Silverco Releases Positive PEA for Producing La Negra Mine Outlining a Low Capital, 8.2 Year Mine Life Generating After-Tax NPV of $329 Million
Original announcement by investingnews on
- Company
- Silverco Mining Ltd.
- Ticker
- SICO
- Exchange
- TSXV
- Region
- Querétaro, Mexico
- Primary commodity
- Silver
- Secondary commodities
- Lead, Zinc, Copper
- Document categories
- Resource update, Metallurgy
- Extracted
- 2026-09-21 14:06:21 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Silverco Mining has released a positive Preliminary Economic Assessment (PEA) for its La Negra Mine in Mexico, outlining an 8.2-year mine life with an after-tax Net Present Value (NPV) of $329 million and an Internal Rate of Return (IRR) of 131%. The PEA highlights low initial capital costs of $20.9 million and robust average annual production of 4.1 million silver equivalent ounces. The updated Mineral Resource Estimate includes 15.23 million tonnes of Indicated resources at 201 g/t AgEq, providing a strong foundation for the project.
Reasoning: Silverco's PEA for the La Negra Mine presents robust economics with a high after-tax NPV and IRR, driven by low capital requirements and strong metallurgical recoveries. The updated MRE provides a substantial Indicated resource base. While the inclusion of Inferred resources in the mine plan and lack of declared reserves introduce some risk, the overall outlook is highly positive for the producing asset.
Positive factors
- Robust after-tax NPV of $329 million and IRR of 131% at base case metal prices, indicating strong project economics.
- Low initial capital requirement of $20.9 million, leading to a high after-tax NPV to initial capital ratio of 15.7x.
- Significant Indicated Mineral Resource of 15.23 Mt at 201 g/t AgEq for 98.2 M AgEq oz, providing a solid foundation for future production.
- High average life-of-mine metallurgical recoveries for all metals (Ag 83.6%, Pb 81.5%, Zn 81.9%, Cu 77.8%) based on actual plant performance.
- The PEA outlines an 8.2-year mine life with average annual production of 4.1 Moz AgEq, demonstrating long-term production potential.
Negative factors
- The PEA includes 21% Inferred Mineral Resources by tonnage in the production schedule, which are considered too speculative geologically to be categorized as Mineral Reserves.
- The company has no Mineral Reserves at La Negra, indicating a lower level of economic certainty compared to projects with reserves.
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 60
Classification and evidence
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: The document is a Preliminary Economic Assessment (PEA) outlining the economic viability of the La Negra Mine.
Evidence · text
“Silverco Releases Positive PEA for Producing La Negra Mine Outlining a Low Capital, 8.2 Year Mine Life Generating After-Tax NPV of $329 Million”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The PEA and supporting Mineral Resource Estimate were prepared in accordance with National Instrument 43-101.
Evidence · text
“The PEA and supporting Mineral Resource Estimate ("MRE") were prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101")”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The PEA and MRE were prepared by independent Qualified Persons from SGS Canada Inc., and multiple QPs are named for different aspects of the study.
Evidence · text
“by independent Qualified Persons from SGS Canada Inc.”
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The MRE includes 15.23 Mt of Indicated resources at 201 g/t AgEq, indicating reasonable geological confidence.
Evidence · text
“Indicated resources of 15.23 Mt at 201 g/t AgEq for 98.2M AgEq oz”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The MRE includes 2.26 Mt of Inferred resources at 174 g/t AgEq, which is a speculative category.
Evidence · text
“Inferred resources of 2.26Mt at 174 g/t AgEq for 12.6 M AgEq oz.”
All Inferrednegative
100% of resource is Inferred category — very early stage, no engineering confidence.
Why it applies: The PEA production schedule includes approximately 21% Inferred Mineral Resources by tonnage, which cannot support economic studies alone.
Evidence · text
“The production schedule underlying the PEA includes approximately 79% Indicated and 21% Inferred Mineral Resources by tonnage.”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The underground Mineral Resources are reported at a base case cut-off grade of 80 g/t AgEq.
Evidence · text
“Underground Mineral Resources are reported at a base case cut-off grade of 80 g/t AgEq.”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: Life-of-mine metallurgical recoveries average 83.6% for silver, 77.8% for copper, 81.5% for lead and 81.9% for zinc, which are strong for a flotation circuit.
Evidence · text
“Life-of-mine metallurgical recoveries average 83.6% for silver, 77.8% for copper, 81.5% for lead and 81.9% for zinc.”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: The processing facility consists of a standard crushing, grinding, flotation, and filtration circuit.
