# 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 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec Original source: https://investingnews.com/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/ Publisher: investingnews Original announcement: 2026-09-21T09:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-21T14:06:20.574Z Atlas analysis updated: 2026-09-21T14:06:20.574Z - 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 Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas 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 factor: Robust after-tax NPV of $329 million and IRR of 131% at base case metal prices, indicating strong project economics. - Positive factor: Low initial capital requirement of $20.9 million, leading to a high after-tax NPV to initial capital ratio of 15.7x. - Positive factor: 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. - Positive factor: 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. - Positive factor: The PEA outlines an 8.2-year mine life with average annual production of 4.1 Moz AgEq, demonstrating long-term production potential. - Negative factor: 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. - Negative factor: 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-Supporting** Polarity: neutral Definition: 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 Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Resource** Polarity: positive Definition: 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 Resource** Polarity: negative Definition: 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 Inferred** Polarity: negative Definition: 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 Disclosed** Polarity: positive Definition: 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 Recovery** Polarity: positive Definition: 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 Route** Polarity: neutral Definition: 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) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-0) La Negra Mine · silver #### 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 factor: Significant indicated resource tonnage and grade for silver equivalent. - Positive factor: High confidence category \(Indicated\) for a substantial portion of the resource. - Positive factor: QP signed off on the estimate, ensuring credibility. Evidence · table > 51.9 Context: 15.23 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-1) La Negra Mine · lead #### 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 factor: Substantial indicated resource tonnage and grade for lead as a byproduct. - Positive factor: High confidence category \(Indicated\) for a significant portion of the resource. - Positive factor: QP signed off on the estimate, ensuring credibility. Evidence · table > 199 Context: 15.23 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-2) La Negra Mine · zinc #### 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 factor: Substantial indicated resource tonnage and grade for zinc as a byproduct. - Positive factor: High confidence category \(Indicated\) for a significant portion of the resource. - Positive factor: QP signed off on the estimate, ensuring credibility. Evidence · table > 608 Context: 15.23 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-3) La Negra Mine · copper #### 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 factor: Substantial indicated resource tonnage and grade for copper as a byproduct. - Positive factor: High confidence category \(Indicated\) for a significant portion of the resource. - Positive factor: QP signed off on the estimate, ensuring credibility. Evidence · table > 158 Context: 15.23 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-4) La Negra Mine · silver #### 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 factor: Adds to the overall resource base, indicating future potential. - Negative factor: Inferred category has lower geological confidence and cannot support economic studies alone. Evidence · table > 6.72 Context: 2.26 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-5) La Negra Mine · lead #### 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 factor: Adds to the overall resource base for byproduct metals. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 49.7 Context: 2.26 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-6) La Negra Mine · zinc #### 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 factor: Adds to the overall resource base for byproduct metals. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 95.7 Context: 2.26 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-7) La Negra Mine · copper #### 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 factor: Adds to the overall resource base for byproduct metals. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 10.6 Context: 2.26 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-8) La Negra Mine · silver #### 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 factor: High-grade silver equivalent in the Negra zone, contributing significantly to the overall resource. - Positive factor: Indicated category provides high confidence. Evidence · table > 27.1 Context: 5.34 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-9) La Negra Mine · lead #### 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 factor: Good lead grade in the Negra zone, contributing to byproduct value. - Positive factor: Indicated category provides high confidence. Evidence · table > 121.8 Context: 5.34 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-10) La Negra Mine · zinc #### 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 factor: Good zinc grade in the Negra zone, contributing to byproduct value. - Positive factor: Indicated category provides high confidence. Evidence · table > 267.4 Context: 5.34 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-11) La Negra Mine · copper #### 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 factor: Good copper grade in the Negra zone, contributing to byproduct value. - Positive factor: Indicated category provides high confidence. Evidence · table > 46.2 Context: 5.34 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-12) La Negra Mine · silver #### 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 factor: High-grade silver equivalent in the Inferred category, indicating potential for future upgrades. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 1.8 Context: 0.22 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-13) La Negra Mine · lead #### 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 factor: Good lead grade in the Inferred category, indicating potential for future upgrades. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 8.9 Context: 0.22 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-14) La Negra Mine · zinc #### 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 factor: High zinc grade in the Inferred category, indicating potential for future upgrades. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 22.1 Context: 0.22 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-15) La Negra Mine · copper #### 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 factor: Good copper grade in the Inferred category, indicating potential for future upgrades. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 1.8 Context: 0.22 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-16) La Negra Mine · silver #### 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 factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-17) La Negra Mine · lead #### 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 factor: Indicated lead resource in the Cobriza zone, contributing to byproduct value. Evidence · table > 6.2 Context: 0.86 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-18) La Negra Mine · zinc #### 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 factor: Indicated zinc resource in the Cobriza zone, contributing to byproduct value. Evidence · table > 12.9 Context: 0.86 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-19) La Negra Mine · copper #### 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 factor: Indicated copper resource in the Cobriza zone, contributing to byproduct value. Evidence · table > 11.6 Context: 0.86 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-20) La Negra Mine · silver #### 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 factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-21) La Negra Mine · lead #### 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 factor: Indicated lead resource in the Monica zone, contributing to byproduct value. Evidence · table > 20.0 Context: 1.71 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-22) La Negra Mine · zinc #### 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 factor: Indicated zinc resource in the Monica zone, contributing to byproduct value. Evidence · table > 45.2 Context: 1.71 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-23) La Negra Mine · copper #### 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 factor: Indicated copper resource in the Monica zone, contributing to byproduct value. Evidence · table > 10.6 Context: 1.71 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-24) La Negra Mine · silver #### 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 factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-25) La Negra Mine · lead #### 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 factor: Indicated lead resource in