Silverco Releases Positive PEA for Producing La Negra Mine Outlining a Low Capital, 8.2 Year Mine Life Generating After-Tax NPV of $329 Million
Original announcement by investingnews on
- Company
- Silverco Mining Ltd.
- Ticker
- SICO
- Exchange
- TSXV
- Region
- Querétaro, Mexico
- Primary commodity
- Silver
- Secondary commodities
- Copper, Lead, Zinc
- Document categories
- Resource update, Economic study, Metallurgy
- Extracted
- 2026-09-21 15:18:45 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Silverco Mining has released a positive Preliminary Economic Assessment (PEA) for its La Negra Mine in Mexico, projecting an after-tax NPV(5%) of $329 million and a 131% IRR over an 8.2-year mine life. The study highlights low initial capital of $20.9 million and average annual production of 4.1 Moz silver equivalent. The PEA is supported by an updated Mineral Resource Estimate, including 15.23 Mt Indicated resources at 201 g/t AgEq, and incorporates high metallurgical recoveries based on actual plant performance.
Reasoning: The document presents a highly positive PEA for the La Negra Mine, demonstrating strong economics with a significant after-tax NPV and IRR, low capital intensity, and a substantial mine life. The supporting MRE provides a robust resource base, and the project benefits from existing infrastructure and permits. While it is a PEA and includes Inferred resources, the overall picture is very favorable for Silverco Mining.
Positive factors
- Strong after-tax NPV and IRR for a PEA, indicating robust project economics.
- Low initial capital requirements relative to the project's value.
- Long mine life with significant annual silver equivalent production.
- New Mineral Resource Estimate provides a solid foundation, with a high percentage of Indicated resources.
- Existing infrastructure and fully permitted status reduce project risk.
- High metallurgical recoveries for all key metals, based on actual plant performance.
Negative factors
- PEA includes Inferred Mineral Resources, which are speculative and cannot be converted to reserves.
- The study is a Preliminary Economic Assessment (PEA), which has a lower level of accuracy and confidence compared to PFS or DFS.
- AISC is reported on a co-product basis for AgEq, which can be less transparent than a primary metal AISC.
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 61
Classification and evidence
PEA Onlyneutral
Only Class 4 / Initial Assessment economics available. Not bankable.
Why it applies: The document explicitly states the release of a 'Preliminary Economic Assessment (PEA)'.
Evidence · text
“Silverco Releases Positive PEA for Producing La Negra Mine Outlining a Low Capital, 8.2 Year Mine Life Generating After-Tax NPV of $329 Million”
High IRRpositive
Post-tax real unlevered IRR in the strong tier or better.
Why it applies: The after-tax IRR of 131% is well above the strong tier threshold for economic studies.
Evidence · table
“131”
Context: After-Tax IRR
Fast Paybackpositive
Payback in the strong tier or better, on the required basis.
Why it applies: The after-tax payback period of 2.0 years is within the exceptional tier for economic studies.
Evidence · table
“2.0”
Context: After-Tax Payback
Low Capital Intensitypositive
Below the benchmark for its project type.
Why it applies: The initial capital of $20.9 million is highlighted as 'Low Capital Requirements' and results in a 15.7x after-tax NPV to initial capital ratio.
Evidence · text
“Low Capital Requirements - Initial capital of only $20.9 M, delivering a 15.7x after-tax NPV to initial capital ratio at base case metal prices.”
Inferred Heavy Feednegative
Material Inferred share of LOM mill feed, or the share is undisclosed.
Why it applies: The production schedule underlying the PEA includes approximately 21% Inferred Mineral Resources by tonnage.
Evidence · text
“The production schedule underlying the PEA includes approximately 79% Indicated and 21% Inferred Mineral Resources by tonnage.”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The MRE was prepared in accordance with National Instrument 43-101, which is a high reporting standard.
Evidence · text
“The PEA and supporting Mineral Resource Estimate ("MRE") were prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101")”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The MRE was prepared by Allan Armitage, Ph.D., P.Geo. of SGS Geological Services, an independent Qualified Person as defined by NI 43-101.
