Silverco Mining Ltd. TSXV: SICO / OTCQB: SICOF
Introduction
Silverco Mining Ltd. is a Canadian silver producer and mine-restart company focused on building a multi-asset silver portfolio in Mexico. The company owns 100% of two established underground mining operations:
- The producing La Negra silver-lead-zinc-copper mine in Querétaro State.
- The past-producing Cusi silver complex in Chihuahua State, which is being restarted.
Silverco only began trading publicly in October 2025 following the completion of a reverse takeover. It subsequently raised C$62.5 million in February 2026 and acquired Nuevo Silver, the owner of La Negra, in May 2026. The acquisition transformed Silverco from a single-asset mine-restart company into a producer with two advanced Mexican silver assets.
The company’s current strategy has two parts. First, it is investing in La Negra to raise throughput from approximately 55% of its 2,500-tonne-per-day nameplate capacity to full capacity during the first half of 2027. Second, it is restarting Cusi, where first concentrate is targeted for Q4 2026 and full production ramp-up is expected by mid-2027.
The bull case is straightforward. Silverco already owns operating infrastructure, La Negra is producing, Cusi requires relatively low initial restart capital, and the Cusi Preliminary Economic Assessment shows strong leverage to silver prices. Management has mine-building, underground-mining, corporate-finance, exploration, and Mexican operating experience. If both mines perform as planned, Silverco could generate meaningful near-term cash flow and use that platform to pursue its longer-term target of becoming a 10-million-ounce-per-year silver-equivalent producer.
The risks are also clear. La Negra remains classified as being in pre-commercial production and does not currently have a compliant mineral resource or reserve. Cusi’s study is only a PEA and includes inferred resources. Cusi’s base-case economics also use a relatively strong average silver price of US$44.58 per ounce. At approximately C$9.70 per share, Silverco’s fully diluted market capitalization is already close to C$600 million, meaning the market is pricing in successful execution, growth at both mines, and additional resource expansion.
Projects / Location / MRE / Grades
Project 1: La Negra Mine, Querétaro, Mexico
Main producing asset
La Negra is Silverco’s producing underground silver-lead-zinc-copper mine in Querétaro State, central Mexico. Silverco acquired the operation through its acquisition of Nuevo Silver, which closed on May 19, 2026.
The mine is approximately 150 kilometres by paved road from Querétaro City and is connected to Mexico’s national electricity grid through a 34-kilovolt power line. It has an established underground mine, a 2,500-tonne-per-day processing plant, existing tailings facilities, experienced local employees, and a long operating history.
La Negra originally entered modern production in 1971 under Peñoles. It operated under several owners through multiple commodity cycles and was privately restarted in 2024. Between 1971 and the end of 2020, the mine processed approximately 14.6 million tonnes grading an average of 107 g/t silver, 0.59% lead, 1.95% zinc, and 0.66% copper.
Silverco reported that La Negra was operating at approximately 55% of nameplate capacity when the acquisition closed. The company is ordering new underground mobile equipment, improving maintenance and mine planning, and installing a filtered-tailings system. Management is targeting the full 2,500-tonne-per-day nameplate capacity in the first half of 2027.
Grade feel
La Negra is not a pure high-grade silver vein mine. It is a polymetallic skarn operation producing lead-silver, copper-silver, and zinc concentrates.
The mine’s historical average silver grade of 107 g/t is moderate, but copper, lead, and zinc provide important by-product value. Silverco has not yet published a current NI 43-101 mineral resource or a new economic study for La Negra, so investors should not assume that historical grades, costs, or resource quantities will exactly represent future performance.
La Negra’s main investment attraction is not simply its grade. It is the combination of existing infrastructure, operating history, current production, available plant capacity, established metallurgy, and significant exploration potential after limited drilling during the previous two decades.
La Negra historical mineral resource
The March 25, 2026 technical report states explicitly that La Negra has no current mineral resource or mineral reserve. The report includes the following 2022 historical estimate:
| Resource category | Tonnes | Silver | Lead | Zinc | Copper | NSR grade |
| Historical indicated | 2.46 Mt | 64 g/t Ag | 0.27% | 1.95% | 0.50% | US$73/t |
| Historical inferred | 6.42 Mt | 80 g/t Ag | 0.65% | 1.80% | 0.40% | US$80/t |
The historical estimate used a US$28-per-tonne NSR cut-off. Silverco is not treating these figures as current mineral resources or reserves. The company has engaged SGS Geological Services to prepare an updated resource estimate and an initial PEA.
