What Silver Mountain Resources does

Silver Mountain Resources Inc. (TSX: AGMR; OTCQB: AGMRF; BVL: AGMR) is a Canadian mining company focused on identifying large mineralized systems and high-grade mineral deposits, with its principal asset being the Reliquias underground mine within the 100% owned Castrovirreyna Project in the Huancavelica region of Central Peru. The company controls more than 60,000 hectares of mineral concessions in one of the world's most prolific mining belts, encompassing two former underground mines and multiple silver-rich targets. Its core infrastructure at Reliquias includes accessible ramps and galleries, ventilation and water pumping systems, an explosives magazine, and a 2,000 tpd concentrator plant with tailings storage capacity sufficient for two years at maximum throughput, alongside a 370-person camp, paved road access, and grid power.

The product offering is centered on silver and polymetallic concentrates to be produced at Reliquias, where potential mineral resources are distributed across ten identified veins. The company is currently in development and rehabilitation: processing plant activities reached approximately 75% completion as of May 2026, a 7,000-metre underground infill drilling program commenced in February 2026 across the Sacasipuedes, Ayayay, and Perseguida veins, and surface channel sampling at Seguridad SE returned weighted average grades of 2,003 g/t Ag over 0.45m true width. Surrounding exploration projects — Dorita (high-sulfidation epithermal targets) and Greenfields (Yahuarcocha tourmaline breccia) — provide additional brownfield upside within the same concession package.

The business model is pre-revenue and is designed around the future sale of silver and polymetallic concentrates to commodity buyers, smelters, and refiners in the global metals market, with pricing determined by prevailing commodity market prices. To date, the company has funded development through a series of equity and debt financings, including a C$9.3M bought-deal (Feb 2023), a US$3.1M private placement (Nov 2023), a US$7.5M public offering (Apr 2024), a US$10M Trafigura prepayment facility (Jul 2025), and a C$30M bought-deal (Nov 2025), cumulatively raising approximately C$55 million in 2025. The company uplisted from TSX Venture Exchange to the Toronto Stock Exchange on February 26, 2026, was named to the 2026 TSX Venture 50, and is targeting commencement of commercial production at Reliquias in Q3 2026.

Name

Silver Mountain Resources

Legal name

Silver Mountain Resources Incorporated

Website

https://agmr.ca

Company type

Public

Founded year

2020

Operating status

Operating

Headcount range

51–100 employees

Short description

Silver Mountain Resources is a Canadian silver and polymetallic mining company developing the Reliquias underground mine in Peru, targeting Q3 2026 commercial production from its 2,000 tpd processing plant within a 60,000+ hectare concession package.

Ownership category

akta.pro rank

Product category

Silver and Polymetallic Mining

NAICS

Gold Ore and Silver Ore Mining (21222)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Silver Mining (IMAKAEAB)

akta.pro secondary industry

Comminution (Crushing, Grinding & Milling) (IMAKALAA)

Keywords

• Silver mining
• Polymetallic concentrates
• Underground mining operations
• Mineral exploration services
• Ore processing

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Silver and Polymetallic Concentrate Sales: The company plans to generate revenue through the sale of silver and polymetallic concentrates produced at its Reliquias processing plant. Commercial production is targeted for Q3 2026.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Silver Mountain Resources (AgMR) is a silver and polymetallic explorer and developer focused on restarting production at the Reliquias underground mine within its 100%-owned Castrovirreyna Project in Huancavelica, Peru. The company produces silver and polymetallic concentrates through a 2,000 tpd processing plant and tailings storage facility, and also conducts exploration across more than 60,000 hectares of mineral concessions including the Dorita and Greenfields properties. Commercial production is targeted for Q3 2026, with concentrate sales to smelters, refiners, and commodity buyers as the primary revenue driver.

Product overview

Silver Mountain Resources (AgMR) is a Canadian mining company focused on silver and polymetallic exploration and development in Peru. The company operates a portfolio of mining assets centered around the Castrovirreyna Project, which houses the Reliquias underground mine and processing infrastructure. The core offering includes the Reliquias Mine (a past-producing underground silver mine being prepared for restart in Q3 2026) supported by a 2,000 tpd concentrator plant and tailings storage facility. Exploration activities are conducted across the Dorita Property (high-sulfidation epithermal targets) and the Greenfields Property (grassroots exploration including the Yahuarcocha target). The company holds over 60,000 hectares of mineral concessions in one of the world's most prolific mining belts.

