What is Silver Viper Minerals Corp. (VIPRF) worth?

Silver Viper Minerals (VIPRF, $0.23, ~$27.5M market cap) is a pre-revenue junior gold-silver-copper explorer whose sole asset of substance is the 100%-owned La Virginia project (35,598 ha) in Sonora, Mexico. There is no revenue, no earnings, no published NI 43-101 resource in the available data, and the company burns cash — so this is a NAV/optionality name, not an earnings story. My risked NAV is ~$0.20-0.22/share, essentially where the stock trades and right on its $0.20 book value. Verdict: roughly fairly valued — the market is paying a small premium to net cash for exploration optionality, which is reasonable but not a bargain. The investable question is entirely binary: does the 5,000m drill program define an economic resource? If yes, there is meaningful upside toward ~$0.46; if not, the stock drifts toward net-cash-minus-burn near ~$0.11. Position accordingly — this is a high-beta (2.0) call option on La Virginia and the silver price, backed by ~$14.3M of cash.

Risked NAV / sum-of-the-parts (cash + risked exploration value − corporate burn)

Every figure is computed from SEC filings by the analyst’s calculator tools and fact-checked by a second, independent model.