Evidence · text
“The MRE was prepared by Allan Armitage, Ph.D., P.Geo. of SGS Geological Services, an independent Qualified Person as defined by NI 43-101.”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: Life-of-mine metallurgical recoveries average 83.6% for silver, 77.8% for copper, 81.5% for lead and 81.9% for zinc, which are strong for a flotation circuit.
Evidence · text
“Life-of-mine metallurgical recoveries average 83.6% for silver, 77.8% for copper, 81.5% for lead and 81.9% for zinc.”
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: Metallurgical recovery assumptions were developed off actual plant performance since restarting in 2024 up to Q1 2026, indicating a high level of test maturity.
Evidence · text
“Metallurgical recovery assumptions were developed off actual plant performance since restarting in 2024 up to Q1 2026.”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: The processing facility at La Negra consists of a standard crushing, grinding, flotation, and filtration circuit.
Evidence · text
“The processing facility at La Negra consists of a standard crushing, grinding, flotation, and filtration circuit producing lead-silver, copper-silver, and zinc concentrates.”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: A current resource fact retains the disclosed cut-off grade
Extracted facts
Stored fact records: 60. Some facts used in scoring do not have a stored record.
Resource Estimates (56)
indicatedLa Negra Mine · silverTonnes: 15230000Grade: 106Grade Unit: g/tContained Metal: 51.9Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:d1bc25b8a5445b143590
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 15230000
- Grade
- 106
- Grade Unit
- g/t
- Contained Metal
- 51.9
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 201
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101.
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“106”
Context: 15.23
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · leadTonnes: 15230000Grade: 0.59Grade Unit: %Contained Metal: 199Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:d1bc25b8a5445b143590
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 15230000
- Grade
- 0.59
- Grade Unit
- %
- Contained Metal
- 199
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 201
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This represents a substantial indicated lead resource, contributing to the overall project economics as a byproduct. The estimate is compliant with NI 43-101.
Positive factors
- Significant indicated resource for lead as a byproduct.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“0.59”
Context: 15.23
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · zincTonnes: 15230000Grade: 1.81Grade Unit: %Contained Metal: 608Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:d1bc25b8a5445b143590
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 15230000
- Grade
- 1.81
- Grade Unit
- %
- Contained Metal
- 608
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 201
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This represents a substantial indicated zinc resource, contributing to the overall project economics as a byproduct. The estimate is compliant with NI 43-101.
Positive factors
- Significant indicated resource for zinc as a byproduct.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“1.81”
Context: 15.23
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · copperTonnes: 15230000Grade: 0.47Grade Unit: %Contained Metal: 158Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:d1bc25b8a5445b143590
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 15230000
- Grade
- 0.47
- Grade Unit
- %
- Contained Metal
- 158
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 201
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This represents a substantial indicated copper resource, contributing to the overall project economics as a byproduct. The estimate is compliant with NI 43-101.
Positive factors
- Significant indicated resource for copper as a byproduct.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“0.47”
Context: 15.23
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · silverTonnes: 2260000Grade: 92Grade Unit: g/tContained Metal: 6.72Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:74ef2e845c04ca26f598
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2260000
- Grade
- 92
- Grade Unit
- g/t
- Contained Metal
- 6.72
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 174
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This inferred resource adds to the overall potential of the project, but its speculative nature means it carries higher risk and cannot be directly converted to reserves without further drilling.
Positive factors
- Good inferred resource tonnage and contained metal, providing exploration upside.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Negative factors
- Inferred resources have a lower level of confidence and are considered speculative for economic studies.
Evidence · table
“92”
Context: 2.26
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · leadTonnes: 2260000Grade: 1Grade Unit: %Contained Metal: 49.7Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:74ef2e845c04ca26f598
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2260000
- Grade
- 1
- Grade Unit
- %
- Contained Metal
- 49.7
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 174
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This inferred resource adds to the overall potential of the project, but its speculative nature means it carries higher risk and cannot be directly converted to reserves without further drilling.
