Mining intelligence · Project

Cerro Las Minitas

PermittingSilverMexico

OperatorSouthern Silver Exploration Corp

Total silver eq. resources: 302.51 Moz
After-tax NPV (5%): 501 US$M
Property area: 27,451 ha
Linked companies: 1

The asset

Project overview

Silver-enriched Ag-Cu-Pb-Zn skarn/CRD project in Durango, Mexico. The project has a 2024 PEA, ongoing permitting and baseline studies, and is planned as an underground mine; the Puro Corazón claim is being consolidated into the project.

Mine type: Underground
Region: North America
Property area: 27,451 ha

How this data is collected

Mexico

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The Cerro Las Minitas Project is an exploration and resource development project located in Mexico, 70 km northeast of the City of Durango, capital of the state of Durango, and 6 km northwest of the town of Guadalupe Victoria, in the municipality of Guadalupe Victoria, Durango.

Companies behind the asset

Ownership & project roles

Southern Silver Exploration Corp100%
Owner · Cerro Las Minitas Project
Source ssv corporate presentation aug 2026 · PDF page 3 · Aug 1, 2026
Southern Silver Exploration Corp
Operator · runs the project, does not imply ownership · Cerro Las Minitas property
Source NI 43-101 Technical Report Preliminary Economic Assessment of the Cerro Las Minitas Project, Durango State, Mexico, Effective Date August 29, 2022 · PDF page 25 · Aug 29, 2022

Mineral inventory

Resources and reserves

How this data is collected

Explore the reported mineral inventory, from headline totals to individual deposits. Resources and reserves remain separate; equivalent metal uses the company’s own assumptions.

Sulphide · mineral resources as at Mar 20, 2024NI 43-101

Total silver eq.: 302.51Moz AgEq
Indicated: 116.13Moz AgEq
Inferred: 186.38Moz AgEq

Cerro Las Minitas sulphide mineral resource estimate. Total combines resource categories with different confidence levels; inferred resources are not reserves.

Source ssv corporate presentation sep 2026 · PDF page 12 · Sep 1, 2026

Market cap per resource ounce

Southern Silver Exploration Corp · US$173.5M market cap

All categories: US$0.57/ oz AgEq
Indicated: US$1.49/ oz AgEq
Inferred: US$0.93/ oz AgEq

Each figure divides the whole company market cap by that category’s reported ounces in this estimate. No ownership adjustment; other company assets are not deducted. Resource ounces are not recoverable production or cash value. Share price 2026-09-21 · FX 2026-09-22.

Whole property

Category	TonnageMt	Grade						Contained metal
Category	TonnageMt	Silverg/t	Goldg/t	Lead%	Zinc%	Copper%	Silver eq.g/t	SilverMoz	Goldkoz	LeadMlb	ZincMlb	CopperMlb	Silver eq.Moz
Indicated	13.3	102	0.07	1.3	3.1	0.17	272	43.45	32	374	921	49	116.13
Inferred	23.43	111	0.14	1.1	2.1	0.21	247	83.36	104	582	1,106	111	186.38

Cut-off 60 US$/t

Breakdown by deposit (6) — restates the totals above, not additional to them

Blind Zone

Category	TonnageMt	Grade						Contained metal
Category	TonnageMt	Silverg/t	Goldg/t	Lead%	Zinc%	Copper%	Silver eq.g/t	SilverMoz	Goldkoz	LeadMlb	ZincMlb	CopperMlb	Silver eq.Moz
Indicated	2.61	92	0.04	1.8	2	0.1	227	7.75	4	106	116	6	19.11
Inferred	1.7	74	0.2	1.2	1.8	0.08	192	4.03	11	46	66	3	10.46

Cut-off 60 US$/t

El Sol Zone

Category	TonnageMt	Grade						Contained metal
Category	TonnageMt	Silverg/t	Goldg/t	Lead%	Zinc%	Copper%	Silver eq.g/t	SilverMoz	Goldkoz	LeadMlb	ZincMlb	CopperMlb	Silver eq.Moz
Indicated	1.25	77	0.04	2.1	1.9	0.08	214	3.1	2	57	54	2	8.6
Inferred	1.17	57	0.03	1.7	2.1	0.06	185	2.15	1	43	53	1	6.96

Cut-off 60 US$/t

La Bocona/North Felsite Zone

Category	TonnageMt	Grade						Contained metal
Category	TonnageMt	Silverg/t	Goldg/t	Lead%	Zinc%	Copper%	Silver eq.g/t	SilverMoz	Goldkoz	LeadMlb	ZincMlb	CopperMlb	Silver eq.Moz
Indicated	1.81	121	0.19	2.1	1.5	0.23	262	7.04	11	82	59	9	15.24
Inferred	2.67	120	0.22	1.4	1.6	0.13	243	10.33	19	85	95	7	20.86

Cut-off 60 US$/t

Las Victorias Zone

Category	TonnageMt	Grade						Contained metal
Category	TonnageMt	Silverg/t	Goldg/t	Lead%	Zinc%	Copper%	Silver eq.g/t	SilverMoz	Goldkoz	LeadMlb	ZincMlb	CopperMlb	Silver eq.Moz
Inferred	1.42	124	0.65	1.9	2.2	0.12	307	5.63	30	58	69	4	14

