Kuya Silver Corporation CSE: KUYA / OTCQB: KUYAF / FRA: 6MR1

Introduction

Kuya Silver is a Canadian-based, growth-oriented silver mining company whose flagship asset is the Bethania Silver Mine in central Peru. Unlike many junior silver companies that remain years away from production, Bethania is already operating. The mine was officially restarted in May 2024, and Kuya is now working through a staged ramp-up toward its Phase 1 target of approximately 350 tonnes per day by the end of 2026.

The production trend is moving in the right direction, although Bethania is still far from steady-state. During Q2 2026, Kuya mined 5,097 tonnes, up 66% quarter over quarter, and processed 23,912 ounces of silver or 30,559 silver-equivalent ounces. June was the strongest month so far, producing 13,273 AgEq ounces. The mine achieved a record daily rate of 124 tonnes and a record monthly average of 68 tpd. This is encouraging, but it also shows the gap between current sustained throughput and the 350-tpd Phase 1 target.

Kuya’s 2026 production target is 150,000–200,000 AgEq ounces, weighted toward Q4 as underground development progresses. The company entered Q2 with approximately US$27.2 million in cash, giving it considerably more financial flexibility than the typical small junior producer. Kuya says this treasury is intended to fund the current Bethania expansion, the proposed Camila processing acquisition, underground infrastructure, and its expanded 20,000-metre exploration program.

The investment case, therefore, is not simply about whether Bethania can become a mine, it already is one. The real question is whether Kuya can turn a small operating mine into a meaningfully larger, low-cost silver producer while dramatically expanding its current resource base.

The company also has two important exploration assets outside Bethania:

• Silver Kings Project, Ontario, Canada – a 100%-owned silver-cobalt exploration project containing extremely high-grade silver discoveries.
• Umm Hadid Project, Saudi Arabia – a silver-gold joint venture where Kuya currently holds a 5% carried interest and has the right to increase its position to 45%.

This gives Kuya an unusual combination of current silver production + near-mine resource expansion + bonanza-grade Canadian exploration + Saudi Arabian exploration optionality.

The main weakness is equally clear, the current Bethania resource is still small relative to Kuya’s long-term ambitions. The company has less than 10Moz of contained silver in its existing indicated and inferred resource, meaning aggressive exploration success is necessary if Kuya wants to support significantly higher long-term production.

Projects / Location / MRE / Grades

Project 1: Bethania Silver Project, Peru

Flagship Asset / Producing Mine

Main Asset

Bethania is Kuya Silver’s flagship asset and the foundation of the company’s valuation.

The underground mine is located in a major silver-lead-zinc mining district in central Peru and is accessible by road from Huancayo. Bethania has a long operating history: the mine formally opened in 1977, later restarted under previous ownership, and historically used toll milling to produce silver-rich concentrates. Kuya subsequently acquired control of the project and officially restarted the mine in May 2024.

Kuya’s June 2026 presentation describes Bethania as a district-scale land position. One slide uses a 5,600+ hectare land-package figure, although another exploration slide in the same deck still says 4,500+ hectares. I would use 5,600+ hectares as the more recent headline figure while flagging this presentation inconsistency rather than pretending the numbers are identical.

The current mineral resource occupies only a small portion of the overall property. Kuya’s presentation says the existing resource footprint covers approximately 15 hectares and only the upper ~200 metres, while numerous vein systems remain open at depth and along strike.

This is important. The present resource is not large, but the exploration thesis is that the known mine represents only the first small tested portion of a much larger silver-vein district.

Current Operating Status

Bethania is in commercial ramp-up rather than mature steady-state production.

In Q2 2026:

Operating Metric	Q2 2026
Mineralized material mined	5,097 tonnes
Silver processed	23,912 oz
Silver-equivalent processed	30,559 oz
Record monthly AgEq production	13,273 oz
Underground development	437 metres
Development material	1,535 tonnes
Record daily production	124 tpd
Record monthly rate	68 tpd
Average silver recovery	79.7%
Average head grade	5.9 oz/t Ag
Average AgEq head grade	8.8 oz/t / 274 g/t AgEq
June silver grade	6.66 oz/t Ag
June silver recovery	~82%

Kuya attributed part of the lower Q2 grade and recovery to development material and mine sequencing. It has previously achieved greater than 90% silver recovery on selected higher-grade batches and is undertaking additional metallurgical work.

