Guanajuato Silver Company

What Guanajuato Silver Company does

Guanajuato Silver Company Ltd. (TSXV: GSVR, OTCQX: GSVRF) is a Canadian-domiciled, British Columbia-incorporated precious metals mining company that acquires and reactivates past-producing silver and gold mines in Mexico. The company operates five wholly-owned producing mines: the El Cubo Mines Complex, Valenciana Mines Complex, San Ignacio Mine, and Bolanitos Mine (acquired January 2026 from Endeavour Silver) in Guanajuato state, plus the Topia Mine in Durango. Mineralized material is processed at three company-owned mills — El Cubo (45,000 t/month), Cata (36,000 t/month), and Bolanitos (1,600 tpd) — using conventional crushing, grinding, and flotation methods, with narrow-vein selective mining (minimum 1.4m cut-off) employing cut-and-fill and resue techniques to minimize dilution.

The company's go-to-market is sales-led B2B concentrate marketing. Revenue is generated by selling silver, gold, lead, and zinc concentrates to smelters and commodity traders under sales agreements at prevailing commodity spot prices, less treatment and refining charges. Over 97% of Q1 2026 revenue derived from silver and gold sales, with silver production alone generating 58% of revenue. The company also operates a small consumer-facing e-commerce bullion store selling branded coins and bars. Beyond producing mines, GSilver holds exploration-stage projects including El Pinguico, El Horcon (7,908 hectares in Jalisco), and over 7,800 hectares of additional claims in the Guanajuato Mining District. The hub-and-spoke strategy — centralized processing at El Cubo with satellite mine feed — is the principal operational cost-efficiency lever, complemented by an extensive proprietary geological database of 229,690 underground channel samples that supports resource expansion (Inferred resources at VMC grew 630% to 20.3 Moz AgEq).

The company's growth has been financed through multiple equity rounds (cumulative ~C$126 million raised across 2024–2025) and a gold loan facility with Ocean Partners UK Ltd. as its sole debt instrument. Eric Sprott has anchored multiple financings since 2021, signaling institutional mining-investor support. Acquisitions from Endeavour Silver (El Cubo 2021, Bolanitos 2026) and Great Panther (2022) form the foundation of the current asset base.

Name

Guanajuato Silver Company

Legal name

Guanajuato Silver Company Ltd.

Website

https://gsilver.com

Company type

Public

Founded year

1978

Operating status

Operating

Headcount range

101–250 employees

Ownership category

akta.pro rank

Product category

Precious Metals Mining

NAICS

Gold Ore and Silver Ore Mining (21222)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Silver Mining (IMAKAEAB)

akta.pro secondary industries

Gold Mining (IMAKAEAA), Precious Metals Ore Processing & Beneficiation (IMAKAEAD)

Keywords

• Silver concentrate production
• Gold mining operations
• Precious metals extraction
• Underground vein mining
• Mineral processing services

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D

Revenue model

1. Precious Metals Concentrate Sales: The company generates revenue primarily from the sale of silver and gold concentrates produced at its mining operations. Silver and gold sales accounted for over 97% of Q1 2026 revenue ($43.1M), demonstrating the company's focus on precious metals production.
2. Base Metals Concentrate Sales: Revenue from the sale of lead and zinc concentrates produced at the Topia mine in Durango, Mexico. Topia produces both a lead-silver-gold concentrate and a separate zinc concentrate.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Guanajuato Silver Company is a precious metals mining company engaged in reactivating past-producing silver and gold mines in central Mexico. The company operates five wholly-owned producing mines (El Cubo, Valenciana, San Ignacio, Bolanitos, and Topia) supported by three processing facilities, producing silver and gold concentrates for sale to smelters and a polymetallic lead-silver-gold-zinc concentrate from Topia. A Bullion Store provides direct-to-consumer branded coins and bars.

Product overview

Guanajuato Silver Company is a precious metals mining company engaged in reactivating past producing silver and gold mines in central Mexico. The company operates five wholly-owned precious metals mines: El Cubo Mines Complex, Valenciana Mines Complex, San Ignacio Mine, Bolanitos Mine (acquired January 2026), and Topia Mine. These mines are supported by three processing facilities (El Cubo Mill, Cata Mill, and Bolanitos plant). The company produces silver and gold concentrates from four mines in Guanajuato state, plus silver, gold, lead, and zinc concentrates from Topia in Durango. Exploration projects include El Pinguico, El Horcon, and various claims in the Guanajuato Mining District totaling over 7,800 hectares. The company also operates a Bullion Store for selling company-branded coins and bars.