Evidence · text
“The processing facility at La Negra consists of a standard crushing, grinding, flotation, and filtration circuit”
Extracted facts
Stored fact records: 60. Some facts used in scoring do not have a stored record.
Resource Estimates (56)
indicatedLa Negra Mine · silverTonnes: 15230000Grade: 51.9Grade Unit: mozContained Metal: 98.2Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:03aedaf4cc7d41bb4f74
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 15230000
- Grade
- 51.9
- Grade Unit
- moz
- Contained Metal
- 98.2
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 98.2
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Indicated silver equivalent resource at La Negra Mine is substantial, providing a strong foundation for the project's economics and future development, with high confidence due to the resource category and QP sign-off.
Positive factors
- Significant indicated resource tonnage and grade for silver equivalent.
- High confidence category (Indicated) for a substantial portion of the resource.
- QP signed off on the estimate, ensuring credibility.
Evidence · table
“51.9”
Context: 15.23
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · leadTonnes: 15230000Grade: 199Grade Unit: mlbsContained Metal: 199Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:03aedaf4cc7d41bb4f74
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 15230000
- Grade
- 199
- Grade Unit
- mlbs
- Contained Metal
- 199
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 98.2
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Indicated lead resource contributes positively as a byproduct, adding to the overall project value with high confidence.
Positive factors
- Substantial indicated resource tonnage and grade for lead as a byproduct.
- High confidence category (Indicated) for a significant portion of the resource.
- QP signed off on the estimate, ensuring credibility.
Evidence · table
“199”
Context: 15.23
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · zincTonnes: 15230000Grade: 608Grade Unit: mlbsContained Metal: 608Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:03aedaf4cc7d41bb4f74
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 15230000
- Grade
- 608
- Grade Unit
- mlbs
- Contained Metal
- 608
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 98.2
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Indicated zinc resource contributes positively as a byproduct, adding to the overall project value with high confidence.
Positive factors
- Substantial indicated resource tonnage and grade for zinc as a byproduct.
- High confidence category (Indicated) for a significant portion of the resource.
- QP signed off on the estimate, ensuring credibility.
Evidence · table
“608”
Context: 15.23
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · copperTonnes: 15230000Grade: 158Grade Unit: mlbsContained Metal: 158Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:03aedaf4cc7d41bb4f74
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 15230000
- Grade
- 158
- Grade Unit
- mlbs
- Contained Metal
- 158
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 98.2
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Indicated copper resource contributes positively as a byproduct, adding to the overall project value with high confidence.
Positive factors
- Substantial indicated resource tonnage and grade for copper as a byproduct.
- High confidence category (Indicated) for a significant portion of the resource.
- QP signed off on the estimate, ensuring credibility.
Evidence · table
“158”
Context: 15.23
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · silverTonnes: 2260000Grade: 6.72Grade Unit: mozContained Metal: 12.6Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:7bd7e9105e758c213798
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2260000
- Grade
- 6.72
- Grade Unit
- moz
- Contained Metal
- 12.6
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 12.6
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Inferred silver equivalent resource adds to the project's potential but carries lower confidence due to its classification, requiring further drilling for upgrade.
Positive factors
- Adds to the overall resource base, indicating future potential.
Negative factors
- Inferred category has lower geological confidence and cannot support economic studies alone.
Evidence · table
“6.72”
Context: 2.26
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · leadTonnes: 2260000Grade: 49.7Grade Unit: mlbsContained Metal: 49.7Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:7bd7e9105e758c213798
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2260000
- Grade
- 49.7
- Grade Unit
- mlbs
- Contained Metal
- 49.7
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 12.6
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Inferred lead resource contributes to the byproduct potential but requires further work to increase confidence.
Positive factors
- Adds to the overall resource base for byproduct metals.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“49.7”
Context: 2.26
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · zincTonnes: 2260000Grade: 95.7Grade Unit: mlbsContained Metal: 95.7Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:7bd7e9105e758c213798
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2260000
- Grade
- 95.7
- Grade Unit
- mlbs
- Contained Metal
- 95.7
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 12.6
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Inferred zinc resource contributes to the byproduct potential but requires further work to increase confidence.
Positive factors
- Adds to the overall resource base for byproduct metals.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“95.7”
Context: 2.26
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · copperTonnes: 2260000Grade: 10.6Grade Unit: mlbsContained Metal: 10.6Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:7bd7e9105e758c213798
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2260000
- Grade
- 10.6
- Grade Unit
- mlbs
- Contained Metal
- 10.6
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 12.6
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Inferred copper resource contributes to the byproduct potential but requires further work to increase confidence.