Current operations
During the 43-day period between the acquisition date and June 30, 2026, La Negra produced:
| Metal | Production |
| Silver | 73,264 oz |
| Copper | 457,848 lb |
| Zinc | 1,368,779 lb |
| Lead | 141,644 lb |
| Silver equivalent | 158,259 oz AgEq |
Silverco classified La Negra as being in pre-commercial production. This classification is expected to continue into the first half of 2027 while the company completes operating improvements and works toward nameplate capacity.
La Negra exploration
Silverco began a 15,000-metre exploration program at La Negra in July 2026. Approximately 1,000 metres had been completed by August 24, and the first assays were expected in late Q3 2026.
The program is testing near-mine extensions and targets that could support resource conversion and expansion. This is important because La Negra has received limited systematic exploration during the last two decades, despite mineralization remaining open along strike, at depth, and near surface.
The company has also appointed Dr. Jesus Velador as Vice President of Exploration. His experience with Mexican deposits including Panuco, La Pitarrilla, Juanicipio, Santa Elena, and other skarn and carbonate-replacement systems strengthens the exploration team.
Project 2: Cusi Mining Complex, Chihuahua, Mexico
Main restart and growth asset
Cusi is a 100%-owned, permitted, past-producing underground silver-lead-zinc-gold complex in Chihuahua State. The 11,665-hectare property is located in the Sierra Madre Occidental mineral belt, approximately 120 to 135 kilometres west of Chihuahua City.
The operation includes several historical underground mines and mineralized zones, including Promontorio, San Miguel, Eduwiges, and San Juan. Ore is transported approximately 40 kilometres by road to the existing 1,200-tonne-per-day Mal Paso processing plant.
The plant uses conventional crushing, grinding, and flotation to produce a bulk lead-silver concentrate. Existing infrastructure, paved-road access, grid electricity, underground development, and an established processing facility reduce the capital and construction requirements compared with a greenfield development.
As of August 4, 2026, the Cusi restart was approximately 68% complete. Underground contractors and equipment had mobilized, the first development blast had been completed, primary ventilation equipment was on site, and the Mal Paso plant refurbishment was more than halfway complete. Silverco continued to target first concentrate in Q4 2026.
Grade feel
Cusi has a good underground silver grade.
Its measured and indicated resource grades 206 g/t silver and 262 g/t silver equivalent. The inferred resource grades 172 g/t silver and 243 g/t silver equivalent. Recent underground drilling has also returned materially higher-grade zones, including 1,100 g/t silver over 10.3 metres.
The combination of a respectable resource-wide silver grade and locally very high-grade mineralization makes Cusi a genuine primary silver asset. Approximately 88% of projected life-of-mine NSR revenue in the PEA comes directly from silver, with the balance coming from lead, gold, and zinc.
Cusi Mineral Resource Estimate
The current Cusi mineral resource has an effective date of October 20, 2025.
| Resource category | Tonnes | Ag grade | Au grade | Pb grade | Zn grade | AgEq grade | Contained Ag | Contained AgEq |
| Measured | 0.69 Mt | 277 g/t | 0.08 g/t | 0.37% | 0.42% | 305 g/t | 6.1 Moz | 6.7 Moz |
| Indicated | 4.20 Mt | Approx. 195 g/t | Approx. 0.16 g/t | Approx. 0.79% | Approx. 0.93% | Approx. 255 g/t | 26.3 Moz | 34.4 Moz |
| Measured and indicated | 4.89 Mt | 206 g/t | 0.15 g/t | 0.73% | 0.86% | 262 g/t | 32.4 Moz | 41.1 Moz |
| Inferred | 4.07 Mt | 172 g/t | 0.17 g/t | 0.89% | 1.20% | 243 g/t | 22.5 Moz | 31.7 Moz |
Cusi therefore contains approximately:
- 54.9 million ounces of silver across measured, indicated, and inferred resources.
- 72.8 million ounces of silver equivalent across all resource categories.
The resource is reported above a 120 g/t AgEq underground cut-off using assumed prices of US$30 silver, US$2,400 gold, US$1.00 lead, and US$1.35 zinc. Mineral resources are not mineral reserves and do not demonstrate economic viability.