Positive factors
- Good inferred resource for lead as a byproduct, providing exploration upside.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Negative factors
- Inferred resources have a lower level of confidence and are considered speculative for economic studies.
Evidence · table
“1.00”
Context: 2.26
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · zincTonnes: 2260000Grade: 1.92Grade Unit: %Contained Metal: 95.7Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:74ef2e845c04ca26f598
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2260000
- Grade
- 1.92
- Grade Unit
- %
- Contained Metal
- 95.7
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 174
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This inferred resource adds to the overall potential of the project, but its speculative nature means it carries higher risk and cannot be directly converted to reserves without further drilling.
Positive factors
- Good inferred resource for zinc as a byproduct, providing exploration upside.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Negative factors
- Inferred resources have a lower level of confidence and are considered speculative for economic studies.
Evidence · table
“1.92”
Context: 2.26
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · copperTonnes: 2260000Grade: 0.21Grade Unit: %Contained Metal: 10.6Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:74ef2e845c04ca26f598
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2260000
- Grade
- 0.21
- Grade Unit
- %
- Contained Metal
- 10.6
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 174
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This inferred resource adds to the overall potential of the project, but its speculative nature means it carries higher risk and cannot be directly converted to reserves without further drilling.
Positive factors
- Good inferred resource for copper as a byproduct, providing exploration upside.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Negative factors
- Inferred resources have a lower level of confidence and are considered speculative for economic studies.
Evidence · table
“0.21”
Context: 2.26
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · silverTonnes: 5340000Grade: 158Grade Unit: g/tContained Metal: 27.1Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:f1c79cbe7a2b2a25039f
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 5340000
- Grade
- 158
- Grade Unit
- g/t
- Contained Metal
- 27.1
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 264
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“158”
Context: 5.34
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · leadTonnes: 5340000Grade: 1.04Grade Unit: %Contained Metal: 121.8Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:f1c79cbe7a2b2a25039f
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 5340000
- Grade
- 1.04
- Grade Unit
- %
- Contained Metal
- 121.8
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 264
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“1.04”
Context: 5.34
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · zincTonnes: 5340000Grade: 2.27Grade Unit: %Contained Metal: 267.4Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:f1c79cbe7a2b2a25039f
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 5340000
- Grade
- 2.27
- Grade Unit
- %
- Contained Metal
- 267.4
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 264
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“2.27”
Context: 5.34
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · copperTonnes: 5340000Grade: 0.39Grade Unit: %Contained Metal: 46.2Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:f1c79cbe7a2b2a25039f
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 5340000
- Grade
- 0.39
- Grade Unit
- %
- Contained Metal
- 46.2
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 264
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“0.39”
Context: 5.34
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · silverTonnes: 220000Grade: 247Grade Unit: g/tContained Metal: 1.8Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:9da1a51ad0d28bd704e9
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 220000
- Grade
- 247
- Grade Unit
- g/t
- Contained Metal
- 1.8
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 417
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This inferred resource adds to the overall potential of the project, but its speculative nature means it carries higher risk and cannot be directly converted to reserves without further drilling. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Good inferred resource tonnage and contained metal, providing exploration upside.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Negative factors
- Inferred resources have a lower level of confidence and are considered speculative for economic studies.
Evidence · table
“247”
Context: 0.22
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · leadTonnes: 220000Grade: 1.81Grade Unit: %Contained Metal: 8.9Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:9da1a51ad0d28bd704e9
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 220000
- Grade
- 1.81
- Grade Unit
- %
- Contained Metal
- 8.9
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 417
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This inferred resource adds to the overall potential of the project, but its speculative nature means it carries higher risk and cannot be directly converted to reserves without further drilling. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Good inferred resource tonnage and contained metal, providing exploration upside.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Negative factors
- Inferred resources have a lower level of confidence and are considered speculative for economic studies.
