Silverco Mining
Silverco Mining (TSXV: SICO) is a Canadian-listed junior silver producer operating two 100%-owned Mexican underground mines—producing La Negra in Querétaro and brownfield Cusi in Chihuahua—targeting 10 Moz AgEq annual production within three years via polymetallic concentrate sales and equity financing.
- Company typePublic
- Founded2025
- HeadquartersVancouver, Canada
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Silverco Mining does
Silverco Mining Ltd. is a Canadian-listed junior silver mining company (TSX Venture Exchange: SICO; U.S. OTCQB: SICOF) operating two 100%-owned underground polymetallic mining assets in Mexico. The currently producing asset is the La Negra Mine in Querétaro, acquired on May 19, 2026 via the Nuevo Silver Inc. amalgamation, which operates at approximately 55% of 2,500 tonne-per-day nameplate capacity using room-and-pillar and long-hole stoping methods feeding a three-stage crushing, grinding, and flotation/filtration circuit that produces lead-silver, copper-silver, and zinc concentrates. The second asset, the Cusi Mine Complex in Chihuahua, is a permitted past-producing underground silver-lead-zinc-gold mine on care-and-maintenance, with an existing 1,200 tpd mill, permitted tailings capacity and 33 kV grid power, targeted for production restart in H2 2026 at an initial capital cost of US$19.2M (versus an estimated US$150M+ replacement value of existing infrastructure).
Resource base and economics: a December 2025 SGS-validated NI 43-101 Mineral Resource Estimate for Cusi totals 4.89 Mt at 262 g/t AgEq in Measured & Indicated (41.2 Moz AgEq) and 4.07 Mt at 243 g/t AgEq Inferred (31.8 Moz AgEq), with 86% of value from silver. The April 2026 Preliminary Economic Assessment for Cusi restart projects an after-tax NPV5% of US$104.1M, IRR of 94.8% and 0.9-year payback at US$44.58/oz silver, with average annual production of 2.47 Moz AgEq from 2028 and AISC of US$26.75/oz AgEq. The company targets 10 Moz AgEq of combined annual production within three years.
Business model and capital structure: revenue is generated by selling polymetallic concentrates to smelters and metals traders at global commodity benchmarks, with no individual offtakers publicly disclosed. The company supplements operating cash flow with recurring equity capital raises, including a $62.5M upsized bought-deal in February 2026 led by Velocity Capital Partners and Desjardins, with Eric Sprott participating for $10M and aggregate insider subscriptions of $11.225M. The investor-marketing motion combines continuous news release cadence, OTCQB listing for U.S. retail access, conference participation (Metals Investor Forum, New Orleans Investment Conference), YouTube interviews with metals commentators, analyst coverage (Velocity Trade Capital), and ongoing drill program disclosure. The corporate office is in Vancouver, British Columbia.
Silverco Mining firmographics
Firmographics- Name
- Silverco Mining
- Legal name
- Silverco Mining Ltd.
- Website
- https://silvercomining.com
- Company type
- Public
- Founded year
- 2025
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Silverco Mining (TSXV: SICO) is a Canadian-listed junior silver producer operating two 100%-owned Mexican underground mines—producing La Negra in Querétaro and brownfield Cusi in Chihuahua—targeting 10 Moz AgEq annual production within three years via polymetallic concentrate sales and equity financing.
- Ownership category
- akta.pro rank
Silverco Mining industry classification
Industry- Product category
- Silver 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 industries
- Precious Metals Ore Processing & Beneficiation (IMAKAEAD), Copper By-Products Recovery (Molybdenum, Gold/Silver, Sulfuric Acid) (IMAKADAH)
Keywords
Where Silverco Mining is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Offices3 records
Markets served
Silverco Mining business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Supply Chain, Technology or R&D, Marketing or Sales, Others
Revenue model
- Silver and base-metal concentrate sales: Primary revenue stream going forward: sale of lead-silver, copper-silver and zinc concentrates produced from the La Negra Mine (currently operating) and the Cusi Mine (targeted restart H2 2026). La Negra production already generating cash flow at 55% of 2,500 tpd nameplate; Cusi PEA projects 2.47 Moz AgEq average annual production at AISC of US$26.75/oz from 2028. Company targets 10 Moz AgEq production within three years.
