Silverco Mining(TSXV:SICO)

Silverco Mining is a growing silver producer with two advanced assets in Mexico: La Negra Mine in Querétaro and the 100%-owned Cusi Silver Complex in Chihuahua.

Investor website: https://www.silvercomining.com/

About

Silverco Mining is a growing silver producer with two advanced assets in Mexico: La Negra Mine in Querétaro and the 100%-owned Cusi Silver Complex in Chihuahua. La Negra is an operating underground silver-lead-zinc-copper mine with a 2,500 tonne per day nameplate capacity, currently operating at approximately 55% of nameplate. Cusi is a permitted, past-producing primary silver mine with a 1,200 tonne per day processing facility, with production expected to begin in late H2 2026 and full production reached by the end of H1 2027. Silverco aims to become a 10 million silver-equivalent ounce producer in the next 3 years.

Verified company data

Cash position
not discovered
Shares outstanding
37.6M
Fully diluted shares
44.6M
Mineral resource
Highlights of the Cusi Project underground Mineral Resource Estimate are as follows: - Combined Measured and Indicated Mineral Resources are estimated at 4.89 Mt grading 206 g/t silver, 0.15 g/t gold, 0.73% lead, and 0.86% zinc (262 g/t AgEq). The Mineral Resource Estimate includes Measured Mineral Resources of 6.1 Moz of silver, 1.8 koz of gold, 5.6 Mlbs of lead, and 6.3 Mlbs of zinc (6.7 Moz of AgEq) and Indicated Mineral Resources of 26.3 Moz of silver, 22.2 koz of gold, 72.7 Mlbs of lead, and 86.5 Mlbs of zinc (34.4 Moz of AgEq). - Inferred Mineral Resources are estimated at 4.07 Mt grading 172 g/t silver, 0.17 g/t gold, 0.89% lead, and 1.20% zinc (243 g/t AgEq). The Mineral Resource Estimate includes Inferred Mineral Resources of 22.5 Moz of silver, 22.2 koz of gold, 79.5 Mlbs of lead, and 107.5 Mlbs of zinc (31.7 Moz of AgEq). **Table 1: Cusi Project Underground Mineral Resource Estimate, October 20, 2025** | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | **Resource Class** | **Mass** | **Average Grade** | **Material Content** | | **Ag** | **Au** | **Pb** | **Zn** | **AgEq** | **Ag** | **Au** | **Pb** | **Zn** | **AgEq** | | **Mt** | **g/t** | **g/t** | **%** | **%** | **g/t** | **koz** | **koz** | **Mlb** | **Mlb** | **koz** | | Measured | 0.69 | 277 | 0.08 | 0.37 | 0.42 | 305 | 6,114 | 1.8 | 5.6 | 6.3 | 6,725 | | Indicated | 4.21 | 195 | 0.16 | 0.78 | 0.93 | 255 | 26,330 | 22.2 | 72.7 | 86.5 | 34,433 | | **M + I** | **4.89** | **206** | **0.15** | **0.73** | **0.86** | **262** | **32,443** | **24** | **78.3** | **92.8** | **41,157** | | **Inferred** | **4.07** | **172** | **0.17** | **0.89** | **1.2** | **243** | **22,479** | **22.2** | **79.5** | **107.5** | **31,753** | **_Cusi Project Mineral Resource Estimate Notes:_** 01. _The mineral resource was estimated by Ben Eggers, MAIG, P.Geo. of SGS Geological Services, an independent Qualified Person as defined by NI 43-101. Eggers conducted a site visit to the Cusi Property on September 22-23, 2025. The mineral resource was peer reviewed by Allan Armitage, Ph.D., P.Geo. of SGS Geological Services, an independent Qualified Person as defined by NI 43-101._ 02. _The classification of the Mineral Resource Estimate into Indicated and Inferred mineral resources is consistent with current 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves. The effective date of the Cusi Project Mineral Resource Estimate (MRE) is October 20, 2025. This is the close out date for the final mineral resource drilling database._ 03. _All figures are rounded to reflect the relative accuracy of the estimate_ _and numbers may not add due to rounding._ 04. _All mineral resources are presented undiluted and in situ, constrained by continuous 3D wireframe models (considered mineable shapes), and are considered to have reasonable prospects for eventual economic extraction. The mineral resource is exclusive of mined out material._ 05. _Mineral resources are not mineral reserves. Mineral resources which are not mineral reserves, do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated or Measured Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated or Measured Mineral Resources with continued exploration._ 06. _The Cusi Project MRE is based on a validated database which includes data from 2,052 surface and underground drillholes totalling 360,237 m completed between 2006 and October 2025 and 21,522 channels totalling 48,786 m completed between 2013 and 2023. The resource database totals 105,585 assay intervals representing 119,756 m of drillhole data and 71,605 assay intervals representing 48,783 m of channel data._ 07. _The mineral resource estimate is based on 63 three-dimensional (“3D”) resource models representing epithermal veins which comprise the Cusi vein systems. 