Operating feel: progress is clearly being made, but investors should not treat the historical PEA cost assumptions as already proven in the current operation. The mine still needs to demonstrate consistent grade, recovery, throughput, and costs at or near its targeted 350-tpd scale.

Grade Feel

Bethania qualifies as a high-grade underground silver deposit. The current resource grades 332 g/t Ag in Indicated and 249 g/t Ag in Inferred, with silver-equivalent grades of 469 g/t and 369 g/t respectively.

Those grades are attractive relative to many larger, bulk-tonnage silver projects. The main limitation is not grade, it is currently resource size and operating scale. Actual operating grades can be lower than resource grades during development and ramp-up, as Q2 2026 demonstrated. That distinction is important when building realistic cash-flow expectations.

Bethania Mineral Resource Estimate

The mineral-resource figures currently presented by Kuya are:

Resource Category	Tonnes	Ag Grade	AgEq Grade	Contained Ag	Contained AgEq
Indicated	404,000 t	332 g/t	469 g/t	4,312,312 oz	6,090,288 oz
Inferred	700,000 t	249 g/t	369 g/t	5,603,871 oz	8,303,361 oz
Total	1.104 Mt	~279 g/t weighted Ag	~406 g/t weighted AgEq	9.92Moz Ag	14.39Moz AgEq

The current company presentation states that these resources are based primarily on the 2021 Phase 1 drilling and historic underground sampling, and directs investors to the amended and restated Bethania PEA from October 2023 for further details.

Resource feel: the grade is strong, but approximately 9.9Moz of contained silver is still small for the valuation and production ambitions that Kuya ultimately wants to achieve. Resource growth is therefore one of the most important parts of the investment thesis.

Existing PEA Economics

Bethania already has a positive Preliminary Economic Assessment.

The published PEA used a base-case silver price of only US$25.40/oz and reported:

PEA Metric	Result
Base silver price	US$25.40/oz
Pre-tax NPV5	US$77.8M
Pre-tax IRR	227%
After-tax NPV5	US$54.7M
After-tax IRR	188%
First full-year after-tax cash flow	US$18.04M
LOM after-tax FCF	US$65.3M
Initial capital	US$14.2M
Contingency	US$3.6M
Total incl. contingency	~US$17.8M
Year-1 AISC	US$10.48/oz AgEq
LOM AISC	US$12.15/oz AgEq
Year-1 AgEq production	1.37Moz
LOM AgEq production	8.68Moz
LOM AgEq head grade	315 g/t
Approx. mine schedule	~350 tpd

Those economics were extremely strong at the PEA level. However, the study includes a large proportion of Inferred resources, was prepared before the current operating ramp-up, and does not establish what Bethania’s actual steady-state 2026–2027 AISC will be. That distinction is critical.

Latest Drilling / Resource Expansion

Kuya expanded its fully funded 2026 Bethania drill program to approximately 20,000 metres, making it the largest drill campaign undertaken at the project.

The plan consists of approximately:

• 10,000 metres underground, testing extensions of known veins along strike and at depth.
• 10,000 metres surface/regional, targeting additional systems such as Carmelitas, Tito PH and Millococha.

The regional exploration potential is meaningful. Kuya’s June presentation highlights numerous additional systems outside the current resource footprint, including Millococha, where surface sampling has returned grades up to 2,630 g/t silver and multiple samples above 1,000 g/t AgEq.

During Q2, Kuya awarded the underground drilling work to Safasermin, initially planning three underground drill rigs, with surface drilling expected to become a significant component during H2 2026. This is arguably the single biggest geological catalyst for Kuya. If the company can materially multiply the existing 9.9Moz silver resource while ramping production simultaneously, the market may begin valuing Bethania as a district rather than just a small historic mine.

Project 2: Silver Kings Project, Ontario, Canada

Major Exploration Optionality Asset

Silver Kings is Kuya’s second major project and arguably its most exciting pure exploration asset.

