Salazar Resources Limited

What Salazar Resources Limited does

Salazar Resources Limited is a Canadian junior mineral exploration company incorporated in British Columbia and headquartered in Vancouver at Suite 1305, 1090 West Georgia Street. Founded in 2007 and publicly listed on the TSX Venture Exchange (SRL), OTCQX (SRLZF), and the Frankfurt Stock Exchange (CCG), the company focuses on the discovery, exploration, and development of copper-gold projects in Ecuador, targeting Volcanogenic Massive Sulphide (VMS), copper-gold/copper-molybdenum porphyry, and epithermal Au-Ag systems. Its exploration methods include rock chip sampling, airborne Mobile MagnetoTellurics (MobileMT) and VTEM geophysics, ground-based gravity and magnetic surveys, diamond drilling, and a proprietary sequential flotation process (delivering +5.4% Cu and +6.2% Au recovery improvements at El Domo) validated by Bureau Veritas QA/QC-accredited assaying. The company employs 101-250 staff and is led by Ecuadorian-born President & CEO Fredy Salazar and Executive Vice President Merlin Marr-Johnson.

The company operates a dual-asset model. Its core asset is a 25% fully carried interest in the high-grade El Domo VMS deposit at the Curipamba Project in Bolivar and Los Rios Provinces, held through Curimining S.A. (operator: Silvercorp Metals). The 2021 Feasibility Study defined 6.5 Mt of Proven and Probable Mineral Reserves at 1.93% Cu, 2.49% Zn, 2.52 g/t Au, 45.7 g/t Ag, and 0.25% Pb, with planned average annual production of 10,463 tpa copper and 21,390 tpa copper equivalent over the life-of-mine at an AISC of US$1.26/lb CuEq. The mine is fully permitted and fully financed to production, with construction capital (updated budget US$284M per February 2026) provided by Wheaton Precious Metals and Silvercorp Metals, and production targeted for July 1, 2027. In March 2026, Salazar consolidated 100% ownership of five wholly-owned exploration projects (Santiago, Pijilí, Monja, El Tigre, Tarqui-Quimi) via the Silvercorp Metals asset acquisition, building a pipeline of earlier-stage copper-gold catalysts targeting porphyry, VMS, and epithermal systems.

Salazar generates no current product revenue; its economics depend on the future 25% share of El Domo production and on creating value through wholly-owned exploration discoveries. The company funds operations through equity capital raises (most recently a US$1.43M private placement in December 2025 at US$0.13 per share and a US$499,800 placement in August 2024 at US$0.07 per share, both with insider participation) and historically through asset sales such as the 2% NSR royalty sale to Resource Capital Fund VI for US$4.75M in 2016. Strategic counterparties include Silvercorp Metals (joint-venture operator and capital partner), Wheaton Precious Metals and Trafigura (construction financing and offtake), and Resource Capital Fund VI (historical recapitalization lead). The company also operates community programs through The Salazar Foundation, a co-founded non-profit.

Name

Salazar Resources Limited

Legal name

Salazar Resources Limited

Website

https://salazarresources.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

Salazar Resources Limited is a Canadian junior mineral exploration company focused on copper-gold discovery in Ecuador, holding a 25% carried interest in the high-grade El Domo VMS deposit plus 100% ownership of five wholly-owned copper-gold exploration projects.

Ownership category

akta.pro rank

Product category

Copper-Gold Mineral Exploration

NAICS

Support Activities for Mining (2131), Support Activities for Mining (21311), Mining, Quarrying, and Oil and Gas Extraction (21), Coal Mining (21211)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Copper Exploration & Resource Development (IMAKADAA)

akta.pro secondary industries

Precious Metals Exploration & Project Development (IMAKAEAI), Mineral Exploration & Geoscience Services (Geology, Geophysics, Geochemistry, Resource Modeling) (IMAKAKAA), Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

Keywords

• Copper-gold exploration
• Mineral exploration services
• VMS deposit development
• Porphyry copper targets
• Mining project development