- Equity capital raises (bought-deal and private placements): Recurring use of bought-deal offerings and private placements to fund exploration, evaluation and restart work. Most recent: $62.5M bought-deal closed Feb 19, 2026 (4M shares at $12.50 + 1M units with warrants exercisable at $18.00/18 months), with Eric Sprott participating for $10M and aggregate insider subscriptions of $11.225M. Prior private raises totalling C$25M over 18 months pre-TSXV listing.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Multi-year contract | Common shares at $12.50 plus 1/4 warrant per unit at $18.00 exercise |
| Other | Pay-as-you-go | TSX-V (SICO) trading at $7.30 / OTCQB (SICOF) at $5.52 |
Go-to-market motion3 records
Distribution channels2 records
Marketing channels8 records
Silverco Mining product offering
Product offeringCore offering
Silverco Mining is a publicly listed silver producer that extracts, processes, and sells polymetallic concentrates (lead-silver, copper-silver, zinc) from two 100%-owned underground mines in Mexico: the currently producing La Negra Mine (2,500 tpd nameplate, ~55% utilized) and the Cusi Mine Complex (1,200 tpd permitted, targeted H2 2026 restart). Concentrates are sold into global commodity markets to smelters and metals traders at benchmark-linked prices, with the company targeting 10 Moz AgEq of annual production within three years.
Product overview
Silverco Mining Ltd. is a single-issuer silver producer operating a portfolio of two advanced, 100%-owned mining assets in Mexico rather than a platform with software modules: the Cusi Mine Complex and the La Negra Mine. The Cusi Mine Complex (Chihuahua) is a permitted, past-producing underground silver-lead-zinc-gold operation with an existing 1,200 tpd mill that is on care-and-maintenance and scheduled for restart in H2 2026. The La Negra Mine (Querétaro) is a currently producing underground silver-lead-zinc-copper mine with 2,500 tpd nameplate capacity (currently operating at ~55%) that was folded into Silverco via the May 2026 acquisition of Nuevo Silver Inc. The two mines together form the operational foundation for Silverco's stated target of becoming a 10 million silver-equivalent ounce annual producer within three years, supported by an ongoing 30,000-metre 2026 drill program at Cusi and a 15,000–20,000-metre exploration drill program at La Negra.
Differentiator
Problem solved
Functional benefit
Products and services
- Cusi Mine Complex A permitted, past-producing underground silver-lead-zinc-gold mining complex located in the Sierra Madre Occidental belt, ~120 km west of Chihuahua City, Mexico. Encompasses 95 mineral concessions covering 11,665 hectares and features an existing 1,200 tpd Mal Paso mill with permitted tailings capacity ~40 km from the underground mine, plus a 33 kV grid connection. Targeted for H2 2026 restart with average annual silver-equivalent production of 2.47 Moz at site AISC of US$26.75/oz once fully ramped up.
- La Negra Mine A currently producing underground silver-lead-zinc-copper mine located in the Sierra Gorda range, Querétaro State, Mexico, acquired on May 19, 2026 through the Nuevo Silver Inc. acquisition. Operated since the 1970s through multiple commodity cycles; restarted privately in 2024 and currently operating at approximately 55% of its 2,500 tonne-per-day nameplate capacity. Mining uses room-and-pillar and long-hole stoping methods with a crushing, grinding, flotation, and filtration circuit producing lead-silver, copper-silver, and zinc concentrates.
Quantifiable outcome
- 94.8% after-tax IRR and 0.9-year payback at Cusi base case (US$44.58/oz Ag)
- +5 more outcomes
Companies that use Silverco Mining
Customer profileSegments3 records
Ideal customer profiles2 records
Silverco Mining technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Silverco Mining partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered flagship, core and minor.
- Nuevo Silver Inc.flagshipWholly-owned subsidiary following May 19, 2026 closing of three-cornered amalgamation. Nuevo holds 100% of the La Negra Silver Mine in Querétaro and brought immediate production, ~US$8M cash, an operating team, and 16,802,283 Silverco shares (≈34% post-deal) to the company.
- DLA PipercoreActing as legal counsel to Silverco on the acquisition of Nuevo Silver Inc. and related corporate matters.
- Cassels Brock & Blackwell LLPminorActing as legal counsel to Nuevo Silver in connection with the acquisition by Silverco.
- JDS Energy & Mining Inc.coreEngaged to lead the Cusi Restart Study, delivering results late Q1 2026 in support of the planned H2 2026 production restart.
- Forte AnalyticalcoreEngaged to conduct metallurgical optimization test work at Cusi with results scheduled for late Q1 2026.
- SGS Canada Inc. (SGS Geological Services)flagshipIndependent Qualified Person engaged to validate and update the Cusi Mineral Resource Estimate, incorporating 11,500 m of Silverco drilling and a new San Miguel resource area. Completed MRE (effective October 20, 2025) and filed NI 43-101 Technical Report January 14, 2026.
- Triomphe Holdings Ltd. (d/b/a Capital Analytica)minorSix-month social media, capital markets consultation and social engagement reporting engagement for $150,000 in two tranches; based in Nanaimo, BC; subject to TSXV approval.
- ALS MineralscoreISO/IEC 17025 certified laboratory services — sample preparation in Chihuahua, Mexico and analysis in North Vancouver, BC, used for all Silverco diamond drill core and rock sample assaying at the Cusi Property.