The project covers approximately 13,000+ hectares within the historic Cobalt silver mining district of northeastern Ontario. Kuya states that it owns a 100% interest in the Silver Kings properties. The company’s consolidated property package includes ground associated with roughly 96Moz of the approximately 550Moz historically produced from the Cobalt and Silver Centre camps.

Silver Kings is important because it provides Kuya with exposure to a Tier-1 Canadian jurisdiction and extremely high-grade silver mineralization without relying entirely on Peru.

Grade Feel

The grade potential at Silver Kings is exceptional.

The Campbell-Crawford discovery has produced several bonanza-grade drill intercepts, including:

• 23-SK-08: 15,372 g/t Ag over 3.34m
• 23-SK-13: 2,424 g/t Ag over 2.49m
• 23-SK-26: 2,180 g/t Ag over 0.40m
• 23-SK-31: 12,200 g/t Ag over 0.40m

Later drilling substantially improved the geological picture.

Hole 24-SK-23 intersected 11.49m at 353 g/t Ag and 0.11% Co, including 2.36m at 1,372 g/t Ag.

Hole 24-SK-24 encountered a 28.60m mineralized zone containing multiple high-grade ladder veins, including intervals of 1,540 g/t Ag with 2.41% Co over 0.40m and 1,530 g/t Ag with 1.93% Co over 0.40m.

This is clearly high-grade mineralization.

The challenge is that Silver Kings remains an early-stage discovery rather than a defined deposit.

Silver Kings Mineral Resource

Resource Category	Current Status
Indicated Resource	None currently defined
Inferred Resource	None currently defined
NI 43-101 Mineral Resource Estimate	Not yet established

Kuya has stated that additional definition drilling is required before a mineral resource can be established at Campbell-Crawford.

So although the drill grades are spectacular, investors should not apply a large contained-ounce valuation yet.

Latest Exploration

In August 2026, Kuya also reported preliminary sampling of historic surface stockpiles and tailings across Silver Kings.

Among the results, a master composite from the Kerr Lake Mill stockpile returned 168 g/t silver and 0.36% cobalt, equivalent to approximately 276 g/t AgEq. Kuya intends to undertake additional sampling and metallurgical work to determine whether these historic above-ground materials could eventually support economic recovery.

These samples are preliminary and should not be treated as a mineral resource or as representative grades of the entire stockpile.

Project feel: Silver Kings offers enormous exploration upside, but the next major valuation step is a credible initial resource estimate. Until then, it remains high-grade optionality.

Project 3: Umm Hadid Silver-Gold Project, Saudi Arabia

Secondary / Strategic Optionality Asset

Umm Hadid is Kuya’s third major growth asset.

The project covers approximately 246 km² in Saudi Arabia and is held through a joint venture with Sumou Holding. Under the JV structure, Kuya receives an immediate 5% carried and non-dilutable interest through the initial work-program period, currently scheduled through June 2029.

More importantly, Kuya retains a right through April 2027 to acquire another 40% interest by reimbursing 40% of project expenditures made up to that point. If exercised, Kuya could own a total 45% interest, with the additional 40% becoming participating rather than carried.

This structure is attractive because Kuya initially receives exposure to a large exploration program without funding its proportional share of the first-stage spending.

Grade Feel

The initial drilling results were encouraging.

The first campaign completed approximately 5,001.6 metres in 29 diamond holes and identified high-grade silver-gold mineralization across multiple targets.

Important intercepts included:

• 25-UH-010: 2.0m at 1,483.9 g/t AgEq, containing 3.8 g/t Au and 1,227 g/t Ag
• 25-UH-012: 1.0m at 632.5 g/t AgEq
• 25-UH-018: 2.0m at 718 g/t AgEq

Surface sampling also outlined mineralization across a roughly 6km × 2.5km area.

Umm Hadid Mineral Resource

Resource Category	Current Status
Indicated Resource	None
Inferred Resource	None
NI 43-101 Resource	Not yet established

This remains early-stage exploration.

Kuya’s June 2026 corporate presentation indicated expectations for 15,000+ metres of drilling during 2026.

Project feel: Umm Hadid provides high-risk, high-reward optionality. The 5% carried interest limits initial financial exposure, while the 40% back-in right gives Kuya a potentially valuable strategic decision if drilling continues to succeed.

