# 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--ce2564e1-d7da-4bf3-88e4-367495e8033b Original source: https://www.newsfilecorp.com/release/315153/Silverco-Releases-Positive-PEA-for-Producing-La-Negra-Mine-Outlining-a-Low-Capital-8.2-Year-Mine-Life-Generating-AfterTax-NPV-of-329-Million Publisher: newsfile Original announcement: 2026-09-21T10:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-21T10:53:52.065Z Atlas analysis updated: 2026-09-21T10:53:52.065Z - Company: Silverco Mining Ltd. - Ticker: SICO - Exchange: Unavailable - Region: Querétaro, Mexico - Primary commodity: Silver - Secondary commodities: Copper, Lead, Zinc - Document categories: Resource update, Metallurgy - Extracted: 2026-09-21 10:53:52 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Silverco Mining Ltd. has released a positive Preliminary Economic Assessment \(PEA\) for its 100%-owned La Negra Mine in Mexico, outlining an 8.2-year mine life with an after-tax NPV\(5%\) of $329 million and an after-tax IRR of 131%. The PEA is supported by a new NI 43-101 compliant Mineral Resource Estimate, reporting 15.23 Mt Indicated at 201 g/t AgEq and 2.26 Mt Inferred at 174 g/t AgEq, with low initial capital requirements of $20.9 million. Reasoning: Silverco's PEA for the La Negra Mine outlines strong economics with a significant after-tax NPV and IRR, supported by a new NI 43-101 compliant MRE featuring substantial Indicated resources. The project benefits from low initial capital, robust production, and good metallurgical recoveries from an existing operation, positioning it for future growth despite some reliance on Inferred resources in the mine plan. - Positive factor: Attractive economics \(NPV, IRR\) - Positive factor: Low initial capital requirements - Positive factor: Robust production profile - Positive factor: Significant indicated resource - Positive factor: NI 43-101 compliant MRE - Positive factor: QP signed off on MRE and PEA components - Positive factor: Existing underground infrastructure - Positive factor: Good metallurgical recoveries from actual plant performance - Positive factor: Opportunities for optimization identified - Negative factor: Production schedule includes 21% Inferred Mineral Resources Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 60 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces the results of an independent Preliminary Economic Assessment \("PEA"\) and supporting Mineral Resource Estimate \("MRE"\). 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 \("MRE"\) were prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects \("NI 43-101"\). 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 Mineral Resource Estimate was prepared by Allan Armitage, Ph.D., P.Geo. of SGS Geological Services, an independent Qualified Person as defined by NI 43-101. Evidence · text > The Mineral Resource Estimate was prepared by Allan Armitage, Ph.D., P.Geo. of SGS Geological Services, an independent Qualified Person as defined by NI 43-101. **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The new MRE includes Indicated resources of 15.23 Mt at 201 g/t AgEq for 98.2M AgEq oz. 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 new MRE includes Inferred resources of 2.26Mt at 174 g/t AgEq for 12.6 M AgEq oz. Evidence · text > Inferred resources of 2.26Mt at 174 g/t AgEq for 12.6 M AgEq oz. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: 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. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The processing facility at La Negra 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 **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. **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: Approximately 65% of the projected life-of-mine Net Smelter Return \(NSR\) revenue is generated from silver production. The remaining 35% of the NSR revenue is comprised of by-product metals, including copper \(12%\), lead \(6%\), and zinc \(17%\). Evidence · text > The remaining 35% of the NSR revenue is comprised of by-product metals, including copper \(12%\), lead \(6%\), and zinc \(17%\) ## 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--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - Resource group id: resource:83dfeefa590456ba6b5a - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Significant indicated silver equivalent resource at La Negra Mine, providing a combined economic metric for the polymetallic deposit with disclosed assumptions. - Positive factor: Significant indicated silver equivalent resource - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - Resource group id: resource:83dfeefa590456ba6b5a - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Significant indicated lead resource at La Negra Mine, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Significant indicated lead resource - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - Resource group id: resource:83dfeefa590456ba6b5a - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Significant indicated zinc resource at La Negra Mine, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Significant indicated zinc resource - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - Resource group id: resource:83dfeefa590456ba6b5a - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Significant indicated copper resource at La Negra Mine, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Significant indicated copper resource - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - Resource group id: resource:bd2ed05f9726429d36b3 - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Inferred silver equivalent resource at La Negra Mine provides future potential but has lower confidence than indicated resources, though it is NI 43-101 compliant with disclosed assumptions. - Positive factor: Inferred silver equivalent resource provides future potential - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Lower confidence category 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - Resource group id: resource:bd2ed05f9726429d36b3 - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Inferred lead resource at La Negra Mine provides future potential but has lower confidence than indicated resources, though it is NI 43-101 compliant. - Positive factor: Inferred lead resource provides future potential - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Negative factor: Lower confidence category 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - Resource group id: resource:bd2ed05f9726429d36b3 - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Inferred zinc resource at La Negra Mine provides future potential but has lower confidence than indicated resources, though it is NI 43-101 compliant. - Positive factor: Inferred zinc resource provides future potential - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Negative factor: Lower confidence category 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - Resource group id: resource:bd2ed05f9726429d36b3 - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Inferred copper resource at La Negra Mine provides future potential but has lower confidence than indicated resources, though it is NI 43-101 compliant. - Positive factor: Inferred copper resource provides future potential - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Negative factor: Lower confidence category 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: High-grade indicated silver equivalent resource in the Negra area, providing a combined economic metric for the polymetallic deposit with disclosed assumptions. - Positive factor: High-grade indicated silver equivalent resource in Negra area - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Significant indicated lead resource in the Negra area, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Significant indicated lead resource in Negra area - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Significant indicated zinc resource in the Negra area, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Significant indicated zinc resource in Negra area - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Significant indicated copper resource in the Negra area, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Significant indicated copper resource in Negra area - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: High-grade inferred silver equivalent resource in the Negra area provides future potential but has lower confidence than indicated resources, though it is NI 43-101 compliant with disclosed assumptions. - Positive factor: High-grade inferred silver equivalent resource in Negra area provides future potential - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Lower confidence category 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Inferred lead resource in the Negra area provides future potential but has lower confidence than indicated resources, though it is NI 43-101 compliant. - Positive factor: Inferred lead resource in Negra area provides future potential - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Negative factor: Lower confidence category 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: High-grade inferred zinc resource in the Negra area provides future potential but has lower confidence than indicated resources, though it is NI 43-101 compliant. - Positive factor: High-grade inferred zinc resource in Negra area provides future potential - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Negative factor: Lower confidence category 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Inferred copper resource in the Negra area provides future potential but has lower confidence than indicated resources, though it is NI 43-101 compliant. - Positive factor: Inferred copper resource in Negra area provides future potential - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Negative factor: Lower confidence category 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated silver equivalent resource in the Cobriza area, providing a combined economic metric for the polymetallic deposit with disclosed assumptions. - Positive factor: Indicated silver equivalent resource in Cobriza area - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated lead resource in the Cobriza area, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Indicated lead resource in Cobriza area - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated zinc resource in the Cobriza area, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Indicated zinc resource in Cobriza area - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated copper resource in the Cobriza area, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Indicated copper resource in Cobriza area - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated silver equivalent resource in the Monica area, providing a combined economic metric for the polymetallic deposit with disclosed assumptions. - Positive factor: Indicated silver equivalent resource in Monica area - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated lead resource in the Monica area, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Indicated lead resource in Monica area - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated zinc resource in the Monica area, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Indicated zinc resource in Monica area - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated copper resource in the Monica area, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Indicated copper resource in Monica area - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated silver equivalent resource in the Bicentenario area, providing a combined economic metric for the polymetallic deposit with disclosed assumptions. - Positive factor: Indicated silver equivalent resource in Bicentenario area - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated lead resource in the Bicentenario area, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Indicated lead resource in Bicentenario area - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated zinc resource in the Bicentenario area, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Indicated