Management team and Board of proven mine builders with a strong global track record of creating shareholder value.
2025 PEA¹ valuation shows strong value with $534M NPV at $2650/oz Au and over $1.2B NPV at $3700/oz Au.*
Compelling upside and valuation
Drilling is underway to Expand Resource and advance the Project towards a PFS.
* Readers are cautioned that this assessment is preliminary in nature. It includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that this preliminary economic assessment will be realized. Life of mine (LOM) cash costs consists of mining costs, processing costs, mine site G&A, refining charges, and royalties. AISC includes cash costs plus sustaining capital, closure cost, and salvage value . See cautionary note on non-IFRS measures. Silver price fixed at US$29.51/oz Ag in both cases.
¹ The preliminary economic assessment (“PEA”) is preliminary in nature. It includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The PEA is based upon the Mineral Resource estimates for the Miraflores and Tesorito deposits with an effective date of July 31, 2025, and upon the assumptions, parameters and qualifications set out in the Technical Report. The Company has not completed a current pre-feasibility study or feasibility study on the project; studies completed by prior operators are treated as historical and not as current. Accordingly, the PEA does not affect the results of any current pre-feasibility or feasibility study.
² Mineral Resource estimates have an effective date of July 31, 2025 and are reported in the Technical Report. Mineral Resources are reported by category. Inferred Mineral Resources are not added to Measured and Indicated Mineral Resources. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There is no certainty that any part of an Inferred Mineral Resource will be converted to an Indicated or Measured Mineral Resource. No Mineral Reserves have been estimated on the Quinchía Gold Project.
1. Market data from FactSet as of March 10th, 2026 2. Market cap implied from raise details on issued and outstanding shares at listing. Resource data from S&P CapitalIQ Pro 4. Source SCP Resource Finance
* Readers are cautioned that this assessment is preliminary in nature. It includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that this preliminary economic assessment will be realized. Life of mine (LOM) cash costs consists of mining costs, processing costs, mine site G&A, refining charges, and royalties. AISC includes cash costs plus sustaining capital, closure cost, and salvage value . See cautionary note on non-IFRS measures. Silver price fixed at US$29.51/oz Ag in both cases.
¹ The preliminary economic assessment (“PEA”) is preliminary in nature. It includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The PEA is based upon the Mineral Resource estimates for the Miraflores and Tesorito deposits with an effective date of July 31, 2025, and upon the assumptions, parameters and qualifications set out in the Technical Report. The Company has not completed a current pre-feasibility study or feasibility study on the project; studies completed by prior operators are treated as historical and not as current. Accordingly, the PEA does not affect the results of any current pre-feasibility or feasibility study.
1. Source: SCP Resource Finance.
Brandon Gaspar
bgaspar@scp-rf.com
$2.60 Price Target