Share Structure / Ownership / Insiders

Capital Structure

The CSE currently reports:

Share Structure Item	Shares / Securities
Issued & Outstanding	195,123,114
Reserved for Issuance	42,189,760
Basic + Reserved proxy	237,312,874

The company’s June 2026 presentation, published before the latest CSE update, showed approximately:

Company Presentation	Securities
Shares Outstanding	192M
Warrants	40M
Options / RSUs	4M
Fully Diluted	236M

Recent Financing

Kuya completed a major financing in January 2026, raising C$25.5 million gross by issuing 25.5M units at C$1.00 per unit.

Each unit included:

• One common share
• One-half warrant

This created 12.75M warrants exercisable at C$1.30 until January 15, 2029.

The financing materially strengthened Kuya’s balance sheet but also explains the substantial increase in share count.

Current Market Capitalization

KUYA closed at approximately C$0.85 on August 10, 2026, with 195.12M basic shares outstanding. This implies a basic market capitalization of approximately C$166M.

Using the current 237.3M diluted proxy:

C$0.85 × 237.3M ≈ C$202M fully diluted market capitalization.

At C$0.81, the comparable diluted value would be approximately C$192M.

So for practical valuation work, I would currently think of Kuya as approximately a C$190M–C$200M diluted equity-value company, depending on the trading price used.

Ownership / Insider

Kuya’s June 2026 presentation reports approximately 7% ownership by management and directors.

The 2026 information circular provides more detail. As of May 14, 2026:

• David Stein – 11,005,913 shares / 5.74%
• Christian Aramayo – 1,437,500 / 0.75%
• Tyson King – 588,292 / 0.31%
• Sheila Magallon – 10,000 / 0.01%

The circular also stated that, to the knowledge of the board and officers, no individual or company beneficially controlled 10% or more of Kuya’s voting shares at that date. The company presentation additionally identifies several well-known mining-sector investors or institutions among shareholders, including Crescat Capital, Sprott SLVR ETF, Eric Sprott, Rob McEwen, US Global and others, although current individual percentage stakes were not supplied.

People / Management

David Stein, CFA, MSc, President, CEO and Director

David Stein founded Kuya Silver in 2017. His background combines geology, engineering and capital markets. He entered the mining investment industry as a mining-equities analyst in 2001 and later served as President and CEO of Aberdeen International, managing private-equity and public-company mining investments.

Christian Aramayo, Chief Operating Officer and Director

Christian Aramayo has more than 17 years of mining experience across multiple jurisdictions. His career includes involvement with major operations and projects such as Pueblo Viejo, Paracatu, Fruta del Norte and Tasiast. He is a Chartered Engineer and holds master’s degrees in Decision Sciences and Metallurgy.

Edgardo Orderique, General Manager, Peru

Kuya significantly strengthened its operating team in April 2026 by appointing Edgardo Orderique as General Manager, Peru.

Orderique previously served at MMG’s Las Bambas, where he managed a large workforce and helped improve mine throughput from approximately 140,000 tpd to 150,000 tpd while reducing unit operating costs. He also previously served as General Manager of Glencore’s Antapaccay mine and led an expansion program there.

Sheila Magallon, CPA, Chief Financial Officer

Sheila Magallon has more than 20 years of mining-finance experience. Her background includes senior positions with ATEX Resources, GCM Mining, Detour Gold, Torex Gold, Primero Mining and Largo Resources. At GCM Mining she was involved in the transaction that led to its merger with Aris Mining.

Dr. Osbaldo Zamora, P.Geo., Vice President Exploration

Dr. Zamora has more than 25 years of international mineral-exploration and project-management experience. His previous roles include Discovery Silver, Minera Adularia, Azucar Minerals and Altiplano Minerals. He holds a PhD in Economic Geology.

Sandro Ferrarone, Independent Director

Ferrarone has approximately 30 years of mining experience. He has held senior operating and technical positions with Coeur Mining and Newmont, including management responsibilities across Mexico, Chile, Peru and Bolivia.

H. Maura Lendon, Chair of the Board

Maura Lendon has decades of legal, governance and mining-sector experience. Her previous mining positions include senior legal roles at Primero Mining and Hudbay Minerals.

