Silverco Mining has two 100%-owned underground silver mines in Mexico.

La Negra in Querétaro has been producing since 2024. 2,500 tpd mill. Silver-lead-zinc-copper mine with 40+ years of operating history. Limited exploration for nearly two decades, meaning nobody has properly defined how big this thing actually is.

Cusi in Chihuahua is a past-producing high-grade silver complex on the Sierra Madre Occidental belt. Underground contractors mobilized today. First ore late Q3. First concentrate Q4 2026.

54.4M shares out. C$7.74 today. Market cap roughly C$420M. ~US$50M cash.

Cusi resource alone:

41.2Moz AgEq M&I at 262 g/t

31.8Moz AgEq inferred

73Moz total. 9,000m of 2025 drilling not yet in the resource.

Current EV is ~US$265M. That's ~US$6.40/oz in the ground on the M&I.

MAG Silver trades at $20+/oz in the ground.

Distressed silver developers get $8-12/oz.

La Negra isn't even in that number yet.

Cusi PEA targets 2.5Moz AgEq/year. AISC $26.75/oz. Restart capex US$19.2M.

At $50 silver: ~$23/oz margin on 2.5Moz/year. ~$58M/year from Cusi.

La Negra targeting another 2.5Moz/year. Another ~$50M/year.

Combined at full run rate: ~$108M/year against a US$265M EV.

3-year target is 10Moz/year.

At $50 silver that's $200M+/year in cash flow against today's market cap.

Eric Sprott put C$10M in at C$12.50 in February.

Total insider buying over the past year: C$22.8M at an average of C$11.07.

Stock sits at C$7.74 today.

CEO previously built Victoria Gold. Corporate development ran SilverCrest. Board includes the former CFO of Wheaton Precious Metals and former CEO of MAG Silver.

Mexico jurisdiction risk is worth keeping in consideration. 10Moz/year requires a lot to go right. La Negra still needs its resource defined.

Not financial advice! Do your own research.

By end of 2027, Cusi should be at full run rate and La Negra formally resourced. Two producing silver mines.

Comparable producers trade at an average of $645/oz AgEq production. At 5Moz combined and just half that multiple, you get to US$1.6B+ EV.

A conservative target of US$1B by end of 2027 is roughly 4x from here. And it's still a discount to where peers trade today.