Cusi Preliminary Economic Assessment
Silverco released the Cusi PEA on April 13, 2026 and filed the supporting NI 43-101 technical report on May 21, 2026.
| PEA item | Base case |
| Mine life | 8.3 years |
| Processing rate | 1,200 tpd |
| Average annual production, 2028–2033 | Approximately 2.47 Moz AgEq |
| Silver contribution to NSR revenue | 88% |
| Initial net capital | US$19.2M |
| Sustaining capital | US$140.6M |
| Cash operating cost | US$76.15/t |
| Life-of-mine AISC | US$26.75/payable AgEq oz |
| Average realized silver price | US$44.58/oz |
| After-tax NPV at 5% | US$104.1M |
| After-tax IRR | 94.8% |
| Payback | 0.9 years |
| Approximate break-even silver price | US$30/oz |
| First concentrate target | Q4 2026 |
| Full ramp-up target | Mid-2027 |
The PEA’s upside case at US$75 silver generates an after-tax NPV of US$312.2 million, an IRR of 186.9%, and a payback period of approximately 0.5 years.
The project is highly sensitive to the silver price. Its strong IRR and short payback partly reflect the reuse of existing underground and processing infrastructure. However, investors should note that the base-case average silver price of US$44.58 is above the US$30 price used to estimate the resource and includes a front-loaded silver-price curve starting at US$65 in 2026.
The PEA is preliminary and includes inferred resources, which are too speculative geologically to be classified as mineral reserves.
Latest Drilling
Silverco is conducting a 30,000-metre surface and underground drilling program at Cusi. The program includes infill drilling, near-mine expansion, step-out drilling, and testing of regional targets.
Important 2026 intercepts include:
- UGCU26-08: 10.3 metres grading 1,100 g/t silver, 1.61 g/t gold, 0.80% lead, and 0.52% zinc, or 1,080 g/t AgEq.
- Including 0.7 metres grading 6,452 g/t AgEq.
- UGCU26-07: 7.7 metres grading 217 g/t AgEq.
- UGCU26-08, second interval: 5.5 metres grading 260 g/t AgEq.
- UGCU26-05: 5.4 metres grading 236 g/t AgEq.
- UGCU26-06: 8.2 metres grading 148 g/t AgEq.
- Earlier result: 1.4 metres grading 1,712 g/t AgEq adjacent to planned near-term stopes.
The strongest drilling is within or close to the first-year Promontorio mine footprint. This creates the possibility of adding mineable material near existing development, reducing initial development requirements, improving near-term grade delivery, and increasing the amount of resource available in the early mine plan.
The results are excellent from a grade and width perspective. However, investors should still distinguish individual high-grade intercepts from a complete resource update or reserve estimate.
Share Structure / Ownership / Insiders
Capital Structure
Silverco’s published share structure as of July 15, 2026 was:
| Share-structure item | Shares or securities |
| Issued and outstanding shares | 54.4M |
| Aggregate options, RSUs, and other dilution | Approximately 7.0M |
| Published fully diluted shares | 61.4M |
On August 31, 2026, the company granted an additional 144,792 options and 207,355 RSUs. If these awards were not already included in the July fully diluted figure, the pro-forma fully diluted count would increase to approximately 61.75 million shares.
At a share price of approximately C$9.70 on September 17, 2026:
| Valuation item | Approximate value |
| Basic market capitalization | C$527.7M |
| Published fully diluted market capitalization | C$595.6M |
| Pro-forma fully diluted market capitalization | Approximately C$599M |
Ownership / Insiders
A current post-acquisition aggregate insider-ownership percentage has not been clearly disclosed on Silverco’s website.
A pre-acquisition third-party ownership snapshot reported approximately:
- Management and insiders: 6.02%.
- Strategic investors: 14.32%.
- Institutions: 6.76%.
- Retail investors: 72.10%.
Those percentages were based on approximately 38 million shares and pre-dated the issuance of 16.8 million shares for Nuevo Silver. They should therefore not be treated as Silverco’s current ownership structure.
People / Management
Mark Ayranto, President, CEO and Director
Mark Ayranto is an experienced mine-development executive. As Chief Operating Officer of Victoria Gold, he helped advance the Eagle Gold Mine from exploration through construction and into operations. During that period, Victoria Gold’s market capitalization increased from approximately C$8 million to more than C$1 billion at its peak.
He is also the founder and former chairman of Banyan Gold and previously served as President of the Yukon Chamber of Mines and Chairman of the Yukon Mineral Advisory Board.
Tara Hassan, Executive Vice President
Tara Hassan is a professional mining engineer with approximately 20 years of experience across mine operations, development, finance, and capital markets.
