Past year: ▼ 15%(4.38 – 7.52 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
16 June 2026contract award▲ GoodMajor
Awarded FLSmidth the equipment supply agreement covering eight major packages across crushing, grinding, thickening, counter-current decantation, Merrill Crowe and refining - specified for the 3,300 tonne-per-day first phase and the planned 4,000 tonne-per-day expansion. Formal notice to proceed, which starts manufacturing, is still to come.
23 Apr 2026contract award▲ GoodMajor
Awarded the engineering, procurement and construction management contract to M3 Engineering and a mine design contract to Mining Plus. Both will work off site while the company works out long-term security arrangements for Panuco, four months after ten colleagues were taken from the site.
12 Feb 2026drilling progress report▼ BadMajor
Five of the colleagues taken from the Concordia site in February 2026 remained unaccounted for at this date, with others confirmed dead. The company reaffirmed its safety and governance practices while supporting the families; it gave no restart date for site work.
20 Jan 2026drilling progress report● Neutral
Year in review: the January resource update with a 43% lift in measured and indicated, the November feasibility study, and the US$250 million convertible. The company describes 2025 as a dual track of building the first project while hunting for the next one.
13 Jan 2026drilling result▲ Good
Eleven of the 29 oriented geotechnical holes drilled through the resource areas between May and August 2025 also returned ore-grade assays: 1,800 g/t silver-equivalent over 3.80 metres true width in DDH-CAP-008B and 840 g/t over 6.50m in DDH-CAP-003A. Holes drilled to test rock strength, not grade.
19 Dec 2025asset acquisition disposition▲ Good
Agreed to buy ten claims covering 2,378 hectares from Fresnillo, seven of them directly adjoining Panuco and covering possible extensions of known veins, for US$2 million cash and US$4 million in shares. Buying out a major's position next door removes the most obvious constraint on expanding the mine plan.
9 Dec 2025resource reserve update● Neutral
Filed the feasibility study technical report, effective 4 November 2025, prepared by Ausenco with Mining Plus and SGS.
2 Dec 2025material agreement termination● NeutralMajor
Posted a webinar on the feasibility study and confirmed that the convertible notes replace the Macquarie project finance mandate announced in September. The company swapped a secured bank facility for unsecured converts within three months of signing the mandate.
20 Nov 2025debt financing▲ GoodMajor
Priced US$250 million of convertible senior unsecured notes due 2031 at a 5.00% cash coupon, converting at about US$5.84 a share - a 25% premium to the US$4.67 close the day before - with an option for a further US$50 million and part of the proceeds spent on capped calls to blunt the dilution. Unsecured, and issued eight days after the feasibility study.
12 Nov 2025resource reserve update▲ GoodMajor
The feasibility study came in ahead of last year's economic assessment: US$173 million to build against US$224 million, after-tax net present value of US$1.8 billion at a 5% discount against US$1,137 million, a 111% return and a seven-month payback, on more than 20 million ounces silver-equivalent a year for the first five years and 17.4 million over the life of mine. Costs are broadly in line with the earlier study - the improvement comes from more production in the early years and higher assumed metal prices, US$35.50 silver and US$3,100 gold. Production is targeted for the second half of 2027.
3 Oct 2025auditor change● Neutral
Shareholders passed everything at the annual meeting, including re-appointing MNP LLP - and then the company replaced MNP with Deloitte the same day, saying the change was needed to support its growth and regulatory requirements. MNP's reports for the two years to April 2025 carried no modifications and there were no reportable events.
5 Sept 2025material agreement▲ GoodMajor
Signed a mandate letter with Macquarie as lead arranger and sole underwriter for a senior secured project finance facility of up to US$220 million, with an initial US$25 million available for early development. A mandate is not committed money: it depends on definitive credit documents and conditions, and Macquarie would keep 70% and syndicate the rest.
29 July 2025drilling progress report▲ Good
An electromagnetic survey over the Copala and Napoleon corridors threw up new targets near the planned mine, and first field work began on the newly acquired Santa Fe ground to the south. The company frames this as the continuing hunt for a second project behind the one it is about to build.
14 July 2025capital raising announcement▲ Good
Underwriters exercised the over-allotment in full for a further 5,000,100 shares and US$15.0 million, taking the June offering to US$115.0 million gross.
26 June 2025capital raising announcement▲ GoodMajor
Raised US$100.0 million gross, selling 33,334,000 shares at US$3.00 - the first offering priced in US dollars in this record, against C$2.60 nine months earlier.
