# Silverco’s La Negra posts $329M value over $21M costs Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/silverco-s-la-negra-posts-329m-value-over-21m-costs--b45e1c62-c2ed-445f-94d0-96e38d8cd8c2 Original source: https://www.northernminer.com/news/silvercos-la-negra-posts-329m-value-over-21m-costs/1003894994/ Publisher: northernminer Original announcement: 2026-09-21T14:00:34.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-21T16:50:14.064Z Atlas analysis updated: 2026-09-21T16:50:14.064Z - Company: Silverco Mining - Ticker: SICO - Exchange: Unavailable - Region: Mexico - Primary commodity: Silver - Secondary commodities: Copper, Lead, Zinc - Document categories: Resource update, Other - Extracted: 2026-09-21 16:50:14 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Silverco Mining has released a Preliminary Economic Assessment \(PEA\) for its La Negra mine in Mexico, projecting a post-tax NPV of $329 million and an IRR of 131%. The study defines an indicated resource of 15.2 Mt at 106 g/t silver and an inferred resource of 2.2 Mt at 92 g/t silver, supported by existing underground infrastructure. Reasoning: The PEA reports a very high IRR \(131%\) and significant silver-lead-zinc-copper resources, though it is a preliminary study. - Positive factor: High NPV and IRR from PEA - Positive factor: Low initial capital costs due to existing infrastructure - Positive factor: Significant indicated resource scale - Positive factor: Expansion potential via new drilling program - Negative factor: PEA is early-stage study \(scoping level\) - Negative factor: Project relies on historical production restart Facts used in scoring: 8 ## Classification and evidence **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The PEA is described as the latest effort to restore production and defines the current resource base. Evidence · text > The PEA marks the latest effort to restore the past-producing La Negra to sustained production **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The announcement is based on a Preliminary Economic Assessment \(PEA\). Evidence · text > A preliminary economic assessment \(PEA\) for Silverco Mining’s ## Extracted facts Stored fact records: 8. Some facts used in scoring do not have a stored record. ## Resource Estimates (8) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silverco-s-la-negra-posts-329m-value-over-21m-costs--b45e1c62-c2ed-445f-94d0-96e38d8cd8c2#fact-resource-facts-0) La Negra · silver #### Identity - Project: La Negra - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: SICO #### Resource scope - Estimate type: resource - Resource group id: resource:52e961ea001be9b7718b - Deposit or zone: La Negra - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 15200000 - Grade: 106 - Grade Unit: g/t - Contained Metal: 51.9 - Contained Unit: million oz. silver #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: 106 g/t silver is a strong grade for an indicated resource. - Positive factor: High grade for indicated resource Evidence · text > 15.2 million indicated tonnes grading 106 grams silver per tonne #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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-s-la-negra-posts-329m-value-over-21m-costs--b45e1c62-c2ed-445f-94d0-96e38d8cd8c2#fact-resource-facts-1) La Negra · lead #### Identity - Project: La Negra - Commodity: lead - Region: mexico - Reported Region: Mexico - Ticker: SICO #### Resource scope - Estimate type: resource - Resource group id: resource:52e961ea001be9b7718b - Deposit or zone: La Negra - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 15200000 - Grade: 0.59 - Grade Unit: % - Contained Metal: 199 - Contained Unit: million lb. lead #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Lead is a significant byproduct in the indicated resource. Evidence · text > 0.59% lead #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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-s-la-negra-posts-329m-value-over-21m-costs--b45e1c62-c2ed-445f-94d0-96e38d8cd8c2#fact-resource-facts-2) La Negra · zinc #### Identity - Project: La Negra - Commodity: zinc - Region: mexico - Reported Region: Mexico - Ticker: SICO #### Resource scope - Estimate type: resource - Resource group id: resource:52e961ea001be9b7718b - Deposit or zone: La Negra - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 15200000 - Grade: 1.81 - Grade Unit: % - Contained Metal: 608 - Contained Unit: million lb. zinc #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Zinc is a significant byproduct in the indicated resource. Evidence · text > 1.81% zinc #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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-s-la-negra-posts-329m-value-over-21m-costs--b45e1c62-c2ed-445f-94d0-96e38d8cd8c2#fact-resource-facts-3) La Negra · copper #### Identity - Project: La Negra - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: SICO #### Resource scope - Estimate type: resource - Resource group id: resource:52e961ea001be9b7718b - Deposit or zone: La Negra - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 15200000 - Grade: 0.47 - Grade Unit: % - Contained Metal: 158 - Contained Unit: million lb. copper #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Copper is a significant byproduct in the indicated resource. Evidence · text > 0.47% copper #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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-s-la-negra-posts-329m-value-over-21m-costs--b45e1c62-c2ed-445f-94d0-96e38d8cd8c2#fact-resource-facts-4) La Negra · silver #### Identity - Project: La Negra - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: SICO #### Resource scope - Estimate type: resource - Resource group id: resource:c1dff0a14eec5b6e7429 - Deposit or zone: La Negra - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 2200000 - Grade: 92 - Grade Unit: g/t - Contained Metal: 6.7 - Contained Unit: million oz. silver #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Inferred resource provides lower geological confidence. - Negative factor: Inferred category limits confidence Evidence · text > Inferred resources total 2.2 million tonnes at 92 grams silver #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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-s-la-negra-posts-329m-value-over-21m-costs--b45e1c62-c2ed-445f-94d0-96e38d8cd8c2#fact-resource-facts-5) La Negra · lead #### Identity - Project: La Negra - Commodity: lead - Region: mexico - Reported Region: Mexico - Ticker: SICO #### Resource scope - Estimate type: resource - Resource group id: resource:c1dff0a14eec5b6e7429 - Deposit or zone: La Negra - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 2200000 - Grade: 1 - Grade Unit: % - Contained Metal: 49.7 - Contained Unit: million lb. lead #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Lead is a byproduct in the inferred resource. Evidence · text > 1% lead #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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-s-la-negra-posts-329m-value-over-21m-costs--b45e1c62-c2ed-445f-94d0-96e38d8cd8c2#fact-resource-facts-6) La Negra · zinc #### Identity - Project: La Negra - Commodity: zinc - Region: mexico - Reported Region: Mexico - Ticker: SICO #### Resource scope - Estimate type: resource - Resource group id: resource:c1dff0a14eec5b6e7429 - Deposit or zone: La Negra - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 2200000 - Grade: 1.92 - Grade Unit: % - Contained Metal: 95.7 - Contained Unit: million lb. zinc #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Zinc is a byproduct in the inferred resource. Evidence · text > 1.92% zinc #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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-s-la-negra-posts-329m-value-over-21m-costs--b45e1c62-c2ed-445f-94d0-96e38d8cd8c2#fact-resource-facts-7) La Negra · copper #### Identity - Project: La Negra - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: SICO #### Resource scope - Estimate type: resource - Resource group id: resource:c1dff0a14eec5b6e7429 - Deposit or zone: La Negra - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 2200000 - Grade: 0.21 - Grade Unit: % - Contained Metal: 10.6 - Contained Unit: million lb. copper #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Copper is a byproduct in the inferred resource. Evidence · text > 0.21% copper #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ## 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.