Eugene McBurney, Director

Eugene McBurney has more than 25 years of investment-banking experience and was a co-founder of GMP Securities. His career has included major mining and natural-resource transactions, particularly in Latin America and the Caribbean.

Additional Operating Depth

Kuya has also recently added:

• Jesus Palomino – Operations Manager, with underground operating experience including Calibre, Glencore and Hochschild.
• German Minaya – Finance & Administration Manager, with experience at Glencore, Minsur, Chinalco, Anglo American and Newmont.

Risks / Catalysts / Timeline

Key Risks

Risk Category	Key Risk
Production Ramp-Up Risk	Bethania is still well below its 350-tpd target. Q2’s record monthly rate was 68 tpd despite a record daily rate of 124 tpd. The company must demonstrate that underground development can translate into consistently higher throughput.
Resource Size Risk	The existing Bethania resource contains only ~9.9Moz silver / ~14.4Moz AgEq. Significant resource growth is necessary to support Kuya’s longer-term production ambitions.
Operating Cost Risk	The historical PEA estimated a very low US$12.15/oz AgEq LOM AISC, but this has not yet been demonstrated at current steady-state production.
Recovery Risk	Q2 silver recovery averaged 79.7%, below the 92% silver recovery modeled in the PEA. Recoveries improved to ~82% in June and have exceeded 90% on selected batches, but steady-state performance remains unproven.
Grade / Dilution Risk	Development material caused lower average grades during Q2. Narrow-vein underground mines can be sensitive to dilution and mine sequencing.
Camila Acquisition Risk	The Camila plant transaction remains based on an LOI rather than a completed acquisition. Kuya continues to toll-process material there while due diligence and transaction work continue.
Processing Risk	Until Kuya owns or builds sufficient dedicated processing capacity, it retains some reliance on third-party toll milling.
Infrastructure Execution Risk	Kuya is simultaneously installing a dual-car hoist, constructing an internal ramp, expanding development and mobilizing multiple contractors. Execution delays could slow production growth.
Dilution Risk	Roughly 42.2M securities are currently reserved for issuance according to the CSE, and warrants from the January financing could increase future shares outstanding.
Exploration Risk	Silver Kings and Umm Hadid have excellent drill results but no mineral resources yet. High-grade drilling does not guarantee economic deposits.
Peru Jurisdiction Risk	Peru is a major mining country, but political, regulatory, social and community risks remain relevant.
Saudi JV Risk	Kuya currently owns only 5% carried interest in Umm Hadid. Increasing ownership to 45% would require exercising the back-in right and funding its proportional participation thereafter.
Commodity Price Risk	Kuya remains highly exposed to silver prices and, to a lesser degree, lead, zinc, gold and cobalt.
PEA Reliability Risk	The historical PEA is preliminary and includes Inferred resources. Actual operating economics can differ materially from modeled economics.

Catalysts

Timeline	Catalyst
H2 2026	Continued Bethania underground development
H2 2026	Mobilization of multiple underground drill rigs
H2 2026	Surface / regional Bethania drilling
H2 2026	Results from the fully funded 20,000m Bethania drill campaign
October 2026 target	Commissioning of the dual-car hoisting system
H2 2026	Progress on new internal ramp
H2 2026	Potential definitive agreement / closing of Camila plant acquisition
End-2026 target	Ramp toward approximately 350 tpd at Bethania
2026	Achievement or revision of 150,000–200,000 AgEq production guidance
2026	Silver Kings follow-up sampling, metallurgy and potential advancement toward resource work
2026	Additional exploration at Umm Hadid; company presentation targets 15,000+ metres
2027	Potential Phase 1 steady-state annualized production of approximately 1.2–1.5Moz AgEq, if the ramp is successful
2027	Potential Phase 2 Bethania processing expansion toward 700 tpd
By April 2027	Decision on whether to exercise Kuya’s 40% Umm Hadid back-in right
Medium Term	Updated Bethania mineral resource
Medium Term	Initial Silver Kings resource if sufficient definition drilling succeeds
Longer Term	Additional satellite deposits feeding Bethania infrastructure

Kuya’s corporate presentation describes Phase 1 as targeting the Camila acquisition, a new ramp, 350-tpd mining, aggressive exploration and 1.2–1.5Moz AgEq of annualized production. Phase 2 targets a Bethania processing expansion toward 700 tpd and potentially doubling production through Bethania plus satellite deposits.