Differentiator

Problem solved

Functional benefit

Products and services

• Reliquias Mine Underground silver mine within the Castrovirreyna Project in Huancavelica, Peru, with accessible ramps, galleries, ventilation systems, water pumping system, explosives magazine, and potential mineral resources distributed over 10 veins. Being prepared for restart to produce silver and polymetallic concentrates for sale to commodity buyers, smelters, and refiners.
• Reliquias Processing Plant Concentrator plant with 2,000 tpd capacity including crushing, grinding and flotation circuits, supported by a tailings storage facility with capacity sufficient for two years of tailings at maximum processing rate. Used to process silver and polymetallic ore from the Reliquias mine into concentrates for sale.
• Castrovirreyna Project 100%-owned project in the Huancavelica region of Central Peru consisting of three mineral concession blocks hosting silver-rich polymetallic veins and gold-rich breccias. Includes the Reliquias underground mine, 2,000 tpd processing plant, operating tailings dam, and additional exploration targets such as Dorita and Greenfields.
• Dorita Property Exploration property featuring high-sulfidation epithermal targets with silver, gold, and polymetallic concentrations in silicified-oxidized structures, including major breccia and vein systems hosted in volcanic rocks.
• Greenfields Property Grassroots exploration opportunities within the company's 60,000+ hectare mineral concession package, including the Yahuarcocha target with a large hydrothermal tourmaline breccia and significant gold and copper geochemical anomalies.

Quantifiable outcome

• 75% completion of processing plant rehabilitation at Reliquias as of May 2026
• +1 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

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Bear Creek Mining: Junior silver-gold developer with assets in Peru, advancing the Corani silver-gold project. Highly comparable to Silver Mountain as a Peru-focused, pre-production/mid-stage silver developer working through permitting and construction challenges.
• MAG Silver Corp. Silver-focused developer with the Juanicipio project in Mexico (joint venture with Fresnillo). Comparable as a silver-focused single-asset developer with a defined pathway to concentrate production and high-grade underground resource base.
• Vizsla Silver Corp. Silver-focused junior advancing the Panuco project in Mexico. Directly comparable as a high-grade silver explorer/developer with similar resource-stage economics, capital-raise patterns, and re-rating potential.
• Silver Tiger Metals: Silver-focused developer advancing the El Tigre project in Mexico. Comparable in scale, stage, and silver-focused investment thesis to Silver Mountain as a pre-production silver developer moving toward a production decision.

Broad incumbents

• Pan American Silver Corp. Major silver producer with significant operations in Peru (including the Huaron and Morococha mines near Castrovirreyna). Comparable as a silver-focused producer operating in the same Peruvian belt, providing context on regional operating economics.
• First Majestic Silver Corp. Mid-tier silver producer with multiple mines across Mexico. Comparable as a publicly traded silver-focused producer that anchors the valuation reference set for junior silver developers like Silver Mountain.
• Endeavour Silver Corp. Mid-tier silver producer operating mines in Mexico. Comparable as a publicly traded silver-focused operator with a portfolio of high-grade underground silver mines, providing benchmarking for production-stage economics.
• Fortuna Silver Mines Inc. Mid-tier silver-gold producer with the Caylloma mine in Peru (in the same southern Peru region as Castrovirreyna). Comparable as a silver producer with direct Peruvian operating experience and similar polymetallic concentrate output.
• Santacruz Silver Mining: Silver-focused producer operating mines in Mexico and Bolivia. Comparable as a small-cap silver producer with similar polymetallic concentrate economics and Latin American operational footprint.
• Hochschild Mining PLC: Established silver-gold producer with primary operations in Peru (Inmaculada, Pallancata). Comparable as a major Peruvian silver producer and a logical strategic acquirer or partner for Silver Mountain given proximity to Castrovirreyna.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Instagraminstagram.com/agmr.ca
• LinkedInlinkedin.com/company/agmr

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds7 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 Silver Mountain Resources