Evidence · table
“1.81”
Context: 0.22
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · zincTonnes: 220000Grade: 4.48Grade Unit: %Contained Metal: 22.1Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:9da1a51ad0d28bd704e9
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 220000
- Grade
- 4.48
- Grade Unit
- %
- Contained Metal
- 22.1
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 417
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This inferred resource adds to the overall potential of the project, but its speculative nature means it carries higher risk and cannot be directly converted to reserves without further drilling. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Good inferred resource tonnage and contained metal, providing exploration upside.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Negative factors
- Inferred resources have a lower level of confidence and are considered speculative for economic studies.
Evidence · table
“4.48”
Context: 0.22
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · copperTonnes: 220000Grade: 0.36Grade Unit: %Contained Metal: 1.8Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:9da1a51ad0d28bd704e9
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 220000
- Grade
- 0.36
- Grade Unit
- %
- Contained Metal
- 1.8
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 417
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This inferred resource adds to the overall potential of the project, but its speculative nature means it carries higher risk and cannot be directly converted to reserves without further drilling. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Good inferred resource tonnage and contained metal, providing exploration upside.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Negative factors
- Inferred resources have a lower level of confidence and are considered speculative for economic studies.
Evidence · table
“0.36”
Context: 0.22
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · silverTonnes: 860000Grade: 71Grade Unit: g/tContained Metal: 2Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:d5ff27bc6d00f2689043
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 860000
- Grade
- 71
- Grade Unit
- g/t
- Contained Metal
- 2
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 146
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“71”
Context: 0.86
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · leadTonnes: 860000Grade: 0.33Grade Unit: %Contained Metal: 6.2Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:d5ff27bc6d00f2689043
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 860000
- Grade
- 0.33
- Grade Unit
- %
- Contained Metal
- 6.2
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 146
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“0.33”
Context: 0.86
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · zincTonnes: 860000Grade: 0.68Grade Unit: %Contained Metal: 12.9Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:d5ff27bc6d00f2689043
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 860000
- Grade
- 0.68
- Grade Unit
- %
- Contained Metal
- 12.9
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 146
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“0.68”
Context: 0.86
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · copperTonnes: 860000Grade: 0.61Grade Unit: %Contained Metal: 11.6Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:d5ff27bc6d00f2689043
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 860000
- Grade
- 0.61
- Grade Unit
- %
- Contained Metal
- 11.6
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 146
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“0.61”
Context: 0.86
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · silverTonnes: 1710000Grade: 93Grade Unit: g/tContained Metal: 5.1Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:53bbe8145c94d0aec275
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1710000
- Grade
- 93
- Grade Unit
- g/t
- Contained Metal
- 5.1
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 155
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“93”
Context: 1.71
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · leadTonnes: 1710000Grade: 0.53Grade Unit: %Contained Metal: 20Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:53bbe8145c94d0aec275
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1710000
- Grade
- 0.53
- Grade Unit
- %
- Contained Metal
- 20
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 155
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“0.53”
Context: 1.71
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · zincTonnes: 1710000Grade: 1.2Grade Unit: %Contained Metal: 45.2Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:53bbe8145c94d0aec275
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1710000
- Grade
- 1.2
- Grade Unit
- %
- Contained Metal
- 45.2
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 155
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“1.20”
Context: 1.71
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · copperTonnes: 1710000Grade: 0.28Grade Unit: %Contained Metal: 10.6Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:53bbe8145c94d0aec275
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1710000
- Grade
- 0.28
- Grade Unit
- %
- Contained Metal
- 10.6
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 155
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“0.28”
Context: 1.71
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · silverTonnes: 1090000Grade: 61Grade Unit: g/tContained Metal: 2.2Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:16c3b3e50f7b01e91f9a
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1090000
- Grade
- 61
- Grade Unit
- g/t
- Contained Metal
- 2.2
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 141
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“61”
Context: 1.09
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · leadTonnes: 1090000Grade: 0.22Grade Unit: %Contained Metal: 5.3Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:16c3b3e50f7b01e91f9a
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1090000
- Grade
- 0.22
- Grade Unit
- %
- Contained Metal
