Past year: ▼ 15%(4.38 – 7.52 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
9 Dec 2025resource reserve update● Neutral
Filed the feasibility study technical report, effective 4 November 2025, prepared by Ausenco with Mining Plus and SGS.
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.
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.
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.
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.
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.
4 Sept 2024resource reserve update● Neutral
Filed the technical report behind July's economic assessment, effective 24 July 2024, prepared by Ausenco with Entech and SGS.
28 Aug 2024drilling progress report● Neutral
With the mine plan defined in the west of the district, the company set out a 10,000-metre program to hunt for a second deposit in the central and eastern areas, having drilled over 350,000 metres at Panuco since the Napoleon discovery.
28 Aug 2024drilling result▲ GoodMajor
Twenty-two infill holes in the part of Copala earmarked for the first two years of mining returned 6,270 g/t silver-equivalent over 6.25 metres true width in CS-24-381A and 1,212 g/t over 14.20m in CS-24-375. This is grade control ahead of a mine, not exploration.
24 July 2024resource reserve update▲ GoodMajor
The first economic study of Panuco: US$224 million to build, after-tax net present value of US$1,137 million at a 5% discount, an 85.7% return, and average production of 15.2 million ounces silver-equivalent a year at US$9.40 an ounce all-in sustaining cost. Two and a half years after the maiden resource, the ounces now have a number attached to them.
9 July 2024drilling result▲ Good
Six infill holes returned 2,398 g/t silver-equivalent over 7.00 metres true width in CS-24-366, with new high grade on the Copala 3 hangingwall splay - more rock than the resource model currently carries in the first production area.
26 June 2024drilling result▲ GoodMajor
Five infill holes at Copala produced the highest-grade intercept the company has reported at Panuco: 9,920 g/t silver and 663 g/t gold over 0.64 metres true width, inside 8,817 g/t silver-equivalent over 4.20 metres in CS-24-356, with visible gold in core.
12 June 2024drilling result▲ GoodMajor
Twelve infill holes near surface at Copala returned 1,017 g/t silver and 8.19 g/t gold (1,503 g/t silver-equivalent) over 13.00 metres true width in CS-24-354 and 1,363 g/t over 8.70m in CS-24-344 - thick, high-grade rock in the part of the deposit closest to surface.
22 May 2024drilling result▲ Good
Sixteen holes on Napoleon returned 2,561 g/t silver-equivalent over 2.40 metres true width in NP-24-431 and 696 g/t over 6.50m in NAP-2023-004, as part of a 30,000-metre program aimed at converting inferred resources to higher confidence categories rather than finding new ground.
8 May 2024drilling result● Neutral
Six holes at La Luisa returned 788 g/t silver-equivalent over 1.30 metres true width in NP-24-430 and 1,038 g/t over 0.75m in NP-24-433, with one very narrow 7,307 g/t interval. Continuity is holding but the widths are a fraction of Copala's.
20 Mar 2024drilling result▲ Good
Twenty-seven infill and expansion holes confirmed continuity through Copala and pushed it about 100 metres further down dip to the southeast, on 703 g/t silver-equivalent over 6.00 metres true width in CS-24-342 and 332 g/t over 13.60m in COP-2023-001.
13 Feb 2024drilling result● Neutral
Seven shallow holes extended La Luisa southeast but at modest tenor - the best was 498 g/t silver-equivalent over 1.30 metres true width in NP-23-425, with most intervals between 264 and 652 g/t. La Luisa keeps growing in size rather than in grade.
8 Jan 2024resource reserve update▲ GoodMajor
Second annual resource update: indicated up 48.7% from 104.8 to 155.8 million ounces silver-equivalent and inferred up 48.7% from 114.1 to 169.6 million, with indicated grade up 17% to 511 g/t. La Luisa, discovered fourteen months earlier, enters the estimate for the first time. Total resource ounces have grown roughly three-fold since the March 2022 maiden estimate.
19 Dec 2023drilling progress report● Neutral
Year in review: the January 2023 resource update, a year of drilling that doubled Copala's strike length, and two new discoveries at La Luisa and El Molino. Another resource update was promised for early 2024.
14 Dec 2023drilling result▲ Good
Fifteen shallow holes confirmed La Luisa continues north, taking its potential strike to 1,670 metres. Grades were thin and gold-driven - 650 g/t silver-equivalent over 3.25 metres true width in NP-23-419 at only 58 g/t silver but 7.74 g/t gold - a different animal from the silver-rich Copala rock.
27 Nov 2023drilling result▲ Good
Twenty-two holes pushed Copala about 100 metres southeast and found new splays between Copala and Cristiano, on 1,722 g/t silver-equivalent over 2.80 metres true width in CS-23-304 and 724 g/t over 3.10m in CS-23-300.
