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Highlander Silver

HSLV
24
Silver · Basic Materials
Also trades as: HSLV.TO
Price
$5.33
+0.03 (+0.57%)
Market Cap
$1.08B
Exchange
New York Stock Exchange American
Winston Score
24
Winston is worried
Weak fundamentals across most pillars.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Weak
Growth
Weak
Cash Flow
Weak
Stability
Good
Valuation
Good

Share count rising — dilution

+358.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 20.7M (2021) → 94.8M (2025)

Winston Score History

The full picture

Highlander Silver Corp. is a silver mining and exploration company focused on finding and developing silver deposits. The company's main work involves exploring land for silver ore, drilling test wells, and advancing mineral projects toward eventual production. It operates in the basic materials sector, where its value is closely tied to the price of silver in global commodity markets.

The company is in an early-to-development stage, meaning it does not yet generate significant revenue from selling silver. Instead, it raises money through stock offerings and relies on investor capital to fund exploration work. With a market cap of roughly $0.7 billion, it is a small-cap miner with operations likely concentrated in the Americas, a common region for silver exploration companies. The main risk is that silver prices can fall sharply, and exploration-stage companies face the added uncertainty that their deposits may never reach commercial production.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
-29.9%
Thin — -29.9% gross margin
Profit after running costs
Operating Margin
-44.8%
Losing money on operations — -44.8%
Return on the money invested
ROCE
-8.8%
Weak — -8.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
N/A
Data not available
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
-1039%
Weak — only -1039% of profit becomes cash
Spare cash per sale
FCF Margin
-31.3%
Burning cash (-31.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.00
Conservative — low debt load (0.00)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
375.4x
Expensive — P/E 375.4

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+367.5
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (375.4 → 7.8)

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Dividends

Not applicable for this business.
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