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Carried interest in El Domo/Curipamba mine production: Salazar holds a 25% fully carried interest in Curimining S.A. developing El Domo, with planned average annual production of 10,463 tpa copper and 21,390 tpa copper equivalent over life-of-mine. Fully financed to production by Wheaton Precious Metals and Silvercorp Metals; mine planned to come into production in H2 2027.
2. Equity capital raises via private placements: Non-brokered private placement financings (e.g., $499,800 in August 2024 at $0.07/share; $1.43 million in December 2025 at $0.13/share) used to fund working capital, resource property costs, and exploration.
3. Royalty sale proceeds (historical): Sale of 2% NSR royalty in Curipamba project to Resource Capital Fund VI (RCF VI) for US$4,750,000 in two tranches of US$2,375,000 each.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels10 records

Core offering

Salazar Resources is a Canadian junior mineral exploration company focused on the discovery, exploration, and development of copper-gold projects in Ecuador. Its portfolio combines a 25% fully carried interest in the advanced El Domo VMS deposit at the Curipamba Project (being built by Silvercorp Metals and Wheaton Precious Metals, with planned production in H2 2027) with a wholly-owned pipeline of 100%-owned copper-gold exploration projects (Santiago, Pijilí, Monja, El Tigre, Tarqui-Quimi) acquired from Silvercorp Metals.

Product overview

Salazar Resources Limited is a Canadian junior mineral exploration company focused on the discovery, exploration, and development of copper-gold projects in Ecuador. Its portfolio combines a single core asset — a 25% fully carried interest in the high-grade El Domo VMS deposit at the Curipamba Project (Curimining S.A. joint venture with Silvercorp Metals, fully financed to production with funding from Wheaton Precious Metals and Silvercorp Metals) — with a wholly-owned pipeline of 100%-owned copper-gold exploration projects acquired from Silvercorp Metals in March 2026. The wholly-owned pipeline consists of the Santiago, Pijilí, Monja (designated as a cornerstone asset), El Tigre (VMS and Au-bearing barite), and Tarqui-Quimi (Cu-Mo porphyry with high-grade Yumi Au-Ag epithermal veins) projects. Salazar's strategy is to make another commercial discovery and farm out non-core assets. Salazar also engages in community programs through The Salazar Foundation, a co-founded independent non-profit.

Differentiator

Problem solved

Functional benefit

Products and services

• Curipamba Project (El Domo Deposit) - 25% Carried Interest A volcanogenic massive sulphide (VMS) copper-gold project in Bolivar and Los Rios Provinces, Ecuador, in which Salazar holds a 25% fully carried interest through Curimining S.A. The 2021 Feasibility Study indicates Proven and Probable Mineral Reserves of 6.5 M tonnes at 1.93% Cu, 2.49% Zn, 2.52 g/t Au, 45.7 g/t Ag, 0.25% Pb, with average annual production of 10,463 tpa copper and 21,390 tpa copper equivalent over the life-of-mine. Fully financed to production with funding by Wheaton Precious Metals and Silvercorp Metals.
• Santiago Project A 2,350-hectare copper-gold porphyry with near-surface epithermal overprint target located approximately 37 km north of Loja in Loja Province, southern Ecuador, 100%-owned by Salazar Resources. Coincident geochemical and geophysical anomaly measuring approximately 3 km x 2 km with the porphyry core interpreted to remain untested at depth. Historical Newmont (1998) drilling intersected significant Cu-Au mineralization within the lithocap.
• Monja Project A 100%-owned copper-gold porphyry target located in Loja Province, southern Ecuador. Surface mapping defined a 2 km x 1 km copper-gold porphyry system with the best rock chip sample returning 4.77% Cu, 1.12 g/t Au, and 19.5 g/t Ag. Designated as a cornerstone asset on April 8, 2026.
• Tarqui-Quimi Project A copper-molybdenum porphyry and epithermal high-grade Au-Ag project comprising the Tarqui and Quimi concessions (7,547 hectares) in Morona Santiago Province, Ecuador, 100%-owned by Salazar Resources. Tarqui porphyry target is defined by an approximately 1.8 km x 1.0 km Cu-Mo surface anomaly; historical BHP Billiton drilling intersected 0.33% CuEq over 186 m (TARQ1D). Yumi Vein system returned up to >100 g/t Au and >1,000 g/t Ag. Acquired from Silvercorp Metals, closing March 18, 2026.
• El Tigre Project A 288-hectare concession in southern Ecuador within the Alamor-Lancones Basin, prospective for epithermal gold and VMS-style mineralization. A laterally extensive gold-bearing barite horizon measuring approximately 650m x 500m has been defined at surface, with T2 Zone returning 45m grading 8.94 g/t AuEq and T3 Zone returning 50m grading 2.02 g/t AuEq. Geological characteristics show similarities to the Tambo Grande VMS district in Peru.
• Pijilí Project A copper-gold exploration project in Ecuador with upside of epithermal vein systems, 100%-owned by Salazar Resources following the March 18, 2026 closing of the acquisition of Silvercorp Metals assets. Historical drilling included intercepts such as 18.55 metres grading 0.99% Copper, 0.25 g/t Gold, 0.03% Molybdenum, 189.8 g/t Silver, and 0.23% Tungsten.