She previously served as Senior Vice President of Corporate Development at SilverCrest Metals, where she helped secure more than US$250 million in debt and equity financing to construct the Las Chispas mine. She was also involved in SilverCrest’s US$1.5 billion sale to Coeur Mining in 2024.
Earlier in her career, she worked as a mining engineer for Inco and Placer Dome and later became a ranked precious-metals equity analyst.
Nico Harvey, Vice President, Project Development
Nico Harvey is a mining engineer with open-pit and underground experience. He previously served as Head of Technical Services at Victoria Gold and worked as an underground mine engineer at the Minto Mine.
He has been closely involved in the technical work, contractor selection, development planning, and restart of Cusi.
Dr. Jesus Velador, Vice President, Exploration
Dr. Velador has more than 25 years of exploration experience and holds a doctorate focused on epithermal deposits. He has contributed to discoveries or resource expansion at major Mexican projects including Juanicipio’s Valdecañas vein, Santa Elena’s Ermitaño deposit, Panuco, and La Pitarrilla.
He previously served as Chief Geologist and Vice President of Exploration at Vizsla Silver, where Panuco’s total silver-equivalent resources more than tripled over three years. His previous employers also include Fortuna Silver, First Majestic, Peñoles, Silver Standard, Fresnillo, and Hochschild.
Victoria Avila, Senior Vice President, Corporate Affairs and Finance; incoming CFO
Victoria Avila is a CPA with more than a decade of senior financial experience. She served as CFO of JDS Energy & Mining from 2015 to 2025, overseeing international financial operations, transactions, and capital structures.
She will replace Sean Fallis as Silverco’s CFO effective September 30, 2026. She is fluent in English, Spanish, and French and has previous corporate-banking experience in Chile and Mexico.
George Paspalas, Advisor
George Paspalas has more than 40 years of mining experience. He previously served as CEO of MAG Silver, overseeing the development, construction, and operation of the Juanicipio mine before MAG’s sale to Pan American Silver for approximately US$2.1 billion in 2025.
He also led Aurizon Mines before its sale to Hecla for almost US$800 million and held senior positions with Silver Standard and Placer Dome.
Board of Directors
The board also includes:
- Gary Brown, former CFO of Wheaton Precious Metals.
- Tim Sorensen, mining capital-markets executive who has helped raise more than C$5 billion for mining companies.
- Gregg Bush, a metallurgical engineer and former COO of Capstone Mining and Minefinders, with direct Mexican mine-construction and operating experience.
Risks / Catalysts / Timeline
Key Risks
| Risk category | Key risk |
| Cusi restart risk | First concentrate is targeted for Q4 2026, but underground development, plant refurbishment, commissioning, and ramp-up could experience delays or cost overruns. |
| La Negra operating risk | La Negra is producing but remains in pre-commercial production and is operating below nameplate capacity. |
| No current La Negra MRE | La Negra currently has no compliant mineral resource or reserve. Its 2022 resource is historical only. |
| PEA-level confidence | Cusi’s economic study is a PEA, not a PFS or feasibility study, and includes inferred resources. |
| Silver-price assumption | Cusi’s base case uses an average realized silver price of US$44.58/oz, including a front-loaded curve beginning at US$65/oz. |
| Cost risk | Cusi’s US$26.75/oz AISC excludes corporate and exploration costs. Actual consolidated company costs may be higher. |
| Sustaining capital | Although initial Cusi capital is only US$19.2 million, sustaining capital is estimated at US$140.6 million over the mine life. |
| La Negra capital requirements | Fleet replacement, filtered-tailings construction, mine development, and plant optimization require additional investment. |
| Acquisition liabilities | Silverco assumed approximately US$11 million of La Negra debt, US$12.5 million of milestone payments due in Q1 2027, and up to US$5 million of contingent payments. |