Differentiator

Problem solved

Functional benefit

Products and services

• El Cubo Mines Complex High-grade epithermal-vein underground precious metals mine with a 45,000 tonnes per month processing capacity. Pure precious metal producer (silver and gold) that functions as the hub mill for the hub & spoke mining strategy, processing mineralized material from satellite mines including San Ignacio and VMC.
• Valenciana Mines Complex (VMC) High-grade epithermal vein underground silver-gold mine with a strike length of over 4km along the Veta Madre mineral system, hosting silver-gold veins spanning over 600m vertically. The Cata processing facility (36,000 tonnes/month capacity) is currently on care and maintenance.
• San Ignacio Mine High-grade epithermal vein underground silver-gold mine where mineralized material is transferred to the Cata mill or Bolanitos plant for processing. Located adjacent to Bolanitos and integrated into the Bolanitos Mines Complex.
• Topia Mine Silver-rich polymetallic mine in north-western Durango, Mexico, producing lead-silver-gold concentrate and a separate zinc concentrate. Includes a 260 tonnes per day flotation processing plant that has operated since 2004.
• Bolanitos Mine Gold-silver mine acquired in January 2026, featuring a 1,600 tonnes per day standard flotation processing plant with throughput of 1,100-1,200 tpd in 2025. Now integrated with the contiguous San Ignacio Mine as the Bolanitos Mines Complex.
• El Horcon Project Exploration project covering 7,908 hectares across 17 contiguous mining concessions located approximately 60km northwest of the Valenciana Mines Complex in Jalisco. A past producer dating back to the 16th century.
• El Pinguico Project Exploration project located 8km from El Cubo Mine. Historically the highest-grade silver mine in the region, operated from 1890 to 1913. The company intends to advance along Level 4 to create a commercial crosscut accessing historical backfill stockpile.
• Bullion Store (Branded Silver and Gold Coins and Bars) Direct-to-consumer online store (store.gsilver.com) selling Guanajuato Silver branded silver and gold coins and bars, providing retail precious-metals investors with direct access to bullion from a producing mining company.

Quantifiable outcome

• Record Q1 2026 revenue of $43.1M (89% increase over previous quarter)
• +3 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Endeavour Silver Corp.coreStrategic or Co-development Partner · 15 January 2026Guanajuato Silver acquired the Bolanitos gold-silver mine from Endeavour Silver for up to US$50 million (US$30M cash + US$10M shares + up to US$10M contingent payments). The acquisition closed January 15, 2026, making Bolanitos GSilver's fifth producing precious metals mine. The deal included integration of the contiguous San Ignacio Mine into the Bolanitos Mines Complex.
• KPMGminorOthersKPMG serves as the company's auditors, providing independent financial statement audits. Located at 777 Dunsmuir Street, 11th floor, Vancouver, BC, V7Y 1K3.
• Odyssey Trust CompanyminorOthersOdyssey Trust Company serves as the transfer agent for Guanajuato Silver's shares, maintaining the shareholder registry at their Vancouver office (323-409 Granville Street, Vancouver, BC, V6C 1T2).

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• MAG Silver Corp. Silver-focused mining company with the Juanicipio project (a JV with Fresnillo) in Zacatecas, Mexico. While at a different development stage and primarily a single-asset operator, MAG shares GSilver's exposure to Mexican silver mining economics and concentrate revenue models.
• Endeavour Silver Corp. Mid-tier silver-gold producer operating multiple mines in Mexico, including the Guanaceví and Terronera operations. Endeavour was the seller of the El Cubo and Bolanitos mines to Guanajuato Silver, making it a directly comparable peer with the same Mexican operating model and customer base (concentrate sales to smelters).
• Avino Silver & Gold Mines Ltd. Junior silver-gold producer operating the Avino Mine in Durango, Mexico. Produces silver-gold concentrates for sale to smelters, with a comparable scale, single-country (Mexico) operating footprint, and hub-style processing model that aligns closely with GSilver's profile.

Broad incumbents

• Pan American Silver Corp. Major precious metals producer with significant Mexican silver operations (La Colorada, Dolores). As a large-cap diversified incumbent in the same geography and product mix, it provides a benchmark for the consolidated silver producer GSilver is building toward.
• First Majestic Silver Corp. Established senior silver producer with multiple operating Mexican mines producing silver-gold concentrates. As a larger, more diversified operator in the same region and product category, it represents a relevant incumbent comparable for GSilver's growth trajectory.
• Hecla Mining Company: Largest U.S.-based silver producer with operations in Mexico (San Sebastián), the U.S., and Canada. Provides a comparable for silver concentrate economics at scale, though Hecla's broader portfolio and longer history make it a broad incumbent rather than a direct competitor.
• Fortuna Mining Corp. Mid-tier precious and base metals producer with operations in Mexico (San José mine), West Africa, and Argentina. Comparable as a multi-mine operator selling concentrates with similar silver-gold output profile and Mexican exposure, though at a more advanced scale.
• Coeur Mining, Inc. Diversified precious metals producer with Mexican operations (Palmarejo complex) and North American assets. Comparable as a mid-tier silver-gold producer selling concentrates, though it operates at greater scale and broader geographic scope than GSilver.

Emerging players

• Dolly Varden Silver Corporation: Emerging silver development company focused on the Kitsault Valley project in British Columbia. While earlier-stage and Canadian-focused, Dolly Varden shares GSilver's silver-focused investment thesis and exposure to capital markets for growth financing.
• SilverCrest Metals Inc. Emerging precious metals producer with the Las Chispas mine in Sonora, Mexico. Directly comparable in scale and Mexican operating exposure; SilverCrest produces silver-gold concentrates and has recently transitioned from developer to producer, similar to GSilver's profile.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/GSilver_co
• Facebookfacebook.com/GSilverco

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds5 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Guanajuato Silver Company