Positive factors
- Adds to the overall resource base for byproduct metals.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“10.6”
Context: 2.26
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · silverTonnes: 5340000Grade: 27.1Grade Unit: mozContained Metal: 45.3Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:56fa605b3b83afb5422f
- Deposit or zone
- Negra
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 5340000
- Grade
- 27.1
- Grade Unit
- moz
- Contained Metal
- 45.3
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 45.3
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Negra zone shows high-grade indicated silver equivalent resources, which is a strong positive for the project.
Positive factors
- High-grade silver equivalent in the Negra zone, contributing significantly to the overall resource.
- Indicated category provides high confidence.
Evidence · table
“27.1”
Context: 5.34
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · leadTonnes: 5340000Grade: 121.8Grade Unit: mlbsContained Metal: 121.8Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:56fa605b3b83afb5422f
- Deposit or zone
- Negra
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 5340000
- Grade
- 121.8
- Grade Unit
- mlbs
- Contained Metal
- 121.8
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 45.3
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Negra zone contains good indicated lead resources, enhancing the project's polymetallic nature.
Positive factors
- Good lead grade in the Negra zone, contributing to byproduct value.
- Indicated category provides high confidence.
Evidence · table
“121.8”
Context: 5.34
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · zincTonnes: 5340000Grade: 267.4Grade Unit: mlbsContained Metal: 267.4Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:56fa605b3b83afb5422f
- Deposit or zone
- Negra
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 5340000
- Grade
- 267.4
- Grade Unit
- mlbs
- Contained Metal
- 267.4
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 45.3
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Negra zone contains good indicated zinc resources, enhancing the project's polymetallic nature.
Positive factors
- Good zinc grade in the Negra zone, contributing to byproduct value.
- Indicated category provides high confidence.
Evidence · table
“267.4”
Context: 5.34
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · copperTonnes: 5340000Grade: 46.2Grade Unit: mlbsContained Metal: 46.2Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:56fa605b3b83afb5422f
- Deposit or zone
- Negra
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 5340000
- Grade
- 46.2
- Grade Unit
- mlbs
- Contained Metal
- 46.2
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 45.3
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Negra zone contains good indicated copper resources, enhancing the project's polymetallic nature.
Positive factors
- Good copper grade in the Negra zone, contributing to byproduct value.
- Indicated category provides high confidence.
Evidence · table
“46.2”
Context: 5.34
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · silverTonnes: 220000Grade: 1.8Grade Unit: mozContained Metal: 3Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:db137e8d6470309feb5c
- Deposit or zone
- Negra
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 220000
- Grade
- 1.8
- Grade Unit
- moz
- Contained Metal
- 3
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 3
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Negra zone contains high-grade inferred silver equivalent resources, suggesting good potential but requiring further work.
Positive factors
- High-grade silver equivalent in the Inferred category, indicating potential for future upgrades.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“1.8”
Context: 0.22
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · leadTonnes: 220000Grade: 8.9Grade Unit: mlbsContained Metal: 8.9Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:db137e8d6470309feb5c
- Deposit or zone
- Negra
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 220000
- Grade
- 8.9
- Grade Unit
- mlbs
- Contained Metal
- 8.9
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 3
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Negra zone contains good inferred lead resources, suggesting potential but requiring further work.
Positive factors
- Good lead grade in the Inferred category, indicating potential for future upgrades.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“8.9”
Context: 0.22
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · zincTonnes: 220000Grade: 22.1Grade Unit: mlbsContained Metal: 22.1Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:db137e8d6470309feb5c
- Deposit or zone
- Negra
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 220000
- Grade
- 22.1
- Grade Unit
- mlbs
- Contained Metal
- 22.1
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 3
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Negra zone contains high inferred zinc resources, suggesting potential but requiring further work.
Positive factors
- High zinc grade in the Inferred category, indicating potential for future upgrades.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“22.1”
Context: 0.22
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · copperTonnes: 220000Grade: 1.8Grade Unit: mlbsContained Metal: 1.8Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:db137e8d6470309feb5c
- Deposit or zone
- Negra
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 220000
- Grade
- 1.8
- Grade Unit
- mlbs
- Contained Metal
- 1.8
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 3
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Negra zone contains good inferred copper resources, suggesting potential but requiring further work.
Positive factors
- Good copper grade in the Inferred category, indicating potential for future upgrades.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“1.8”
Context: 0.22
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · silverTonnes: 860000Grade: 2Grade Unit: mozContained Metal: 4Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:d568e0c628fec4a4c7a7
- Deposit or zone
- Cobriza
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 860000
- Grade
- 2
- Grade Unit
- moz
- Contained Metal
- 4
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 4
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Cobriza zone adds indicated silver equivalent resources to the project, enhancing its overall potential.