| Resource-to-reserve risk | Neither Cusi nor La Negra currently has a mineral reserve supporting the entire production strategy. |
| Mexico jurisdiction risk | Changes in mining regulations, taxes, concessions, environmental requirements, labour relations, security, or political policy could affect operations. |
| Concentrate risk | Both operations produce concentrates and are exposed to recovery, treatment-charge, refining-charge, penalty, transportation, and payability risks. |
| Two-mine execution risk | Management must simultaneously optimize La Negra and restart Cusi. This increases organizational and capital-allocation complexity. |
| Valuation risk | At close to C$600 million fully diluted, the market already anticipates successful execution and growth. |
| Commodity-price risk | Silver, copper, zinc, lead, and gold prices remain volatile. |
Catalysts
| Expected timeline | Catalyst |
| Late Q3 2026 | Initial assays from the La Negra 15,000-metre drilling program |
| Q3–Q4 2026 | Continued Cusi underground development and plant refurbishment |
| Q4 2026 | Targeted first concentrate from Cusi |
| Q4 2026 | Additional Cusi drilling results |
| H2 2026 | Updated La Negra mineral-resource estimate |
| H2 2026 | Initial La Negra PEA or mine-plan update |
| Q1 2027 | Completion and commissioning of La Negra’s filtered-tailings system |
| Q1 2027 | Delivery of major new underground equipment at La Negra |
| H1 2027 | La Negra targeted to reach 2,500 tpd nameplate capacity |
| H1 2027 | Cusi targeted to complete full ramp-up |
| 2027 | Consolidated production and cost guidance across both mines |
| 2027–2028 | Potential Cusi resource update and mine-life extension |
| Medium term | Potential acquisitions supporting Silverco’s 10 Moz AgEq annual-production target |
Expected Timeline to Production and Growth
| Timeline | Expected progress |
| 2026 | La Negra continues pre-commercial production. Silverco invests in fleet, maintenance, mine planning, tailings filtration, exploration, and resource work. Cusi underground development and plant refurbishment continue, with first concentrate targeted for Q4 2026. |
| H1 2027 | La Negra is targeted to reach 2,500 tpd. Cusi is targeted to complete its production ramp-up. Silverco should begin reporting a clearer consolidated production and operating-cost profile. |
| 2028–2033 | The Cusi PEA estimates average annual production of approximately 2.47 Moz AgEq. La Negra’s long-term production profile will depend on its updated resource, mine plan, cost structure, and PEA. |
| Within three years | Management’s stated goal is to reach 10 Moz AgEq of annual production through optimization, exploration, development, and potential acquisitions. This is an aspirational target rather than formal production guidance. |
Valuation
Current Market Valuation
Using approximately 54.4 million basic shares, 61.4 million published fully diluted shares, and a C$9.70 share price:
| Metric | Approximate value |
| Basic market capitalization | C$527.7M |
| Fully diluted market capitalization | C$595.6M |
| Cusi base-case after-tax NPV | US$104.1M |
| Cusi upside-case after-tax NPV at US$75 silver | US$312.2M |
| Cusi base-case NPV per FD share at 1.38 CAD/USD | C$2.34 |
| Cusi upside-case NPV per FD share at 1.38 CAD/USD | C$7.02 |
The current C$9.70 share price is substantially above the standalone Cusi base-case NPV per fully diluted share and also above the Cusi US$75-silver case on a simple NPV-per-share basis.
This does not automatically mean Silverco is overvalued because the comparison excludes La Negra, exploration upside, corporate cash, and potential production growth. However, it shows that the market is already assigning substantial value to La Negra and to future growth beyond the published Cusi PEA.
CAD Share Price Sensitivity
Important note: The following is an illustrative FCF model, not company guidance or a formal discounted-cash-flow valuation.
It uses Cusi’s published AISC as a simplified proxy. La Negra’s future AISC has not yet been published, while sustaining capital, taxes, corporate costs, exploration expenditures, interest, working capital, royalties, concentrate terms, and further dilution are excluded.