The same presentation also shows a long-term corporate ambition of 100Moz of silver resources and US$100M of annual FCF by 2028. These should be treated as management aspirations, not forecasts or established technical-study outcomes.

Expected Timeline to Production / Expansion

Bethania is already producing, so for Kuya this section is better interpreted as the timeline toward meaningful steady-state production and expansion.

Timeline	Expected Progress Toward Production / Expansion
2024	Bethania officially restarted production in May 2024.
2025	Early ramp-up, infrastructure development and increasing concentrate production.
2026	Current transition year. Target 150,000–200,000 AgEq ounces, major underground development, 20,000m drilling, new internal ramp, hoist installation and Phase 1 target of ~350 tpd by year-end.
2027	If Phase 1 succeeds, Kuya targets approximately 1.2–1.5Moz AgEq annualized production and could move toward Phase 2, including a 700-tpd processing expansion and additional satellite feed.
2028 Onward	Potential larger-scale Bethania district development supported by substantially expanded resources and processing capacity. Kuya’s 100Moz resource / US$100M FCF goal should be considered aspirational until supported by drilling and updated engineering studies.

Valuation

Existing PEA Valuation Anchor

Before applying the template’s high-silver FCF sensitivity model, Kuya deserves one additional valuation reference because Bethania already has a published PEA.

At the PEA’s old base silver price of US$25.40/oz, Bethania generated an after-tax NPV5 of US$54.7M and a pre-tax NPV5 of US$77.8M.

Using a fixed modeling exchange rate of 1 USD = C$1.37:

• After-tax NPV5 ≈ C$74.9M
• Pre-tax NPV5 ≈ C$106.6M

Using the current ~237.3M diluted proxy:

• After-tax PEA NPV ≈ C$0.32/share
• Pre-tax PEA NPV ≈ C$0.45/share

This is not a fair-value target today.

The PEA used US$25.40 silver, whereas the silver environment is now substantially stronger, and it gives no value to the new regional Bethania discoveries, Silver Kings, Umm Hadid, the company’s large cash position or production progress since the study.

At the same time, the market is already valuing Kuya much higher than the old PEA NPV, meaning investors are already paying for substantial growth, a much stronger silver environment and exploration success.

CAD Share Price Sensitivity

Important Note

Assumption	Value
Current Diluted Share Proxy	237,312,874
CAD/USD Exchange Rate	1.37
AISC Assumption	US$12.15/oz AgEq
Silver Price Case 1	US$150/oz
Silver Price Case 2	US$200/oz
FCF Multiple Cases	10x / 15x / 20x

The US$12.15/oz AgEq figure is the historical PEA LOM AISC, not current proven operating AISC.

The US$150 and US$200 silver prices are intentionally aggressive long-term bull-market scenarios used in the template. They are not my near-term silver-price forecast. Even more importantly, the formula below is deliberately simplified. It does not separately model taxes, sustaining growth capital, royalties, treatment/refining charges, working capital, payable metals, by-product credits, mine sequencing, recoveries or future dilution.

FCF Margin Assumption

Silver Price	AISC	Simplified FCF Margin / oz
US$150/oz	US$12.15/oz	US$137.85/oz
US$200/oz	US$12.15/oz	US$187.85/oz

CAD Share Price Target – Per 1Moz Annual Production

Silver Price	Annual Production	Simplified Annual FCF	10x FCF CAD/share	15x FCF CAD/share	20x FCF CAD/share
US$150/oz	1Moz/year	US$137.85M	C$7.96	C$11.94	C$15.92
US$200/oz	1Moz/year	US$187.85M	C$10.84	C$16.27	C$21.69

