase 1 surface drilling ~61,000 meters; total planned ~183,000 meters over ~26 months; two main zones (Caracol and Agaves) **Financials Highlights** - **Revenue (current)**: No revenue (exploration stage) - **Net income**: Net loss of $18.7 million in 2025; net loss of $11.6 million for the three months ended March 31, 2026 **Management** - **Daniel Muñiz Quintanilla**, Executive Chairman and Director - Former executive vice chair of Americas Mining (Grupo México); prior CEO of Industrial Minera Mexico and CFO of Grupo México; extensive leadership across large-scale mining. - **Luis Barreto**, Chief Financial Officer - Over 25 years in infrastructure and energy; senior roles at Brookfield Infrastructure; earlier investment banking at Citigroup; MBA from Columbia Business School. - **Fabián Galindo**, Country Manager - 17+ years in mining operations and strategy; led U.S. copper operations for Grupo México; experience in strategic planning, M&A, and project execution. - **Jaime Cortés Álvarez**, General Counsel - 30+ years as a transactional lawyer across M&A, capital markets, and governance; former partner at leading Mexican law firms. **IPO Structure** - **Issuer**: Sinda Ltd. - **Filing date**: June 05, 2026 - **Proposed ticker**: SIND - **Exchange**: NYSE - **Lead underwriters**: Morgan Stanley; Scotiabank; BMO Capital Markets; Canaccord Genuity; Citigroup; RBC Capital Markets - **Use of proceeds**: Surface exploration and infill drilling; underground exploration, infill drilling and associated underground development; engineering and technical studies (including potential Initial Assessment and Pre-Feasibility Study); and general corporate purposes. Original SEC Filing: Sinda Ltd. - S-1 - Jun. 05, 2026 **Disclaimer** This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. 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