- Peak Investor Marketing Corp.minor12-month investor relations, marketing and public relations services agreement at $12,000/month plus 47,000 stock options exercisable at $1.60 until Aug 1, 2030. Principal contacts Scott Gibson and Nichola Vermeire; termination on 30 days' notice.
Scale indicators10 records
Recent moves8 records
Expansion highlights6 records
Silverco Mining competitors and assessment
Company assessmentBroad incumbents
- Coeur Mining, Inc. US-based precious metals producer with silver-dominant operations including Palmarejo in Mexico. Comparable as a silver-producing peer with Mexican underground operations, though a larger, diversified multi-asset company.
- Pan American Silver Corp. One of the world's largest primary silver producers with significant Mexican operations (including La Colorada). Comparable as a major silver producer with Mexico exposure, though diversified across multiple jurisdictions and metals.
Direct peers
- First Majestic Silver Corp. Established Mexican-focused silver producer operating multiple underground silver mines in Mexico. Directly comparable to Silverco as a Mexico-centric primary silver producer pursuing mid-tier scale, though materially larger and producing today.
- MAG Silver Corp. Intermediate silver developer with its Juanicipio project in Mexico (joint with Fresnillo). Comparable to Silverco as a silver-focused company advancing high-grade Mexican silver assets toward production.
- SilverCrest Metals Inc. Silver producer with Mexican assets (Las Chispas). Comparable to Silverco as a Mexican-focused, high-grade silver producer that recently transitioned from developer to producer.
- Endeavour Silver Corp. Mid-tier silver producer operating multiple underground mines in Mexico. Directly comparable to Silverco in geography (Mexico), commodity focus (silver), and underground mining approach, with multiple operating assets in similar jurisdictions.
Emerging players
- Guanajuato Silver Company Ltd. Emerging Mexican silver producer with multiple producing assets in the Guanajuato mining district. Comparable as a small-cap, Mexico-focused silver producer pursuing growth through production and acquisitions.
- Heliostar Metals Ltd. Junior gold-silver developer with Mexican assets; COO Gregg Bush (a Silverco director) bridges the two companies. Comparable as a small-cap silver-focused Mexico company, though at an earlier stage.
- Avino Silver & Gold Mines Ltd. Intermediate silver-gold producer operating the Avino Mine in Mexico (Durango). Comparable to Silverco in producing silver from a Mexican underground mine, though at a different production stage.
Others
- Wheaton Precious Metals Corp. Precious metals streaming company with significant silver stream agreements on Mexican assets. Comparable as a senior silver-exposure name in the same ecosystem; Gary Brown (Silverco director) is Wheaton's former CFO.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
Silverco Mining social profiles
Digital presenceSilverco Mining financial estimates
Financial estimateRevenue estimate
Valuation estimate
Silverco Mining leadership team
Management profileNumber of profiles
Profiles9 records
Silverco Mining subsidiaries and ownership
Company hierarchySubsidiaries1 record
Silverco Mining funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Silverco Mining M&A and investment
M&A and investmentM&A2 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Silverco Mining
What does Silverco Mining do?
Silverco Mining is a publicly listed silver producer that extracts, processes, and sells polymetallic concentrates (lead-silver, copper-silver, zinc) from two 100%-owned underground mines in Mexico: the currently producing La Negra Mine (2,500 tpd nameplate, ~55% utilized) and the Cusi Mine Complex (1,200 tpd permitted, targeted H2 2026 restart). Concentrates are sold into global commodity markets to smelters and metals traders at benchmark-linked prices, with the company targeting 10 Moz AgEq of annual production within three years.
Is Silverco Mining a public or private company?
Silverco Mining is a public company. It is classified as public and is currently operating.
When was Silverco Mining founded?
Silverco Mining was founded in 2025. It employs 1 to 10 people.
Where is Silverco Mining based?
Silverco Mining is headquartered in Vancouver, Canada, in the North America region.
How does Silverco Mining make money?
Two revenue lines are on record. Silver and base-metal concentrate sales are the primary driver. The others are equity capital raises (bought-deal and private placements).
Who are Silverco Mining's main competitors?
Broad incumbents on record are Coeur Mining, Inc. and Pan American Silver Corp.. Direct peers are First Majestic Silver Corp., MAG Silver Corp., SilverCrest Metals Inc. and Endeavour Silver Corp.. Emerging players are Guanajuato Silver Company Ltd., Heliostar Metals Ltd. and Avino Silver & Gold Mines Ltd.. Wheaton Precious Metals Corp. is listed as an others.
Does Silverco Mining have an API?
No public API is recorded for Silverco Mining.
What industry is Silverco Mining in?
Silverco Mining's product category is Silver Mining. Its primary akta.pro industry code is IMAKAEAB, Silver Mining, with a secondary code of IMAKAEAD, Precious Metals Ore Processing & Beneficiation. Its NAICS code is 21222 and its SIC code is 1040.