Positive factors
- Indicated silver equivalent resource in the Cobriza zone, contributing to the overall resource base.
Evidence · table
“2.0”
Context: 0.86
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · leadTonnes: 860000Grade: 6.2Grade Unit: mlbsContained Metal: 6.2Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:d568e0c628fec4a4c7a7
- Deposit or zone
- Cobriza
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 860000
- Grade
- 6.2
- Grade Unit
- mlbs
- Contained Metal
- 6.2
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 4
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Cobriza zone adds indicated lead resources to the project, enhancing its overall potential.
Positive factors
- Indicated lead resource in the Cobriza zone, contributing to byproduct value.
Evidence · table
“6.2”
Context: 0.86
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · zincTonnes: 860000Grade: 12.9Grade Unit: mlbsContained Metal: 12.9Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:d568e0c628fec4a4c7a7
- Deposit or zone
- Cobriza
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 860000
- Grade
- 12.9
- Grade Unit
- mlbs
- Contained Metal
- 12.9
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 4
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Cobriza zone adds indicated zinc resources to the project, enhancing its overall potential.
Positive factors
- Indicated zinc resource in the Cobriza zone, contributing to byproduct value.
Evidence · table
“12.9”
Context: 0.86
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · copperTonnes: 860000Grade: 11.6Grade Unit: mlbsContained Metal: 11.6Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:d568e0c628fec4a4c7a7
- Deposit or zone
- Cobriza
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 860000
- Grade
- 11.6
- Grade Unit
- mlbs
- Contained Metal
- 11.6
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 4
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Cobriza zone adds indicated copper resources to the project, enhancing its overall potential.
Positive factors
- Indicated copper resource in the Cobriza zone, contributing to byproduct value.
Evidence · table
“11.6”
Context: 0.86
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · silverTonnes: 1710000Grade: 5.1Grade Unit: mozContained Metal: 8.5Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:48de01b53ad65a51dfd6
- Deposit or zone
- Monica
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1710000
- Grade
- 5.1
- Grade Unit
- moz
- Contained Metal
- 8.5
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 8.5
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Monica zone adds indicated silver equivalent resources to the project, enhancing its overall potential.
Positive factors
- Indicated silver equivalent resource in the Monica zone, contributing to the overall resource base.
Evidence · table
“5.1”
Context: 1.71
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · leadTonnes: 1710000Grade: 20Grade Unit: mlbsContained Metal: 20Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:48de01b53ad65a51dfd6
- Deposit or zone
- Monica
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1710000
- Grade
- 20
- Grade Unit
- mlbs
- Contained Metal
- 20
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 8.5
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Monica zone adds indicated lead resources to the project, enhancing its overall potential.
Positive factors
- Indicated lead resource in the Monica zone, contributing to byproduct value.
Evidence · table
“20.0”
Context: 1.71
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · zincTonnes: 1710000Grade: 45.2Grade Unit: mlbsContained Metal: 45.2Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:48de01b53ad65a51dfd6
- Deposit or zone
- Monica
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1710000
- Grade
- 45.2
- Grade Unit
- mlbs
- Contained Metal
- 45.2
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 8.5
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Monica zone adds indicated zinc resources to the project, enhancing its overall potential.
Positive factors
- Indicated zinc resource in the Monica zone, contributing to byproduct value.
Evidence · table
“45.2”
Context: 1.71
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · copperTonnes: 1710000Grade: 10.6Grade Unit: mlbsContained Metal: 10.6Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:48de01b53ad65a51dfd6
- Deposit or zone
- Monica
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1710000
- Grade
- 10.6
- Grade Unit
- mlbs
- Contained Metal
- 10.6
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 8.5
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Monica zone adds indicated copper resources to the project, enhancing its overall potential.
Positive factors
- Indicated copper resource in the Monica zone, contributing to byproduct value.
Evidence · table
“10.6”
Context: 1.71
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · silverTonnes: 1090000Grade: 2.2Grade Unit: mozContained Metal: 5Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:ad23240569af27c59b5d
- Deposit or zone
- Bicentenario
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1090000
- Grade
- 2.2
- Grade Unit
- moz
- Contained Metal
- 5
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 5
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Bicentenario zone adds indicated silver equivalent resources to the project, enhancing its overall potential.
Positive factors
- Indicated silver equivalent resource in the Bicentenario zone, contributing to the overall resource base.