3D models of mined out areas were used to exclude mined out material from the current MRE._ 08. _Grades for Ag, Au, Pb, and Zn are estimated for each mineralization domain using 1.5 m capped composites assigned to that domain. To generate grade within the blocks, the inverse distance squared (ID2) interpolation method was used for all domains._ 09. _An average density value of 2.75 g/cm3 was assigned to all domains based on a database of 244 samples._ 10. _It is envisioned that the Cusi Project deposits may be mined using underground mining methods. Mineral resources are reported at a base case cut-off grade of 120 g/t AgEq. The mineral_ _resource grade blocks were quantified above the base case cut-off grade, below surface, within the constraining mineralized wireframes, and exclusive of mined out material._ 11. _The underground base case cut-off grade of 120 g/t AgEq considers_ _metal prices of US$30/oz Ag, US$2400/oz Au, US$1.00/lb Pb, and US$1.35/lb Zn and metal recoveries of 90% for Ag, 50% for Au, 90% for Pb, and 60% for Zn._ 12. _The underground base case cut-off grade of 120 g/t AgEq considers a mining cost of US$60.00/t rock and a processing, treatment and refining, transportation and G&A cost of US$35.00/t mineralized material._ 13. _The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues._ **Table 2: Cusi Project Underground Mineral Resource Estimate by Area, October 20, 2025** | **Area** | **Resource Class** | **Mass** | **Average Grade** | **Material Content** | | :-: | :-: | :-: | :-: | :-: | | **Ag** | **Au** | **Pb** | **Zn** | **AgEq** | **Ag** | **Au** | **Pb** | **Zn** | **AgEq** | | :-: | :-: | :-: | :-: | :-: | :-: | :-: | :-: | :-: | :-: | :-: | | San Juan | Indicated | 0.2 | 232 | 0.21 | 0.17 | 0.2 | 259 | 1,199 | 1.1 | 0.6 | 0.7 | 1,338 | | Inferred | 0.1 | 295 | 0.07 | 0.29 | 0.51 | 324 | 1,156 | 0.3 | 0.8 | 1.4 | 1,267 | | Promontorio West | Indicated | 1.0 | 208 | 0.1 | 0.43 | 0.58 | 244 | 6,893 | 3.4 | 9.8 | 13.1 | 8,078 | | Inferred | 0.4 | 199 | 0.19 | 0.78 | 0.79 | 257 | 2,592 | 2.5 | 7 | 7.1 | 3,342 | | Promontorio East | Measured | 0.5 | 285 | 0.08 | 0.3 | 0.36 | 309 | 4,824 | 1.3 | 3.4 | 4.1 | 5,229 | | Indicated | 0.2 | 211 | 0.19 | 0.81 | 0.6 | 264 | 1,609 | 1.5 | 4.2 | 3.1 | 2,006 | | **M + I** | **0.8** | **262** | **0.11** | **0.46** | **0.43** | **295** | **6,432** | **2.8** | **7.7** | **7.2** | **7,235** | | Inferred | 0.2 | 231 | 0.32 | 0.86 | 0.83 | 301 | 1,520 | 2.1 | 3.9 | 3.8 | 1,987 | | Eduwiges | Indicated | 0.5 | 159 | 0.25 | 1.93 | 2.06 | 287 | 2,694 | 4.2 | 22.3 | 23.9 | 4,853 | | Inferred | 0.2 | 92 | 0.18 | 1.94 | 2.39 | 224 | 694 | 1.4 | 10 | 12.4 | 1,697 | | San Miguel | Indicated | 1.3 | 193 | 0.15 | 0.83 | 1.11 | 258 | 8,065 | 6.2 | 23.9 | 31.7 | 10,786 | | Inferred | 2.0 | 170 | 0.14 | 1.02 | 1.42 | 249 | 11,117 | 9.3 | 45.5 | 63.5 | 16,237 | | San Nicolas | Indicated | 0.8 | 196 | 0.17 | 0.41 | 0.43 | 233 | 4,798 | 4.2 | 6.9 | 7.2 | 5,684 | | Inferred | 0.6 | 175 | 0.14 | 0.28 | 0.45 | 207 | 3,472 | 2.9 | 3.8 | 6.2 | 4,105 | | Santa Rosa de Lima | Measured | 0.2 | 251 | 0.09 | 0.6 | 0.62 | 291 | 1,290 | 0.5 | 2.1 | 2.2 | 1,496 | | Indicated | 0.2 | 176 | 0.29 | 1.2 | 1.63 | 276 | 1,072 | 1.8 | 5 | 6.8 | 1,688 | | **M + I** | **0.4** | **210** | **0.2** | **0.93** | **1.17** | **283** | **2,362** | **2.2** | **7.2** | **9** | **3,183** | | Inferred | 0.5 | 133 | 0.27 | 0.86 | 1.34 | 216 | 1,928 | 3.8 | 8.5 | 13.3 | 3,118 | | **Total** | Measured | 0.7 | 277 | 0.08 | 0.37 | 0.42 | 305 | 6,114 | 1.8 | 5.6 | 6.3 | 6,725 | | Indicated | 4.2 | 195 | 0.16 | 0.78 | 0.93 | 255 | 26,330 | 22.2 | 72.7 | 86.5 | 34,433 | | **M + I** | **4.9** | **206** | **0.15** | **0.73** | **0.86** | **262** | **32,443** | **24** | **78.3** | **92.8** | **41,157** | | **Inferred** | **4.1** | **172** | **0.17** | **0.89** | **1.2** | **243** | **22,479** | **22.2** | **79.5** | **107.5** | **31,753** |
Projects