CAD Share Price Target – Production Sensitivity

Annual Production	Silver Price	Simplified Annual FCF	10x FCF CAD/share	15x FCF CAD/share	20x FCF CAD/share
2Moz/year	US$150/oz	US$275.7M	C$15.92	C$23.87	C$31.83
2Moz/year	US$200/oz	US$375.7M	C$21.69	C$32.53	C$43.38
3Moz/year	US$150/oz	US$413.6M	C$23.87	C$35.81	C$47.75
3Moz/year	US$200/oz	US$563.6M	C$32.53	C$48.80	C$65.07
5Moz/year	US$150/oz	US$689.3M	C$39.79	C$59.69	C$79.58
5Moz/year	US$200/oz	US$939.3M	C$54.22	C$81.33	C$108.45

Summary & Quick Scorecard

Category	Points / Assessment	Overall
Company Overview	Stock ticker: CSE: KUYA / OTCQB: KUYAF / FRA: 6MR1. Main metal: Silver with lead/zinc by-products; silver-cobalt optionality in Canada and silver-gold optionality in Saudi Arabia. Main project: Bethania, Peru. Project phase: Producing / ramp-up. Project countries: Peru, Canada, Saudi Arabia.	—
1. Management	Previous successful mining/project experience: Yes. Exploration-to-development experience: Yes. Big mining company experience: Yes, Kinross, Newmont, Coeur, Glencore, MMG and others. Capital-markets track record: Yes.	Strong
2. Projects	High grades: Yes. Bethania Indicated 332 g/t Ag and Inferred 249 g/t Ag; Silver Kings contains bonanza-grade intercepts. Large MRE: No. Bethania currently contains only ~9.9Moz Ag / ~14.4Moz AgEq. Optionality: Yes. Bethania district targets, Silver Kings and Umm Hadid.	Strong
3. Cost Structure	Low AISC: Potentially yes, historical PEA US$12.15/oz AgEq LOM, but not yet proven at steady-state. Low capex / existing infrastructure: Yes historically, operating mine plus proposed Camila acquisition, but further expansion capital will be required.	Strong/ needs operating proof
4. Share Structure Discipline	Current basic shares: 195.1M. Current diluted proxy: ~237.3M. Share structure is not tight and January financing created meaningful dilution, but the company now has a strong treasury and no reported debt in its June presentation.	Good
5. Insider / Ownership	Management/directors approximately 7%. CEO David Stein approximately 5.74%. Not enough insider ownership for our high-insider bonus. Several respected mining investors appear on the company’s shareholder list.	Weak
6. Location	Bethania: Peru. Tier 2 in our framework. Silver Kings: Ontario, Canada. Tier 1. Umm Hadid: Saudi Arabia, early-stage JV exposure.	Strong

RT Rating, Commentary

Kuya Silver is on our watchlist.

We rate Kuya Silver 4 out of 5 stars.

Kuya has one of the more interesting setups among smaller silver companies because it combines something that juniors rarely have at the same time: an operating high-grade silver mine, a strong cash balance, an aggressive resource-expansion program and multiple major exploration opportunities.

The biggest positive is that Bethania is no longer merely a conceptual development story. The mine is producing metal, generating revenue and progressively increasing underground activity. Kuya also has approximately US$27M of cash to execute its near-term plans, which significantly reduces the immediate financing risk that normally accompanies a junior trying to restart and expand a mine.

Management quality is another important positive. David Stein provides the capital-markets background, Christian Aramayo provides engineering and operations expertise, Edgardo Orderique adds major-mine execution experience in Peru, and the broader board contains experience from companies including Coeur, Newmont, Glencore, MMG, Kinross and several major mining-finance organizations.

The geology is also attractive. Bethania is genuinely high grade, and the existing resource has barely tested the wider land package. Silver Kings has produced some extraordinary bonanza-grade silver intercepts, while Umm Hadid has already produced >1,000 g/t AgEq-scale drill results in its first program.

The biggest reason Kuya does not receive 5 stars today is resource scale. Bethania currently contains only about 9.9Moz of silver, which is relatively small. Kuya’s entire growth strategy therefore depends on proving much more mineralization.

The second reason is operating execution. Q2’s record monthly rate was 68 tpd, versus a 350-tpd Phase 1 target. Recoveries averaged 79.7%, and actual steady-state AISC remains unknown. This does not mean the target will not be achieved, it simply means the market still needs evidence.

Third, the proposed Camila acquisition is not yet completed. Kuya continues processing at Camila under the existing toll-milling arrangement, so vertical integration remains a catalyst rather than a completed fact.

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