Highlights

  • Sinda completed its IPO of 17,750,000 shares at $12.00 on June 29, 2026, with net proceeds of $192.9 million.
  • The net loss was $16.6 million for the three months ended June 30, 2026, versus $2.2 million a year earlier.
  • Fresnillo purchased 7,939,544 shares at $12.00 per share on July 27, 2026, for net proceeds of approximately $95.0 million.
  • Cash and cash equivalents were approximately $204.3 million at June 30, 2026, and Phase 1 drilling covered 60,810 meters.

Sinda Ltd. (NYSE:SIND) shares were trading at USD 11.44 on October 28, 2026, down 0.44%, with a relative volume at time of 5.83. The exploration-stage company completed its initial public offering on June 29 and closed a concurrent placement with Fresnillo on July 27, then filed its Form 10-Q for the quarter ended June 30, 2026 on August 14.

Sinda Ltd. is incorporated in Delaware and lists its principal executive offices in San Miguel de Allende, Guanajuato, Mexico. It was incorporated as an exempted company in the Cayman Islands and registered by way of continuation in Delaware on June 23, 2026. The company is an exploration-stage company formed to acquire, explore and develop mineral concessions in Mexico. Through SNDA Exploración, it holds, or has exploration and exploitation rights on, five contiguous mining concessions covering a silver-gold greenfield discovery in the Guanajuato epithermal silver belt.

Second Quarter 2026 Results

For the three months ended June 30, 2026, Sinda reported a net loss of $16.6 million, compared with a net loss of $2.2 million for the three months ended June 30, 2025.

Exploration expenses were $7.7 million, compared with $0.8 million, which the company attributed primarily to its infill and exploration drilling campaign that began in October 2025. General and administrative expenses were $9.0 million, compared with $1.5 million, including increases of $4.1 million for share-based compensation expense, $1.7 million for management personnel costs and $1.2 million for third-party professional fees.

For the six months ended June 30, 2026, the net loss was $28.2 million, compared with $4.8 million a year earlier. Exploration expenses were $14.3 million and general and administrative expenses were $14.1 million. Net cash used in operating activities was $19.4 million for the six months, compared with $5.2 million.

Going Concern, Controls and Capital

The financial statements note that the company does not generate revenues and will continue to incur losses until its mining properties commence production. The company reported an accumulated deficit of $149,492,641 at June 30, 2026. It stated that, absent positive cash flows from operations, its continued funding depends on additional debt from related parties and the issuance of additional shares of common stock.

The company's disclosure controls and procedures were not effective at the end of the period due to previously disclosed material weaknesses in internal control over financial reporting. They relate to entity-level controls, information technology controls, segregation of duties in treasury activities, and support for value-added tax receivable reserves.

Sinda said it believes its available resources, including cash and cash equivalents, will be sufficient to meet its working capital and capital expenditure needs for at least the next 12 months.

Offering, Placement and Exploration Update

On June 29, 2026, Sinda completed its IPO of 17,750,000 shares of common stock at $12.00 per share. On July 15, 2026, it issued and sold 1,915,328 shares after the underwriters partially exercised their over-allotment option, for net proceeds of $21.4 million. Under an agreement dated June 22, 2026, Fresnillo plc purchased 7,939,544 shares on July 27, 2026.

The company intends to use the proceeds for exploration and infill drilling, underground development, engineering and technical studies, and general corporate purposes.

Phase 1 drilling concluded at the end of June 2026, with a total of 60,810 meters drilled. The company received proposals for construction of a decline for underground drilling at the Caracol area and expects to engage the selected contractor during the second half of 2026. As of November 24, 2025, the technical report estimated 369 million silver-equivalent ounces of inferred mineral resources and approximately 16 million silver-equivalent ounces of indicated mineral resources.

Outlook

The 10-Q provides no numerical financial guidance. It states that general and administrative expenses are expected to increase as the company operates as a public company.