["The Cusi Silver Complex is a permitted, past-producing underground mining complex located within the Sierra Madre Occidental belt, historically known for its silver, lead, zinc, and gold deposits.\n\nKey aspects of the project include:\n\n- 120 kilometers west of Chihuahua City\n- 100% ownership of 95 mineral concessions covering 11,665 hectares\n- 1,200 tonne-per-day mill and permitted tailings capacity approximately 40 km from the underground mine\n- Strong infrastructure, including paved highway access and a 33 kV connection to the national power grid\n- Underground development and infrastructure in place\n- Potential to be restarted with minimal capital and ramped up to full mill throughput.\n\nIn 2022, the operation produced 1.43 million silver-equivalent ounces at an all-in sustaining cost of $23.17 per ounce, based on 63% mill utilization. The estimated replacement cost of the mine and mill infrastructure is over US$150 million. There is potential to improve project economics through increased mill throughput, higher grades, and lower costs.\n\nSilverco Mining is advancing the 100%-owned Cusi Silver Complex in Chihuahua, Mexico. The Complex includes a permitted past-producing silver mine with a 1,200 tpd mill, and recently consolidated claims along the San Miguel Vein System, totaling a 11,665-hectare land package.\n\nOn April 12, 2026 the results of the Cusi Restart Preliminary Economic Assessment were released, confirming Cusi as one of the most compelling primary silver restart opportunities globally due to low upfront capital, rapid payback, and strong leverage to rising silver prices. Read more about the study here.\n\n![Cusi Mine Location Map](https://silvercomining.com/_resources/SilverCo_Regional_map_SQUARE.jpg)","La Negra is a long-standing underground silver mine with established infrastructure and a defined production profile, having operated since the 1970s through multiple commodity cycles. Mining operations were restarted privately in 2024, with the mine currently operating at approximately 55% of its 2,500 tonne per day nameplate capacity.\n\nThe project comprises is located within the prolific Sierra Gorda silver belt. Despite its long production history, the project has seen limited exploration over the past two decades, highlighting strong potential for resource expansion. Mineralization remains open along strike, at depth, and near surface, with additional regional targets identified.\n\nThe operation is a low-cost underground mine utilizing long-hole stoping and room-and-pillar methods. Processing includes three-stage crushing, grinding, and flotation and filtration circuit producing lead -silver, copper-silver and zinc concentrates, with silver primarily reporting to the lead and copper streams.\n\n![](https://silvercomining.com/_resources/images/La-Negra-map-overview.jpg)\n\n**Location & History**\n\nLa Negra is located in Querétaro State, a stable, mining-friendly jurisdiction in central Mexico. The project is located approximately 150 kilometres by paved road from Querétaro in the district of Maconi. Electrical power is obtained from the national grid through a 34 kilovolt (kV) line to the process plant and mine facilities.\n\nThe property was originally developed and operated by Peñoles with production running concurrently from 1971 to 2001, and later by Aurcana until 2016 after which it was taken private and operated until 2019. Following a period of care and maintenance, mining activities were successfully restarted by a private Mexican company in 2024.\n\nBetween 1971 and the end of 2020, the mine produced approximately 14.6 Mt with an average grade of 107 g/t silver, 0.59% lead, 1.95% zinc and 0.66% copper."]
Leadership
Mark Ayranto (President, Chief Executive Officer and Director, An accomplished mining executive with a demonstrated history of success in building and leading high-performing mining organizations. He has deep experience in exploration, mine development, finance, and operations.), Sean Fallis (CFO, Results oriented CPA, CA with extensive senior finance leadership at NYSE, Nasdaq, and TSX listed multinational mining, technology, and shipping companies.), Nico Harvey (VP Project Development, A mining engineer with extensive experience in both open pit and underground operations.), Tara Hassan (Executive Vice President, A registered Professional Engineer with 20 years of industry experience encompassing mine operations, project development, and capital markets.), Victoria Avila (Senior Vice President Corporate Affairs and Finance, A Chartered Professional Accountant with over a decade of experience as a senior finance executive.), George Paspalas (Advisor, A highly accomplished mining executive with over 40 years of experience in the industry, most recently served as CEO of MAG Silver Corp.)

Verified data last updated: 2026-07-03

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