Each one in plain English, with the numbers worked through for a shareholder.
22 Aug 2025drilling result▲ GoodMajor
Exploration drilling at Galena found what the company believes is a high-grade upper extension of the 149 Vein, with the best hole at 24,913 g/t silver and 16.9% copper over 0.21 m and nearly 120 m of vertical continuity above the current mining level. The 149 Vein is already being mined below this, giving mill feed of 700-950 g/t silver and 0.6-0.7% copper, and is under review for longhole stoping, which continues the Galena growth plan. Separately, the share consolidation took effect: every 2.5 old shares became 1 new share, cutting shares outstanding from about 679.4 million to about 271.7 million, with trading on the new basis from August 26, 2025. The filing says options, warrants and other convertibles are adjusted in proportion, and that non-registered holders need take no action. The consolidation changes the share count and price per share, not the company's assets. Only three holes are reported and antimony results on two are pending, so the extension is not yet a resource.
Drilling at Galena's newly found 034 Vein hit 983 g/t silver over 3.44 m, and the company gives a preliminary exploration target of 100-120k tonnes at 311-467 g/t silver, or 1.2-1.5M silver oz and 750-800k lb copper. The company stresses this is conceptual and not yet a Mineral Resource. The vein is being evaluated for the 2025 mine plan. A drilling contract was awarded for the Coeur Mine, starting early May. New equipment (two 20T trucks and three loaders) has arrived at Galena. Tara Hassan was appointed to the board, bringing it to seven directors (inference from the six listed in Dec 2024).
Galena Complex (60% Americas / 40% Eric Sprott) reported more Phase II drilling results, with about 19,000 m drilled so far and an updated resource estimate expected in late Q3-2022. The JV committee approved buying another underground drill and set a 5-year goal of doubling the silver resource; the company says the Galena Hoist is still on target for Q4-2022 with the 2022 capital budget within 5% of forecast, and forecasts silver production above 2.5 Moz/yr from 2023 and a target to double production by end of 2027 (all company expectations). This continues the Galena recapitalization and exploration thread.
At Galena (60% Americas / 40% Eric Sprott), drilling hit all three veins at the 'triple point' target (e.g. hole 55-153: 582 g/t silver and 30.7% lead over 2.2 m), and new veins were found at the 360 Complex. The company added a third drill and targets at least another 50 million ounces of silver of resource through June 2021, which continues the recapitalization and exploration push. On Cosalá, the blockade that began in February 2020 is not resolved: access given in August was not maintained, and after irregularities in the September 17 union vote the company says conditions are not present to invest the capital to restart, though it hopes for a near-term resolution. This is a setback for the Cosalá restart thread.
The company released an internally prepared pre-feasibility study for combining its El Cajón and Zone 120 silver-copper deposits near Cosalá, Mexico. It shows a probable reserve of 2.9 million tonnes (14.5M oz silver, 26.5M lb copper), a 5-year mine life, about US$17M initial capital and pre-tax NPV(5%) of about US$43M. No production decision has been made, though the company says permits are in place; this builds on the Zone 120 drilling begun in 2018.
The company reported new drill results from Zone 120 at Cosalá and from the 366 FW zone and 164-168 vein system at Galena. At Zone 120 it has drilled over 12,000 meters of the planned program, and remaining results are expected in late Q2 2018; evaluation of development scenarios will start after an updated mid-year resource estimate. At Galena, the company says the 4900 Level results are expected to deliver benefits in early 2019. This continues the exploration threads from the 2018 plan.
The company released an updated resource estimate for San Felipe, the Sonora, Mexico property it holds an option on. Indicated resources are 4.7 million tonnes with 560 million pounds of zinc, 256 million pounds of lead and 9.1 million ounces of silver, with contained zinc up 258% and silver up 236% versus the 2014 estimate prepared for the prior option holder Santacruz. Inferred resources fell 52%. The company says it will keep evaluating San Felipe before making the final option payments by year-end (US$0.5M due Apr 1, US$1M Jul 1, US$6M by Dec 31, 2018), which it expects to pay from cash on hand.
2017 silver output was about 2.1 million ounces (down 14% from 2016), below the company's silver-equivalent guidance of 5.0-5.5 million at 4.7 million ounces, which the company attributed to weaker Galena Complex output and a later San Rafael start. For 2018 it guides to 1.6-2.0 million silver ounces and 7.2-8.0 million silver-equivalent ounces, with negative cash costs, and the board approved a $4 million exploration program focused on Zone 120, with cash at year-end of $9.3 million.
The company reported 2017 drilling results: a new silver-lead vein (366 FW) at the Galena Complex in Idaho, and at Cosalá in Mexico, drilling that confirmed the San Rafael Main Zone model and indicated Zone 120 silver-copper mineralization extends about 350 meters further southeast. First ore from San Rafael is expected at the end of Q3, and results from the pending Zone 120 assays and the Los Manueles drilling are due by the end of Q2 and in June respectively.