the Bicentenario zone, contributing to byproduct value. Evidence · table > 5.3 Context: 1.09 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-26) La Negra Mine · zinc #### 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 factor: Indicated zinc resource in the Bicentenario zone, contributing to byproduct value. Evidence · table > 33.9 Context: 1.09 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-27) La Negra Mine · copper #### 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 factor: Indicated copper resource in the Bicentenario zone, contributing to byproduct value. Evidence · table > 11.6 Context: 1.09 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-28) La Negra Mine · silver #### 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 factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-29) La Negra Mine · lead #### 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 factor: Indicated lead resource in the Maravillas zone, contributing to byproduct value. Evidence · table > 10.1 Context: 0.97 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-30) La Negra Mine · zinc #### 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 factor: High zinc grade in the Maravillas zone, contributing significantly to byproduct value. Evidence · table > 65.1 Context: 0.97 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-31) La Negra Mine · copper #### 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 factor: Good copper grade in the Maravillas zone, contributing to byproduct value. Evidence · table > 15.3 Context: 0.97 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-32) La Negra Mine · silver #### 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 factor: Adds to the overall resource base, indicating future potential. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.1 Context: 0.05 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-33) La Negra Mine · lead #### 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 factor: Adds to the overall resource base for byproduct metals. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.2 Context: 0.05 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-34) La Negra Mine · zinc #### 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 factor: Adds to the overall resource base for byproduct metals. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 2.0 Context: 0.05 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-35) La Negra Mine · copper #### 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 factor: Adds to the overall resource base for byproduct metals. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.3 Context: 0.05 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-36) La Negra Mine · silver #### 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 factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-37) La Negra Mine · lead #### 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 factor: Indicated lead resource in the Trinidad zone, contributing to byproduct value. Evidence · table > 16.4 Context: 2.82 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-38) La Negra Mine · zinc #### 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 factor: Indicated zinc resource in the Trinidad zone, contributing to byproduct value. Evidence · table > 83.0 Context: 2.82 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-39) La Negra Mine · copper #### 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 factor: Indicated copper resource in the Trinidad zone, contributing to byproduct value. Evidence · table > 40.8 Context: 2.82 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-40) La Negra Mine · silver #### 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 factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-41) La Negra Mine · lead #### 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 factor: Indicated lead resource in the Gaby/Lupita zone, contributing to byproduct value. Evidence · table > 2.3 Context: 0.77 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-42) La Negra Mine · zinc #### 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 factor: Indicated zinc resource in the Gaby/Lupita zone, contributing to byproduct value. Evidence · table > 20.2 Context: 0.77 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-43) La Negra Mine · copper #### 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 factor: Indicated copper resource in the Gaby/Lupita zone, contributing to byproduct value. Evidence · table > 9.2 Context: 0.77 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-44) La Negra Mine · silver #### 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 factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-45) La Negra Mine · lead #### 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 factor: Indicated lead resource in the Northwest zone, contributing to byproduct value. Evidence · table > 16.9 Context: 1.68 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-46) La Negra Mine · zinc #### 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 factor: Indicated zinc resource in the Northwest zone, contributing to byproduct value. Evidence · table > 80.1 Context: 1.68 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-47) La Negra Mine · copper #### 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 factor: Indicated copper resource in the Northwest zone, contributing to byproduct value. Evidence · table > 12.7 Context: 1.68 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-48) La Negra Mine · silver #### 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 factor: Adds to the overall resource base, indicating future potential. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 4.0 Context: 1.70 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-49) La Negra Mine · lead #### 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 factor: Adds to the overall resource base for byproduct metals. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 32.9 Context: 1.70 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-50) La Negra Mine · zinc #### 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 factor: Adds to the overall resource base for byproduct metals. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 64.1 Context: 1.70 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-51) La Negra Mine · copper #### 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 factor: Adds to the overall resource base for byproduct metals. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 7.4 Context: 1.70 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-52) La Negra Mine · silver #### 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 factor: Adds to the overall resource base, indicating future potential. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.9 Context: 0.28 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-53) La Negra Mine · lead #### 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 factor: Adds to the overall resource base for byproduct metals. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 7.7 Context: 0.28 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-54) La Negra Mine · zinc #### 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 factor: Adds to the overall resource base for byproduct metals. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 7.6 Context: 0.28 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-resource-facts-55) La Negra Mine · copper #### 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 factor: Adds to the overall resource base for byproduct metals. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 1.1 Context: 0.28 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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) ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-metallurgical-facts-56) La Negra Mine · silver #### 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 factor: High silver recovery for a flotation circuit, indicating efficient processing. - Positive factor: Recovery based on actual plant performance, providing high confidence. Evidence · table > 83.6 Context: Silver Recovery #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-metallurgical-facts-57) La Negra Mine · lead #### 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 factor: High lead recovery for a flotation circuit, indicating efficient processing. - Positive factor: Recovery based on actual plant performance, providing high confidence. Evidence · table > 81.5 Context: Lead Recovery #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-metallurgical-facts-58) La Negra Mine · zinc #### 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 factor: High zinc recovery for a flotation circuit, indicating efficient processing. - Positive factor: Recovery based on actual plant performance, providing high confidence. Evidence · table > 81.9 Context: Zinc Recovery #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--422dd08a-35cf-4d24-b45c-de26ae4865ec#fact-metallurgical-facts-59) La Negra Mine · copper #### 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 factor: Good copper recovery for a flotation circuit, contributing to project economics. - Positive factor: Recovery based on actual plant performance, providing high confidence. Evidence · table > 77.8 Context: Copper Recovery #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 77.8% is below the weak band \(80%\) **Byproduct Commodity** Polarity: neutral Definition: 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.