Cut-off 60 US$/t

Skarn Front Zone

Category	TonnageMt	Grade						Contained metal
Category	TonnageMt	Silverg/t	Goldg/t	Lead%	Zinc%	Copper%	Silver eq.g/t	SilverMoz	Goldkoz	LeadMlb	ZincMlb	CopperMlb	Silver eq.Moz
Indicated	7.63	104	0.06	0.8	4.1	0.19	298	25.56	15	128	692	32	73.18
Inferred	12.44	110	0.05	0.7	2.6	0.32	254	43.83	20	180	711	88	101.62

Cut-off 60 US$/t

South Skarn Zone

Category	TonnageMt	Grade						Contained metal
Category	TonnageMt	Silverg/t	Goldg/t	Lead%	Zinc%	Copper%	Silver eq.g/t	SilverMoz	Goldkoz	LeadMlb	ZincMlb	CopperMlb	Silver eq.Moz
Inferred	4.04	134	0.19	1.9	1.3	0.08	250	17.39	24	170	112	7	32.48

Cut-off 60 US$/t

Oxide · mineral resources as at Mar 20, 2024NI 43-101

La Bocona Oxide mineral resource estimate at a US$60/t NSR cut-off · Oxide mineral resource estimate; base metals were not recovered in the leach circuit and gold recovery was estimated at 70%

Category	Tonnagekt	Grade
Category	Tonnagekt	Silverg/t	Goldg/t
InferredTable 1-3	139	111.61	1.37

Cut-off 60 US$/t

Source Cerro Las Minitas NI 43-101 Technical Report and PEA (2024) · PDF page 28 · Jun 4, 2024

Shaded columns are equivalent figures. An equivalent column combines the metals beside it on the company's own price assumptions. It is not additional metal and must not be added to them.

The development case

Project economics

Company-reported study estimates, modelled under the assumptions below. These are not actual operating results.

PEA · 2024

Preliminary economic assessment

Reported project economics for the 2024 PEA.

After-tax NPV (5% discount rate): 501US$M
After-tax IRR: 21.2%
Initial capex: 388US$M
LOM average AISC: 13.23US$/ozAgEq

Market cap / after-tax (5%) NPV

34.6%Southern Silver Exploration Corpof after-tax (5%) project NPV

Market cap US$173.5M · NPV US$501M · Share price 2026-09-21 · FX 2026-09-22. Whole company compared with the full project NPV; no ownership adjustment.

Metal prices the company used in this PEA

Silver: $23/oz
Gold: $1,850/oz
Copper: $4/lb
Lead: $1/lb
Zinc: $1.25/lb

All prices in US dollars.

Production through the mine life

Payable metal by operating period, including reported ramp-up and partial years.

Years 1-8 average annual production: 14.4
LOM average annual production: 11.4
Peak annual output: 17.97

Source Annual averages: Presentation · PDF page 13 · Sep 1, 2026

AgEq · Moz AgEq per operating period

Operating period

Equivalent metal combines the metals under the study’s price assumptions. It is not additional physical production.

View annual figures

Reported AgEq annual production
Operating period	AgEq (Moz AgEq)
1	11.959
2	12.806
3	14.729
4	16.133
5	15.471
6	17.965
7	14.646
8	11.682
9	10.658
10	11.209
11	11.521
12	11.231
13	11.017
14	9.201
15	7.362
16	3.839
17	2.765
18	0.137

Annual values are payable metal, not produced or recovered metal; AgEq is reported separately from the physical metals, with Year 18 being the partial final operating year.

Source Cerro Las Minitas NI 43-101 Technical Report and PEA (2024) · PDF page 312 · Jun 4, 2024

Mine life & production

Mine life: 17+ years
LOM average annual production: 11.4 MozAgEq
Years 1-8 average annual production: 14.4 MozAgEq
Nominal throughput: 5,300 tpd
Modelled LOM production: 29.5 Mt

Cash flow, capital & returns

Average after-tax annual FCF during production years: 78 US$M
LOM sustaining capex: 160 US$M
Pre-tax NPV (5% discount rate): 888 US$M
Pre-tax IRR: 30 %

Study assumptions, grades & recoveries

Average silver head grade: 104.1 g/t
Average AgEq head grade: 256.8 g/t
Average silver recovery: 93.3 %
Modelled LOM gold head grade: 0.11 g/t Au
Modelled LOM copper head grade: 0.19 % Cu
Modelled LOM lead head grade: 1.06 % Pb
Modelled LOM zinc head grade: 2.41 % Zn
Average NSR: 131 $US/t

LOM Ag/Au/Cu/Pb/Zn sales are shown on an AgEq basis using Ag = $23.00/oz, Au = $1850/oz, Cu = $4.00/lb, Pb = $1.00/lb and Zn = $1.25/lb. Average silver recovery is 93.30%. AISC is reported on a co-byproduct basis using AgEq.

Source Presentation · PDF page 13 · Sep 1, 2026