Evidence · table
“2.2”
Context: 1.09
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · leadTonnes: 1090000Grade: 5.3Grade Unit: mlbsContained Metal: 5.3Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:ad23240569af27c59b5d
- Deposit or zone
- Bicentenario
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1090000
- Grade
- 5.3
- Grade Unit
- mlbs
- Contained Metal
- 5.3
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 5
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Bicentenario zone adds indicated lead resources to the project, enhancing its overall potential.
Positive factors
- Indicated lead resource in the Bicentenario zone, contributing to byproduct value.
Evidence · table
“5.3”
Context: 1.09
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · zincTonnes: 1090000Grade: 33.9Grade Unit: mlbsContained Metal: 33.9Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:ad23240569af27c59b5d
- Deposit or zone
- Bicentenario
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1090000
- Grade
- 33.9
- Grade Unit
- mlbs
- Contained Metal
- 33.9
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 5
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Bicentenario zone adds indicated zinc resources to the project, enhancing its overall potential.
Positive factors
- Indicated zinc resource in the Bicentenario zone, contributing to byproduct value.
Evidence · table
“33.9”
Context: 1.09
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · copperTonnes: 1090000Grade: 11.6Grade Unit: mlbsContained Metal: 11.6Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:ad23240569af27c59b5d
- Deposit or zone
- Bicentenario
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1090000
- Grade
- 11.6
- Grade Unit
- mlbs
- Contained Metal
- 11.6
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 5
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Bicentenario zone adds indicated copper resources to the project, enhancing its overall potential.
Positive factors
- Indicated copper resource in the Bicentenario zone, contributing to byproduct value.
Evidence · table
“11.6”
Context: 1.09
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · silverTonnes: 970000Grade: 3.5Grade Unit: mozContained Metal: 7.9Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:c14830f760703d201703
- Deposit or zone
- Maravillas
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 970000
- Grade
- 3.5
- Grade Unit
- moz
- Contained Metal
- 7.9
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 7.9
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Maravillas zone shows high-grade indicated silver equivalent resources, which is a strong positive for the project.
Positive factors
- High-grade indicated silver equivalent resource in the Maravillas zone, contributing significantly to the overall resource.
Evidence · table
“3.5”
Context: 0.97
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · leadTonnes: 970000Grade: 10.1Grade Unit: mlbsContained Metal: 10.1Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:c14830f760703d201703
- Deposit or zone
- Maravillas
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 970000
- Grade
- 10.1
- Grade Unit
- mlbs
- Contained Metal
- 10.1
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 7.9
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Maravillas zone adds indicated lead resources to the project, enhancing its overall potential.
Positive factors
- Indicated lead resource in the Maravillas zone, contributing to byproduct value.
Evidence · table
“10.1”
Context: 0.97
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · zincTonnes: 970000Grade: 65.1Grade Unit: mlbsContained Metal: 65.1Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:c14830f760703d201703
- Deposit or zone
- Maravillas
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 970000
- Grade
- 65.1
- Grade Unit
- mlbs
- Contained Metal
- 65.1
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 7.9
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Maravillas zone contains high indicated zinc resources, enhancing the project's polymetallic nature.
Positive factors
- High zinc grade in the Maravillas zone, contributing significantly to byproduct value.
Evidence · table
“65.1”
Context: 0.97
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · copperTonnes: 970000Grade: 15.3Grade Unit: mlbsContained Metal: 15.3Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:c14830f760703d201703
- Deposit or zone
- Maravillas
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 970000
- Grade
- 15.3
- Grade Unit
- mlbs
- Contained Metal
- 15.3
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 7.9
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Maravillas zone contains good indicated copper resources, enhancing the project's polymetallic nature.
Positive factors
- Good copper grade in the Maravillas zone, contributing to byproduct value.
Evidence · table
“15.3”
Context: 0.97
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · silverTonnes: 50000Grade: 0.1Grade Unit: mozContained Metal: 0.2Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:0cba91c7a98bacf2ec0b
- Deposit or zone
- Maravillas
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 50000
- Grade
- 0.1
- Grade Unit
- moz
- Contained Metal
- 0.2
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 0.2
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Maravillas zone contains inferred silver equivalent resources, suggesting potential but requiring further work.
Positive factors
- Adds to the overall resource base, indicating future potential.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“0.1”
Context: 0.05
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · leadTonnes: 50000Grade: 0.2Grade Unit: mlbsContained Metal: 0.2Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:0cba91c7a98bacf2ec0b
- Deposit or zone
- Maravillas
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 50000
- Grade
- 0.2
- Grade Unit
- mlbs
- Contained Metal
- 0.2
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 0.2
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Maravillas zone contains inferred lead resources, suggesting potential but requiring further work.