| Assumption | Value |
| Fully diluted shares | 61.4M |
| CAD/USD exchange rate | 1.38 |
| AISC assumption | US$26.75/AgEq oz |
| Silver-price case 1 | US$150/oz |
| Silver-price case 2 | US$200/oz |
FCF Margin Assumption
| Silver price | AISC | Simplified FCF margin per oz |
| US$150/oz | US$26.75/oz | US$123.25/oz |
| US$200/oz | US$26.75/oz | US$173.25/oz |
CAD Share Price Target — Per 1 Moz Annual Production
| Silver price | Annual production | Illustrative annual FCF | 10× FCF CAD/share | 15× FCF CAD/share | 20× FCF CAD/share |
| US$150/oz | 1 Moz/year | US$123.25M | C$27.70 | C$41.55 | C$55.40 |
| US$200/oz | 1 Moz/year | US$173.25M | C$38.94 | C$58.41 | C$77.88 |
CAD Share Price Target — Production Sensitivity
| Annual production | Silver price | Illustrative annual FCF | 10× FCF CAD/share | 15× FCF CAD/share | 20× FCF CAD/share |
| 2 Moz/year | US$150 | US$246.50M | C$55.40 | C$83.10 | C$110.80 |
| 2 Moz/year | US$200 | US$346.50M | C$77.88 | C$116.82 | C$155.76 |
| 2.47 Moz/year | US$150 | US$304.43M | C$68.42 | C$102.63 | C$136.84 |
| 2.47 Moz/year | US$200 | US$427.93M | C$96.18 | C$144.27 | C$192.36 |
| 3 Moz/year | US$150 | US$369.75M | C$83.10 | C$124.66 | C$166.21 |
| 3 Moz/year | US$200 | US$519.75M | C$116.82 | C$175.23 | C$233.63 |
| 5 Moz/year | US$150 | US$616.25M | C$138.51 | C$207.76 | C$277.01 |
| 5 Moz/year | US$200 | US$866.25M | C$194.69 | C$292.04 | C$389.39 |
Formula Used
| Step | Formula |
| Simplified FCF margin per oz | Silver price − AISC |
| Illustrative annual FCF | FCF margin × annual production |
| USD valuation | Annual FCF × FCF multiple |
| CAD valuation | USD valuation × 1.38 |
| CAD share price | CAD valuation ÷ 61.4M fully diluted shares |
Summary & Quick Scorecard
| Category | Assessment | Points |
| Company overview | Tickers: TSXV: SICO / OTCQB: SICOF. Main metal: Silver with lead, zinc, copper, and gold by-products. Main assets: La Negra and Cusi. Phase: Producer plus near-term restart. Country: Mexico. | — |
| 1. Management | Previous successful mine build or company sale: Yes. Exploration-to-development experience: Yes. Major-company experience: Yes. Relevant capital-markets and mine-financing experience: Yes. | Strong |
| 2. Projects | High grades: Yes, particularly at Cusi. MRE threshold: Yes, Cusi contains approximately 54.9 Moz silver across all resource categories. Optionality: Yes, two operating districts, multiple mining zones, multiple metals, and substantial exploration potential. | Strong |
| 3. Cost structure | Cusi PEA AISC: US$26.75/oz AgEq. Initial capital: US$19.2M. Existing infrastructure materially reduces restart requirements. La Negra’s current consolidated AISC remains unknown. | Strong |
| 4. Share structure | Published fully diluted shares: 61.4M, before considering whether the August grants were already included. This is a tight structure, although the market capitalization is already substantial. | Good |
| 5. Insider ownership | Current post-acquisition aggregate insider ownership is not adequately verified. The last pre-acquisition estimate of approximately 6% is below the 30% threshold. | Weak |
| 6. Location | Mexico is classified as a Tier 2 jurisdiction. Both projects have strong local infrastructure, but federal mining-policy, permitting, security, labour, and regulatory risks remain. | Good |
RT Rating and Commentary
Silverco Mining is on our watchlist.
We rate Silverco Mining 5 out of 5 stars.
Silverco is one of the more compelling new silver producers because it combines a tight share structure, two established underground mining operations, existing processing infrastructure, a strong management team, near-term production growth, and substantial silver-price leverage.
The company has already moved beyond the typical junior-mining promotional stage. La Negra is producing, Cusi is in active underground development, contractors are mobilized, plant refurbishment is underway, and first concentrate from Cusi is targeted for Q4 2026.
Cusi is the technically clearer asset. It has a current NI 43-101 resource, good underground grades, recent high-grade drilling, low initial restart capital, and a PEA showing an attractive production profile. La Negra adds immediate production, established infrastructure, an experienced Mexican workforce, and considerable exploration potential.
Management is another major strength. Mark Ayranto has mine-building experience, Tara Hassan helped finance and sell SilverCrest, George Paspalas oversaw Juanicipio, Dr. Jesus Velador has an excellent Mexican discovery record, and the board includes former senior executives from Wheaton Precious Metals, Capstone, Minefinders, and Victoria Gold.
A few reason of Silverco setback like technical uncertainty at La Negra. The company’s fully diluted market capitalization is already close to C$600 million. Cusi’s standalone PEA does not justify that value by itself. The market is therefore assigning substantial value to La Negra, successful ramp-up at both mines, exploration upside, and future acquisitions.
La Negra also has no current compliant resource or reserve, while Cusi remains supported by a PEA rather than a feasibility study. The Cusi AISC excludes corporate and exploration costs, and the PEA’s average silver-price assumption of US$44.58 per ounce is relatively strong.
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