Quantifiable outcome

• El Domo 2021 Feasibility Study: NPV8% of US$259 million and IRR of 32% for initial open-pit development; All-In-Sustaining-Costs of US$1.26/lb copper equivalent
• +5 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators20 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Aurania Resources: Junior exploration company with the Lost Cities – Cutucu project in southeastern Ecuador. Comparable as a smaller, exploration-stage Ecuador-focused peer with district-scale copper-gold targets and limited operating cash flow.
• Solaris Resources: Ecuador-focused copper-gold explorer advancing the Warintza porphyry project in a similar geological belt. Directly comparable to Salazar as a publicly listed junior with district-scale copper-gold exposure in Ecuador and a strategy centred on project advancement toward development.
• Adventus Mining (acquired by Silvercorp): Prior operator and earn-in partner on the Curipamba project; now part of Silvercorp. Historically the most direct functional peer to Salazar on El Domo, sharing JV economics, technical work, and permitting milestones through 2024.
• Lumina Gold: Ecuador-focused gold explorer with the advanced Cangrejos project. Directly comparable as a TSXV-listed junior advancing a single large-scale gold-copper asset in southern Ecuador through feasibility and permitting, mirroring Salazar's El Domo development profile.

Emerging players

• Filo Corp: Copper-gold-silver explorer with the Filo del Sol project in Argentina/Chile. Comparable as a junior with district-scale copper-gold porphyry exposure, similar news-flow-driven valuation dynamics, and reliance on partner funding for development.
• NGEx Minerals: South American copper-gold explorer (e.g., Lunahuasi project in Argentina/Chile). Comparable as a high-grade, drill-stage copper-gold peer in a similar Andean context with comparable reliance on partner-funded drilling and discovery optionality.

Regional players

• Atico Mining: Latin American copper-gold producer and explorer operating primarily in Colombia and Ecuador. Comparable as a regional Latin American peer with similar VMS/porphyry exposure and a small-cap, production-leveraged equity profile.
• Cordoba Minerals: Colombia-focused copper-gold explorer (San Matias project). Comparable as a junior copper-gold peer in a neighbouring Andean jurisdiction, with a similar project-development risk profile and reliance on a single anchor asset.

Broad incumbents

• Silvercorp Metals: Operator of the Curipamba/El Domo project and now the consolidator of Ecuadorian exploration assets (from which Salazar acquired several in 2026). Comparable as a broader precious/base-metals producer that controls the El Domo JV and gives Salazar its main value driver.
• Wheaton Precious Metals: Precious-metals streaming company providing construction-stage streaming financing for El Domo. Comparable as a broad incumbent in mining finance and as a counterparty that materially de-risks the underlying El Domo asset on which Salazar's carried interest depends.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/SRL_Exploration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds6 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 Salazar Resources Limited