What Candelaria Mining does

Candelaria Mining Corp. (TSX-V: CAND; OTCQX: CDELF; FRA: 29LN) is a publicly listed precious metals mining and exploration company headquartered in Vancouver, British Columbia. The company was formed in March 2016 through the qualifying transaction of predecessor entity Branco Resources Ltd. with Minera Apolo S.A. de C.V., and subsequently listed on the TSX Venture Exchange. Its business is the acquisition, exploration, and development of gold projects in Mexico, with 100% ownership of two assets: the construction-ready high-grade underground Pinos Gold Mine in Zacatecas (400 tpd planned, ~13,000 Au oz/year, 7-year mine life, average head grade 4.7 g/t AuEq) and the advanced-exploration stage Caballo Blanco Gold Project in Veracruz (La Paila deposit: 610,000 Au oz initial pit-constrained resource). The company has completed a 2018 Preliminary Economic Assessment for Pinos projecting USD 13.5 million in pre-production capital, USD 670/oz AuEq total cash cost, an AISC below USD 900/oz AuEq at USD 1,250/oz gold, and a 25% after-tax IRR.

Technically, Candelaria employs two complementary extraction approaches: cut-and-fill underground mining for the low-sulphidation epithermal vein system at Pinos (with an installed 400 tpd processing plant and demonstrated >90% gold and >80% silver recoveries using conventional cyanide agitated leach and Merrill Crowe precipitation), and open-pit heap-leach processing potential for the high-sulphidation epithermal gold-silver mineralization at Caballo Blanco's La Paila deposit. Exploration targeting relies on a substantial proprietary dataset including 128 km² of geological mapping, 16,000 geochemical samples, 322 km of induced polarization surveying, 1,240 km of magnetic surveying, and over 60,000 meters of drilling, augmented by TerraSpec spectrometer-based clay alteration mapping.

Candelaria's business model is commodity-based and pre-revenue: future revenue will be generated by selling gold and silver doré or concentrate to precious metals refiners at prevailing spot prices. The company has funded operations since inception almost entirely through equity, raising more than CAD $77 million across 13 private placements between 2016 and 2021, supplemented by a US$9 million medium-term loan facility in June 2020 and a $9.7 million strategic equity investment by Agnico Eagle in June 2017. The go-to-market is investor relations-led through TSX-V and OTCQX listings, SEDAR regulatory filings, and corporate presentations to capital markets audiences, with a sales-led motion for future offtake through refiners. Mexican operations are held through wholly-owned subsidiaries Minera Apolo S.A. de C.V. and Minera Catanava S.A. de C.V., and the company is led by interim CEO Hector Gonzalez and Chairman Manuel Gomez following a broad May 2023 leadership transition.

Name

Candelaria Mining

Legal name

Candelaria Mining Corp.

Website

https://candelariamining.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Candelaria Mining Corp. is a publicly listed precious metals mining and exploration company advancing two 100%-owned gold projects in Mexico: the construction-ready high-grade underground Pinos Mine in Zacatecas and the advanced-exploration Caballo Blanco project in Veracruz.

Ownership category

akta.pro rank

Product category

Gold and Silver Mining

NAICS

Gold Ore and Silver Ore Mining (21222), Mining (except Oil and Gas) (212)

SIC

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

akta.pro primary industry

Precious Metals Exploration & Project Development (IMAKAEAI)

akta.pro secondary industry

Plant Operations, Control & Optimization (Metallurgical Accounting, APC, Digital Twins) (IMAKALAJ)

Keywords

• Gold mining operations
• Underground mine development
• Precious metals exploration
• Mineral resource extraction
• Silver and gold production

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Others

Revenue model

1. Gold and Silver Production: Revenue generated from sale of extracted gold and silver commodities. Pinos project expected to produce ~12,700 oz gold equivalents per year initially, ramping to ~13,000 Au ounces/year. Caballo Blanco La Paila project has initial pit-constrained resource of 610,000 Au oz.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Candelaria Mining is a precious metals mining and exploration company that owns and advances two 100%-owned gold projects in Mexico: the construction-ready, high-grade underground Pinos Gold Mine in Zacatecas (400 tpd, ~13,000 Au oz/year over a 7-year mine life) and the advanced-exploration Caballo Blanco project in Veracruz, which hosts the La Paila deposit with an initial pit-constrained resource of 610,000 Au oz. The company's business is the extraction and sale of gold and silver commodities to refiners and global commodity markets.