zinc resource in Bicentenario area - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated copper resource in the Bicentenario area, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Indicated copper resource in Bicentenario area - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: High-grade indicated silver equivalent resource in the Maravillas area, providing a combined economic metric for the polymetallic deposit with disclosed assumptions. - Positive factor: High-grade indicated silver equivalent resource in Maravillas area - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated lead resource in the Maravillas area, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Indicated lead resource in Maravillas area - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: High-grade indicated zinc resource in the Maravillas area, contributing significantly to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: High-grade indicated zinc resource in Maravillas area - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated copper resource in the Maravillas area, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Indicated copper resource in Maravillas area - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Inferred silver equivalent resource in the Maravillas area provides future potential but has lower confidence than indicated resources, though it is NI 43-101 compliant with disclosed assumptions. - Positive factor: Inferred silver equivalent resource in Maravillas area provides future potential - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Lower confidence category 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Inferred lead resource in the Maravillas area provides future potential but has lower confidence than indicated resources, though it is NI 43-101 compliant. - Positive factor: Inferred lead resource in Maravillas area provides future potential - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Negative factor: Lower confidence category 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Inferred zinc resource in the Maravillas area provides future potential but has lower confidence than indicated resources, though it is NI 43-101 compliant. - Positive factor: Inferred zinc resource in Maravillas area provides future potential - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Negative factor: Lower confidence category 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Inferred copper resource in the Maravillas area provides future potential but has lower confidence than indicated resources, though it is NI 43-101 compliant. - Positive factor: Inferred copper resource in Maravillas area provides future potential - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Negative factor: Lower confidence category 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated silver equivalent resource in the Trinidad area, providing a combined economic metric for the polymetallic deposit with disclosed assumptions. - Positive factor: Indicated silver equivalent resource in Trinidad area - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated lead resource in the Trinidad area, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Indicated lead resource in Trinidad area - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated zinc resource in the Trinidad area, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Indicated zinc resource in Trinidad area - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated copper resource in the Trinidad area, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Indicated copper resource in Trinidad area - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated silver equivalent resource in the Gaby/Lupita area, providing a combined economic metric for the polymetallic deposit with disclosed assumptions. - Positive factor: Indicated silver equivalent resource in Gaby/Lupita area - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated lead resource in the Gaby/Lupita area, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Indicated lead resource in Gaby/Lupita area - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated zinc resource in the Gaby/Lupita area, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Indicated zinc resource in Gaby/Lupita area - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated copper resource in the Gaby/Lupita area, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Indicated copper resource in Gaby/Lupita area - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated silver equivalent resource in the Northwest area, providing a combined economic metric for the polymetallic deposit with disclosed assumptions. - Positive factor: Indicated silver equivalent resource in Northwest area - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated lead resource in the Northwest area, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Indicated lead resource in Northwest area - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated zinc resource in the Northwest area, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Indicated zinc resource in Northwest area - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Indicated copper resource in the Northwest area, contributing to the polymetallic nature of the deposit and compliant with NI 43-101 standards. - Positive factor: Indicated copper resource in Northwest area - Positive factor: NI 43-101 compliant - Positive factor: QP signed 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Inferred silver equivalent resource in the Northwest area provides future potential but has lower confidence than indicated resources, though it is NI 43-101 compliant with disclosed assumptions. - Positive factor: Inferred silver equivalent resource in Northwest area provides future potential - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Lower confidence category 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Inferred lead resource in the Northwest area provides future potential but has lower confidence than indicated