Positive factors
- Adds to the overall resource base for byproduct metals.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“0.2”
Context: 0.05
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · zincTonnes: 50000Grade: 2Grade Unit: mlbsContained Metal: 2Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:0cba91c7a98bacf2ec0b
- Deposit or zone
- Maravillas
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 50000
- Grade
- 2
- Grade Unit
- mlbs
- Contained Metal
- 2
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 0.2
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Maravillas zone contains inferred zinc resources, suggesting potential but requiring further work.
Positive factors
- Adds to the overall resource base for byproduct metals.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“2.0”
Context: 0.05
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · copperTonnes: 50000Grade: 0.3Grade Unit: mlbsContained Metal: 0.3Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:0cba91c7a98bacf2ec0b
- Deposit or zone
- Maravillas
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 50000
- Grade
- 0.3
- Grade Unit
- mlbs
- Contained Metal
- 0.3
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 0.2
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Maravillas zone contains inferred copper resources, suggesting potential but requiring further work.
Positive factors
- Adds to the overall resource base for byproduct metals.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“0.3”
Context: 0.05
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · silverTonnes: 2820000Grade: 6.5Grade Unit: mozContained Metal: 14.9Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:2308f64915b357d90d7a
- Deposit or zone
- Trinidad
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 2820000
- Grade
- 6.5
- Grade Unit
- moz
- Contained Metal
- 14.9
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 14.9
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Trinidad zone adds indicated silver equivalent resources to the project, enhancing its overall potential.
Positive factors
- Indicated silver equivalent resource in the Trinidad zone, contributing to the overall resource base.
Evidence · table
“6.5”
Context: 2.82
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · leadTonnes: 2820000Grade: 16.4Grade Unit: mlbsContained Metal: 16.4Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:2308f64915b357d90d7a
- Deposit or zone
- Trinidad
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 2820000
- Grade
- 16.4
- Grade Unit
- mlbs
- Contained Metal
- 16.4
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 14.9
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Trinidad zone adds indicated lead resources to the project, enhancing its overall potential.
Positive factors
- Indicated lead resource in the Trinidad zone, contributing to byproduct value.
Evidence · table
“16.4”
Context: 2.82
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · zincTonnes: 2820000Grade: 83Grade Unit: mlbsContained Metal: 83Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:2308f64915b357d90d7a
- Deposit or zone
- Trinidad
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 2820000
- Grade
- 83
- Grade Unit
- mlbs
- Contained Metal
- 83
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 14.9
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Trinidad zone adds indicated zinc resources to the project, enhancing its overall potential.
Positive factors
- Indicated zinc resource in the Trinidad zone, contributing to byproduct value.
Evidence · table
“83.0”
Context: 2.82
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · copperTonnes: 2820000Grade: 40.8Grade Unit: mlbsContained Metal: 40.8Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:2308f64915b357d90d7a
- Deposit or zone
- Trinidad
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 2820000
- Grade
- 40.8
- Grade Unit
- mlbs
- Contained Metal
- 40.8
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 14.9
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Trinidad zone adds indicated copper resources to the project, enhancing its overall potential.
Positive factors
- Indicated copper resource in the Trinidad zone, contributing to byproduct value.
Evidence · table
“40.8”
Context: 2.82
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · silverTonnes: 770000Grade: 1.3Grade Unit: mozContained Metal: 3.2Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:b48deedd3fdeaa427993
- Deposit or zone
- Gaby/Lupita
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 770000
- Grade
- 1.3
- Grade Unit
- moz
- Contained Metal
- 3.2
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 3.2
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Gaby/Lupita zone adds indicated silver equivalent resources to the project, enhancing its overall potential.
Positive factors
- Indicated silver equivalent resource in the Gaby/Lupita zone, contributing to the overall resource base.
Evidence · table
“1.3”
Context: 0.77
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · leadTonnes: 770000Grade: 2.3Grade Unit: mlbsContained Metal: 2.3Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:b48deedd3fdeaa427993
- Deposit or zone
- Gaby/Lupita
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 770000
- Grade
- 2.3
- Grade Unit
- mlbs
- Contained Metal
- 2.3
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 3.2
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Gaby/Lupita zone adds indicated lead resources to the project, enhancing its overall potential.
Positive factors
- Indicated lead resource in the Gaby/Lupita zone, contributing to byproduct value.
Evidence · table
“2.3”
Context: 0.77
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · zincTonnes: 770000Grade: 20.2Grade Unit: mlbsContained Metal: 20.2Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:b48deedd3fdeaa427993
- Deposit or zone
- Gaby/Lupita
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 770000
- Grade
- 20.2
- Grade Unit
- mlbs
- Contained Metal
- 20.2
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 3.2
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Gaby/Lupita zone adds indicated zinc resources to the project, enhancing its overall potential.