Product overview

Candelaria Mining is a precious metals focused mining and exploration company operating two gold projects in Mexico. The company operates as a dual-project portfolio: the Pinos Gold Mine Project is a construction-ready underground mining operation in Zacatecas producing high-grade gold, while the Caballo Blanco Gold Project is an advanced-exploration stage project in Veracruz featuring the La Paila deposit with significant epithermal gold mineralization. Both projects are 100%-owned by the company.

Differentiator

Problem solved

Functional benefit

Products and services

• Pinos Gold Mine Project A 100%-owned construction-ready high-grade underground gold mine project in Zacatecas, Mexico, with a 400 tpd mining operation, initial production of approximately 13,000 Au ounces per year over a 7-year mine life, and an average head grade of 4.7 g/t AuEq. Gold and silver doré/concentrates will be sold to refiners on the global commodity market.
• Caballo Blanco Gold Project A 100%-owned advanced-exploration stage gold project in Veracruz, Mexico, featuring the La Paila deposit with an initial NI 43-101 Indicated Resource of 521,000 ounces of gold and 2,170,000 ounces of silver and an Inferred Resource of 95,000 ounces of gold and 590,000 ounces of silver, with district-scale potential to host multi-million ounce Au resources.

Quantifiable outcome

• Pinos: 25% after-tax IRR at USD 1250/oz gold and USD 17/oz silver; FCF USD 7-10m per annum
• +2 more outcomes

Named customers1 record

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.

• Grant Thornton LLPcoreOthersAuditor for Candelaria Mining Corp. Located at 333 Seymour St Suite 1600, Vancouver, BC V6B 0A4
• McMillan LLPcoreOthersLegal counsel for Candelaria Mining Corp. Located at Royal Centre, 1055 W Georgia St #1500, Vancouver, BC V6E 4N7
• Computershare LimitedcoreOthersTransfer agent for Candelaria Mining Corp. Located at 510 Burrard St, Vancouver, BC V6C 3B9

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Argonaut Gold: Mid-tier gold producer with active mining operations in Mexico (including the La Colorada mine in Zacatecas and El Castillo complex), making it directly comparable to Candelaria's Pinos underground project in the same Mexican gold belt.
• Endeavour Silver: Mid-tier silver-gold producer with multiple underground mines in Mexico (Guanaceví, Bolañitos, El Compas). Closely comparable business model of underground precious metals extraction in Mexico targeting both gold and silver ounces.
• First Majestic Silver: Senior silver producer with wholly-owned operations in Mexico (San Dimas, Santa Elena, La Encantada). Comparable as a Mexico-focused precious metals miner selling concentrates and doré to refiners, similar to Candelaria's planned distribution channel.
• MAG Silver Corp. Development-stage silver mining company with the Juanicipio project in Zacatecas, Mexico. Highly comparable as a precious metals developer in the same Mexican state as Candelaria's Pinos project, focused on epithermal vein systems.
• Avino Silver & Gold Mines: Junior silver-gold producer operating the Avino mine in Durango, Mexico. Comparable as a small-cap Mexico-focused precious metals miner with combined underground mining and processing operations.

Broad incumbents

• Alamos Gold: Established intermediate gold producer operating the Mulatos mine in Sonora, Mexico. Comparable as a Mexico-focused gold producer with both underground and open-pit assets, though at a much larger scale than Candelaria.
• Torex Gold Resources: Mid-tier gold producer operating the ELG complex in Guerrero, Mexico. Comparable as a Mexico-focused underground gold producer at a more advanced production stage than Candelaria, providing a useful scale comparator.
• Agnico Eagle Mines: Senior gold producer and Candelaria's largest strategic investor. Comparable as a Mexico-active major gold miner (Pinos Altos, La India) and provides a relevant benchmark for what institutional validation of a Zacatecas asset can unlock.

Emerging players

• GR Silver Mining: Junior exploration and development-stage silver-gold company with projects in Sinaloa, Mexico. Comparable as a Mexico-focused junior advancing epithermal precious metals assets toward resource definition and PEA-stage economics.
• GoGold Resources: Junior silver-gold producer with operations in Mexico. Comparable as a small-cap precious metals company with Mexican mining assets transitioning from exploration to production, similar in scale and stage to Candelaria.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/CandelariaGold
• LinkedInlinkedin.com/company/candelaria-mining-corp

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds2 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 Candelaria Mining