resources, though it is NI 43-101 compliant. - Positive factor: Inferred lead resource in Northwest area provides future potential - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Negative factor: Lower confidence category 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Inferred zinc resource in the Northwest area provides future potential but has lower confidence than indicated resources, though it is NI 43-101 compliant. - Positive factor: Inferred zinc resource in Northwest area provides future potential - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Negative factor: Lower confidence category 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Inferred copper resource in the Northwest area provides future potential but has lower confidence than indicated resources, though it is NI 43-101 compliant. - Positive factor: Inferred copper resource in Northwest area provides future potential - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Negative factor: Lower confidence category 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Inferred silver equivalent resource in the Valenciana area provides future potential but has lower confidence than indicated resources, though it is NI 43-101 compliant with disclosed assumptions. - Positive factor: Inferred silver equivalent resource in Valenciana area provides future potential - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Lower confidence category 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Inferred lead resource in the Valenciana area provides future potential but has lower confidence than indicated resources, though it is NI 43-101 compliant. - Positive factor: Inferred lead resource in Valenciana area provides future potential - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Negative factor: Lower confidence category 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Inferred zinc resource in the Valenciana area provides future potential but has lower confidence than indicated resources, though it is NI 43-101 compliant. - Positive factor: Inferred zinc resource in Valenciana area provides future potential - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Negative factor: Lower confidence category 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--ce2564e1-d7da-4bf3-88e4-367495e8033b#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, Ph.D., P.Geo. - 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 Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Inferred copper resource in the Valenciana area provides future potential but has lower confidence than indicated resources, though it is NI 43-101 compliant. - Positive factor: Inferred copper resource in Valenciana area provides future potential - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Negative factor: Lower confidence category 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 **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 ## 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--ce2564e1-d7da-4bf3-88e4-367495e8033b#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: standard crushing, grinding, flotation, and filtration circuit producing lead-silver, copper-silver, and zinc concentrates #### Recovery - Recovery: 83.6 % - Recovery Basis: actual\_test #### Lab - Laboratory: SGS North America - Consultant: SGS Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Strong silver recovery of 83.6% achieved through conventional flotation, based on actual plant performance, indicating efficient processing. - Positive factor: Strong silver recovery for flotation circuit - Positive factor: Based on actual plant performance - Positive factor: QP signed Evidence · table > 83.6 Context: 8.2 #### 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--ce2564e1-d7da-4bf3-88e4-367495e8033b#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: standard crushing, grinding, flotation, and filtration circuit producing lead-silver, copper-silver, and zinc concentrates #### Recovery - Recovery: 81.5 % - Recovery Basis: actual\_test #### Lab - Laboratory: SGS North America - Consultant: SGS Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Strong lead recovery of 81.5% achieved through conventional flotation, based on actual plant performance, indicating efficient processing. - Positive factor: Strong lead recovery for flotation circuit - Positive factor: Based on actual plant performance - Positive factor: QP signed Evidence · table > 81.5 Context: 81.5 #### 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--ce2564e1-d7da-4bf3-88e4-367495e8033b#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: standard crushing, grinding, flotation, and filtration circuit producing lead-silver, copper-silver, and zinc concentrates #### Recovery - Recovery: 81.9 % - Recovery Basis: actual\_test #### Lab - Laboratory: SGS North America - Consultant: SGS Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Strong zinc recovery of 81.9% achieved through conventional flotation, based on actual plant performance, indicating efficient processing. - Positive factor: Strong zinc recovery for flotation circuit - Positive factor: Based on actual plant performance - Positive factor: QP signed Evidence · table > 81.9 Context: 81.9 #### 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--ce2564e1-d7da-4bf3-88e4-367495e8033b#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: standard crushing, grinding, flotation, and filtration circuit producing lead-silver, copper-silver, and zinc concentrates #### Recovery - Recovery: 77.8 % - Recovery Basis: actual\_test #### Lab - Laboratory: SGS North America - Consultant: SGS Geological Services #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Strong copper recovery of 77.8% achieved through conventional flotation, based on actual plant performance, indicating efficient processing. - Positive factor: Strong copper recovery for flotation circuit - Positive factor: Based on actual plant performance - Positive factor: QP signed Evidence · table > 77.8 Context: 77.8 #### 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.