Positive factors
- Indicated zinc resource in the Gaby/Lupita zone, contributing to byproduct value.
Evidence · table
“20.2”
Context: 0.77
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · copperTonnes: 770000Grade: 9.2Grade Unit: mlbsContained Metal: 9.2Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:b48deedd3fdeaa427993
- Deposit or zone
- Gaby/Lupita
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 770000
- Grade
- 9.2
- Grade Unit
- mlbs
- Contained Metal
- 9.2
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 3.2
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Gaby/Lupita zone adds indicated copper resources to the project, enhancing its overall potential.
Positive factors
- Indicated copper resource in the Gaby/Lupita zone, contributing to byproduct value.
Evidence · table
“9.2”
Context: 0.77
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · silverTonnes: 1680000Grade: 4.4Grade Unit: mozContained Metal: 9.3Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:b410d346d48709627c2b
- Deposit or zone
- Northwest
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1680000
- Grade
- 4.4
- Grade Unit
- moz
- Contained Metal
- 9.3
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 9.3
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Northwest zone adds indicated silver equivalent resources to the project, enhancing its overall potential.
Positive factors
- Indicated silver equivalent resource in the Northwest zone, contributing to the overall resource base.
Evidence · table
“4.4”
Context: 1.68
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · leadTonnes: 1680000Grade: 16.9Grade Unit: mlbsContained Metal: 16.9Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:b410d346d48709627c2b
- Deposit or zone
- Northwest
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1680000
- Grade
- 16.9
- Grade Unit
- mlbs
- Contained Metal
- 16.9
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 9.3
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Northwest zone adds indicated lead resources to the project, enhancing its overall potential.
Positive factors
- Indicated lead resource in the Northwest zone, contributing to byproduct value.
Evidence · table
“16.9”
Context: 1.68
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · zincTonnes: 1680000Grade: 80.1Grade Unit: mlbsContained Metal: 80.1Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:b410d346d48709627c2b
- Deposit or zone
- Northwest
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1680000
- Grade
- 80.1
- Grade Unit
- mlbs
- Contained Metal
- 80.1
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 9.3
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Northwest zone adds indicated zinc resources to the project, enhancing its overall potential.
Positive factors
- Indicated zinc resource in the Northwest zone, contributing to byproduct value.
Evidence · table
“80.1”
Context: 1.68
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · copperTonnes: 1680000Grade: 12.7Grade Unit: mlbsContained Metal: 12.7Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:b410d346d48709627c2b
- Deposit or zone
- Northwest
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1680000
- Grade
- 12.7
- Grade Unit
- mlbs
- Contained Metal
- 12.7
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 9.3
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Northwest zone adds indicated copper resources to the project, enhancing its overall potential.
Positive factors
- Indicated copper resource in the Northwest zone, contributing to byproduct value.
Evidence · table
“12.7”
Context: 1.68
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · silverTonnes: 1700000Grade: 4Grade Unit: mozContained Metal: 8Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:5f0ad364ba36624f1610
- Deposit or zone
- Northwest
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1700000
- Grade
- 4
- Grade Unit
- moz
- Contained Metal
- 8
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 8
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Northwest zone contains inferred silver equivalent resources, suggesting potential but requiring further work.
Positive factors
- Adds to the overall resource base, indicating future potential.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“4.0”
Context: 1.70
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · leadTonnes: 1700000Grade: 32.9Grade Unit: mlbsContained Metal: 32.9Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:5f0ad364ba36624f1610
- Deposit or zone
- Northwest
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1700000
- Grade
- 32.9
- Grade Unit
- mlbs
- Contained Metal
- 32.9
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 8
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Northwest zone contains inferred lead resources, suggesting potential but requiring further work.
Positive factors
- Adds to the overall resource base for byproduct metals.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“32.9”
Context: 1.70
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · zincTonnes: 1700000Grade: 64.1Grade Unit: mlbsContained Metal: 64.1Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:5f0ad364ba36624f1610
- Deposit or zone
- Northwest
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1700000
- Grade
- 64.1
- Grade Unit
- mlbs
- Contained Metal
- 64.1
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 8
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Northwest zone contains inferred zinc resources, suggesting potential but requiring further work.
Positive factors
- Adds to the overall resource base for byproduct metals.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“64.1”
Context: 1.70
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · copperTonnes: 1700000Grade: 7.4Grade Unit: mlbsContained Metal: 7.4Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:5f0ad364ba36624f1610
- Deposit or zone
- Northwest
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1700000
- Grade
- 7.4
- Grade Unit
- mlbs
- Contained Metal
- 7.4
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 8
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Northwest zone contains inferred copper resources, suggesting potential but requiring further work.
