EXCLUSIVE: BOA Silver Analysis and Slide Deck

Definitive Silver Industrial-Use Analysis

Housekeeping: Good Afternoon

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Feel free to view the slides first, or listen to commentary while viewing. Full report at bottom

Contents:

(Voice note commented are **)

1. Read-through Analysis

2. Full Slide Deck

   1-Supply Deficit

   2,3-Inventories draw down

   4,5- Nobody invests in Silver anymore. **

   6,7- China’s Insatiable Appetite

   8,9 - Dropping US Coin Demand

   10,11- Japan Starts to Uptick

   12,13- China Silver Premiums mean more imports

   14,15- Solar Silver Will Keep Climbing **

   15, 16- Chinese Allocate More Money

   18, 19- More Silver Needed in Next Gen Panels **

   20- New TOPcon Panel Uses More Silver **

   21- TOPCon to Take Over Industry **

   22,23- Silver Use Will Explode for EV Cars **

   24,25- EV versus HEV and ICE Autos

   26- Price Synopsis

3. Full Analysis

Read-through Analysis