Mining intelligence · Project

La Cigarra

PEASilverMexico

Total silver eq. resources: 88.74 Moz
After-tax NPV (5%): 762.7 US$M
Property area: 4,033.32 ha
Linked companies: 1

The asset

Project overview

Silver-led project within the Parral Silver District in Mexico, located 20 km north of the Francisco del Oro–Santa Barbara camp. It has a 2026 mineral resource estimate and a positive preliminary economic assessment, with open-pit mining contemplated.

Mine type: Open pit
Region: North America
Property area: 4,033.32 ha

How this data is collected

Mexico

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Silver-led project within the Parral Silver District in Mexico, located 20 km north of the Francisco del Oro–Santa Barbara camp.

Companies behind the asset

Ownership & project roles

Kootenay Silver100%
Owner · 16 mineral concessions covering 4,033.32 ha, subject to ongoing compliance with applicable tax, filing, investment, and production requirements
Source La Cigarra 43-101 Pre Economic Assessment (14.33 MB) · PDF page 23 · Jul 21, 2026

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.

Oxide & sulphide · mineral resources as at Apr 4, 2026NI 43-101

Total silver eq.: 88.74Moz AgEq
Measured & indicated: 69.02Moz AgEq
Inferred: 19.72Moz AgEq

La Cigarra Deposit in-pit Mineral Resource, including oxide and sulphide mineralization, constrained by continuous 3-D wireframe models and a constraining pit shell. Total combines resource categories with different confidence levels; inferred resources are not reserves.

Source La Cigarra 43-101 Pre Economic Assessment (14.33 MB) · PDF page 162 · Jul 21, 2026

Market cap per resource ounce

Kootenay Silver · US$87.9M market cap

All categories: US$0.99/ oz AgEq
Measured & indicated: US$1.27/ oz AgEq
Inferred: US$4.46/ 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.

Category	TonnageMt	Grade					Contained metal
Category	TonnageMt	Silverg/t	Goldg/t	Lead%	Zinc%	Silver eq.g/t	SilverMoz	Goldkoz	LeadMlb	ZincMlb	Silver eq.Moz
Measured	2.93	84	0.06	0.14	0.19	96	7.87	5.6	9.1	12.4	9.01
Indicated	20.09	81	0.06	0.14	0.19	93	52.14	39.6	62.2	84.6	60.01
Measured & indicatedsubtotal	23.02	81	0.06	0.14	0.19	93	60.02	45.2	71.3	97	69.02
Inferred	6.78	79	0.05	0.15	0.17	90	17.25	11.9	22.7	25.5	19.72

Cut-off 30 g/t

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 · 2026

Preliminary economic assessment

Reported base-case project economics for the 2026 PEA.

Post-tax NPV (5% discount rate): 762.7US$M
Post-tax IRR: 41%
Initial capital including closure deposit: 332.2US$M
All-in sustaining cost: 18.74US$/oz Ag

Market cap / after-tax (5%) NPV

11.5%Kootenay Silverof after-tax (5%) project NPV

Market cap US$87.9M · NPV US$762.7M · 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: $50/oz
Gold: $3,611/oz
Lead: $0.91/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.

Peak annual output: 6.32
Operating periods shown: 14

Silver · Moz Ag per operating period

Operating period

View annual figures

Reported Silver annual production
Operating period	Silver (Moz Ag)
1	6.3212
2	5.2011
3	5.223
4	4.4809
5	4.5837
6	4.0223
7	4.3068
8	4.3624
9	4.5386
10	4.2408
11	4.0453
12	4.1882
13	3.8997
14	4.25

Annual payable metal production from the base-case cash-flow table, rather than gross metal produced.

Source La Cigarra 43-101 Pre Economic Assessment (14.33 MB) · PDF page 261 · Jul 21, 2026

Mine life & production

Mine life: 14 years
LOM total payable silver production: 63,663.9 koz
LOM total payable gold production: 27.3 koz
LOM total payable lead production: 45.3 Mlb
LOM total payable zinc production: 48.5 Mlb
Operating cash cost: 16.85 US$/oz Ag
LOM EBITDA: 2,342 US$M

Cash flow, capital & returns

Post-tax payback period: 1.9 years
LOM pre-tax free cash flow: 1,896.9 US$M
LOM post-tax free cash flow: 1,165.9 US$M
LOM sustaining capital: 79.7 US$M
Pre-tax NPV (5% discount rate): 1,264.9 US$M
Pre-tax IRR: 55 %
Pre-tax payback period: 1.7 years

Study assumptions, grades & recoveries

Silver price assumption: 50 US$/oz
Gold price assumption: 3,611 US$/oz
Lead price assumption: 0.91 US$/lb
Zinc price assumption: 1.25 US$/lb
LOM average silver head grade: 78.7 g/t
LOM average lead head grade: 0.13 %
LOM average zinc head grade: 0.18 %
LOM average gold head grade: 0.06 g/t
Oxide silver recovery: 88.3 %
Sulphide silver recovery: 89.3 %
Oxide gold recovery: 37.5 %
Sulphide gold recovery: 61.8 %

The economic analysis uses base-case silver, gold, lead and zinc prices and a 5.00% discount rate; all monetary values are reported in U.S. dollars.

Source La Cigarra 43-101 Pre Economic Assessment (14.33 MB) · PDF page 256 · Jul 21, 2026

Source La Cigarra 43-101 Pre Economic Assessment (14.33 MB) · PDF page 21 · Jul 21, 2026