Positive factors
- Adds to the overall resource base for byproduct metals.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“7.4”
Context: 1.70
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · silverTonnes: 280000Grade: 0.9Grade Unit: mozContained Metal: 1.5Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:952aeeacfdde7689fe9d
- Deposit or zone
- Valenciana
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 280000
- Grade
- 0.9
- Grade Unit
- moz
- Contained Metal
- 1.5
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 1.5
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Valenciana zone contains inferred silver equivalent resources, suggesting potential but requiring further work.
Positive factors
- Adds to the overall resource base, indicating future potential.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“0.9”
Context: 0.28
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · leadTonnes: 280000Grade: 7.7Grade Unit: mlbsContained Metal: 7.7Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:952aeeacfdde7689fe9d
- Deposit or zone
- Valenciana
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 280000
- Grade
- 7.7
- Grade Unit
- mlbs
- Contained Metal
- 7.7
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 1.5
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Valenciana zone contains inferred lead resources, suggesting potential but requiring further work.
Positive factors
- Adds to the overall resource base for byproduct metals.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“7.7”
Context: 0.28
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · zincTonnes: 280000Grade: 7.6Grade Unit: mlbsContained Metal: 7.6Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:952aeeacfdde7689fe9d
- Deposit or zone
- Valenciana
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 280000
- Grade
- 7.6
- Grade Unit
- mlbs
- Contained Metal
- 7.6
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 1.5
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Valenciana zone contains inferred zinc resources, suggesting potential but requiring further work.
Positive factors
- Adds to the overall resource base for byproduct metals.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“7.6”
Context: 0.28
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · copperTonnes: 280000Grade: 1.1Grade Unit: mlbsContained Metal: 1.1Contained Unit: mlbsView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, William van Breugel, Johnny Canosa, Henri Gouin, Shaohai Yu
- Resource group id
- resource:952aeeacfdde7689fe9d
- Deposit or zone
- Valenciana
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 280000
- Grade
- 1.1
- Grade Unit
- mlbs
- Contained Metal
- 1.1
- Contained Unit
- mlbs
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 1.5
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Valenciana zone contains inferred copper resources, suggesting potential but requiring further work.
Positive factors
- Adds to the overall resource base for byproduct metals.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“1.1”
Context: 0.28
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Metallurgical Results (4)
flotationLa Negra Mine · silverRecovery: 83.6 %View all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- crushing, grinding, flotation, and filtration circuit
Recovery
- Recovery
- 83.6 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS Canada Inc.
- Consultant
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The reported life-of-mine silver recovery of 83.6% from a flotation circuit is strong and based on actual plant data, which is a significant positive for project economics.
Positive factors
- High silver recovery for a flotation circuit, indicating efficient processing.
- Recovery based on actual plant performance, providing high confidence.
Evidence · table
“83.6”
Context: Silver Recovery
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
flotationLa Negra Mine · leadRecovery: 81.5 %View all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- crushing, grinding, flotation, and filtration circuit
Recovery
- Recovery
- 81.5 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS Canada Inc.
- Consultant
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The reported life-of-mine lead recovery of 81.5% from a flotation circuit is strong and based on actual plant data, which is a significant positive for project economics.
Positive factors
- High lead recovery for a flotation circuit, indicating efficient processing.
- Recovery based on actual plant performance, providing high confidence.
Evidence · table
“81.5”
Context: Lead Recovery
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
flotationLa Negra Mine · zincRecovery: 81.9 %View all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- crushing, grinding, flotation, and filtration circuit
Recovery
- Recovery
- 81.9 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS Canada Inc.
- Consultant
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The reported life-of-mine zinc recovery of 81.9% from a flotation circuit is strong and based on actual plant data, which is a significant positive for project economics.
Positive factors
- High zinc recovery for a flotation circuit, indicating efficient processing.
- Recovery based on actual plant performance, providing high confidence.
Evidence · table
“81.9”
Context: Zinc Recovery
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
flotationLa Negra Mine · copperRecovery: 77.8 %View all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- crushing, grinding, flotation, and filtration circuit
Recovery
- Recovery
- 77.8 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS Canada Inc.
- Consultant
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The reported life-of-mine copper recovery of 77.8% from a flotation circuit is good and based on actual plant data, which is positive for project economics.
Positive factors
- Good copper recovery for a flotation circuit, contributing to project economics.
- Recovery based on actual plant performance, providing high confidence.
Evidence · table
“77.8”
Context: Copper Recovery
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 77.8% is below the weak band (80%)
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.