(A) Company Description: Silver Bullet Mines is a Canadian-based silver and copper exploration and development company that recently went public and raised over $6 million. SBMI’s main asset is the Black Diamond (BD) Property near Globe, Arizona, with silver and copper-gold porphyry projects. The BD Property hosts five past-producing, high-grade silver mines. The Company’s current focus is the BD Property and restarting production the Buckeye Silver Mine in Q1/2022. The area around Globe is well known for its copper mines, thus SBMI is also exploring for copper-gold porphyry targets, with a focus on the exploration around the historical copper mines and the mineralized prospects on its property.(B) Investment Thesis And Upcoming Catalysts: (1) Near-term Cash Flow De-risks the Project: Work is already underway to get the Buckeye Mine back into production in Q1/2022. (2) Pre-production Sweet Spot: Research shows that exploration companies can experience upward stock price movement starting at the time they make a mine construction decision to the time of first pour. (3) Strong Management Team: Management has extensive experience and geological knowledge of the region. (4) Fully Funded for 2021: With its recent $6.1 million oversubscribed financing, SBMI is fully funded to restart production at the Buckeye Mine and deliver on its 2021 exploration and development programs. (5) Upcoming Catalysts: (i) Buckeye Mine: Restart of silver production expected in Q1/2022. (ii) BD Property & Other Projects: Exploration results. (C) Financial Analysis & Valuation: The last financing was done in July 2021 at $0.30 and a significant amount of site work has been completed at the Buckeye Mine since then. We value SBMI based on an estimate of $11.25 million in cash flow over a 12-month period from restarting production at the Buckeye Mine. Assuming a 5x Cash Flow Multiple, this would value SBMI at $0.80 per share based on the fully-diluted share count of 69.9 million shares. The fully diluted number assumes all options and warrants are exercised, which would increase the treasury by approximately $6.1 million. We are Initiating Coverage with a Speculative Buy rating and one-year price target of $0.80.