What it means for a shareholder
33.3m new shares at US$3.00 to raise about US$100m. That's 10% dilution: every existing holder's slice gets 10% smaller. If you held US$1,000 of shares (333 at the issue price), your slice goes from 0.000112% to 0.0001% of the company. To keep it you'd need 37 more shares - about US$111 at the issue price.
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18 June 2025drilling progress report▲ GoodMajor
The Copala portal is advancing to plan with ventilation and ground support installed, and will become the main access for the mine itself if a construction decision follows. Test mining resumed after the security pause of early April.
15 May 2025asset acquisition disposition▲ GoodMajor
Agreed to acquire the Santa Fe project 22km southeast of Panuco - 12,229 hectares including a permitted, operating 350 tonne-per-day flotation mill that processed 370,366 tonnes at 203 g/t silver and 2.17 g/t gold between 2020 and 2024. The production concessions come by option, earned over five years with US$4.0 million of exploration spending and US$1.5 million of cash payments. The producing mine and known veins are only about 12% of the property.
30 Apr 2025capital raising announcement● Neutral
Doubled the at-the-market facility from US$100 million to US$200 million. Still capacity rather than money raised, but it is the amount of dilution the company has pre-authorised itself to take.
4 Apr 2025drilling progress report▼ BadMajor
Paused all field work at Panuco because of security conditions in the area, putting test-mine development, geotechnical drilling and exploration contractors on standby. Engineering for the feasibility study continues off site and the company does not expect a material budget effect.
31 Mar 2025drilling result▲ GoodMajor
A single hole six kilometres northeast of Copala, on the Animas vein below old workings, returned 897 g/t silver-equivalent over 5.85 metres true width including 2,256 g/t over 1.13m - the first real hit from the hunt for a second deposit in the east of the district.
20 Feb 2025resource reserve update● Neutral
Filed the technical report behind January's resource update, effective 9 September 2024, prepared by SGS with Ausenco.
28 Jan 2025drilling progress report● Neutral
Year in review: the January 2024 resource update fed July's economic assessment, and the year's drilling went into de-risking Copala and Napoleon rather than finding new ground. The company describes 2024 as the year it moved from exploration to early-stage development.
21 Jan 2025drilling progress report▼ BadMajor
Restarted limited work at Panuco eleven days after a landslide on an exploration drill pad killed a contractor's employee and critically injured another. The accident site remains shut, with a site-by-site inspection and full re-induction before each area restarts.
6 Jan 2025resource reserve update▲ GoodMajor
Third annual resource update, and the first with a measured category: 46.1 million ounces silver-equivalent measured at 640 g/t, plus 176.3 million indicated, taking measured and indicated up 43% to 222.4 million ounces. Inferred fell 18% to 138.7 million ounces, largely because it converted upward. The estimate still covers under 10% of the district's known vein strike.
16 Dec 2024drilling progress report▲ GoodMajor
Started a fully funded and permitted test mine and bulk sample at Copala, to check the geotechnical model, reconcile the resource model against actual mined grades and tonnes, and give the team operating experience. This is the point at which the company stops only drilling and starts moving rock.
8 Nov 2024listing compliance notice▲ Good
Graduated from the TSX Venture Exchange to the main Toronto Stock Exchange from 7 November 2024, keeping its NYSE American listing. A step up in the quality of index and institutional money that can hold the stock.
17 Oct 2024business combination▲ GoodMajor
Closed the La Garra-Metates acquisition announced in March, for US$3,075,000 cash and 5,555,555 shares at a deemed US$1.26, both paid out over time. The sellers are at arm's length.
1 Oct 2024drilling result▲ Good
Eleven more infill holes in the first production area returned 4,573 g/t silver-equivalent over 5.65 metres true width in CS-24-393 and 3,368 g/t over 5.80m in CS-24-390.
25 Sept 2024capital raising announcement▲ Good
Underwriters took up the over-allotment in full, adding 3,750,000 shares and C$9.75 million to bring the September bought deal to C$74.75 million gross.
19 Sept 2024capital raising announcement▲ GoodMajor
Raised C$65 million gross, selling 25,000,000 shares at C$2.60 - a 73% higher price than the C$1.50 paid in February, the re-rating coming between the January resource update and July's economic assessment.
What it means for a shareholder
25.0m new shares at C$2.60 to raise about C$65.0m. That's 9.7% dilution: every existing holder's slice gets 9.7% smaller. If you held C$1,000 of shares (385 at the issue price), your slice goes from 0.000165% to 0.000149% of the company. To keep it you'd need 41 more shares - about C$107 at the issue price.
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