- 5.3
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 141
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“0.22”
Context: 1.09
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · zincTonnes: 1090000Grade: 1.41Grade Unit: %Contained Metal: 33.9Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:16c3b3e50f7b01e91f9a
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1090000
- Grade
- 1.41
- Grade Unit
- %
- Contained Metal
- 33.9
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 141
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“1.41”
Context: 1.09
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · copperTonnes: 1090000Grade: 0.48Grade Unit: %Contained Metal: 11.6Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:16c3b3e50f7b01e91f9a
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1090000
- Grade
- 0.48
- Grade Unit
- %
- Contained Metal
- 11.6
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 141
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“0.48”
Context: 1.09
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · silverTonnes: 970000Grade: 111Grade Unit: g/tContained Metal: 3.5Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:99952714a86194e3834b
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 970000
- Grade
- 111
- Grade Unit
- g/t
- Contained Metal
- 3.5
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 255
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“111”
Context: 0.97
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · leadTonnes: 970000Grade: 0.47Grade Unit: %Contained Metal: 10.1Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:99952714a86194e3834b
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 970000
- Grade
- 0.47
- Grade Unit
- %
- Contained Metal
- 10.1
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 255
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“0.47”
Context: 0.97
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · zincTonnes: 970000Grade: 3.05Grade Unit: %Contained Metal: 65.1Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:99952714a86194e3834b
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 970000
- Grade
- 3.05
- Grade Unit
- %
- Contained Metal
- 65.1
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 255
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“3.05”
Context: 0.97
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · copperTonnes: 970000Grade: 0.72Grade Unit: %Contained Metal: 15.3Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:99952714a86194e3834b
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 970000
- Grade
- 0.72
- Grade Unit
- %
- Contained Metal
- 15.3
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 255
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“0.72”
Context: 0.97
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · silverTonnes: 50000Grade: 48Grade Unit: g/tContained Metal: 0.1Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:b05cacc5f5fa91db0614
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 50000
- Grade
- 48
- Grade Unit
- g/t
- Contained Metal
- 0.1
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 119
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This inferred resource adds to the overall potential of the project, but its speculative nature means it carries higher risk and cannot be directly converted to reserves without further drilling. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Good inferred resource tonnage and contained metal, providing exploration upside.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Negative factors
- Inferred resources have a lower level of confidence and are considered speculative for economic studies.
Evidence · table
“48”
Context: 0.05
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · leadTonnes: 50000Grade: 0.14Grade Unit: %Contained Metal: 0.2Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:b05cacc5f5fa91db0614
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 50000
- Grade
- 0.14
- Grade Unit
- %
- Contained Metal
- 0.2
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 119
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This inferred resource adds to the overall potential of the project, but its speculative nature means it carries higher risk and cannot be directly converted to reserves without further drilling. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Good inferred resource tonnage and contained metal, providing exploration upside.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Negative factors
- Inferred resources have a lower level of confidence and are considered speculative for economic studies.
Evidence · table
“0.14”
Context: 0.05
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · zincTonnes: 50000Grade: 1.75Grade Unit: %Contained Metal: 2Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:b05cacc5f5fa91db0614
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 50000
- Grade
- 1.75
- Grade Unit
- %
- Contained Metal
- 2
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 119
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This inferred resource adds to the overall potential of the project, but its speculative nature means it carries higher risk and cannot be directly converted to reserves without further drilling. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Good inferred resource tonnage and contained metal, providing exploration upside.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Negative factors
- Inferred resources have a lower level of confidence and are considered speculative for economic studies.
Evidence · table
“1.75”
Context: 0.05
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · copperTonnes: 50000Grade: 0.29Grade Unit: %Contained Metal: 0.3Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:b05cacc5f5fa91db0614
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 50000
- Grade
- 0.29
- Grade Unit
- %
- Contained Metal
- 0.3
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 119
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This inferred resource adds to the overall potential of the project, but its speculative nature means it carries higher risk and cannot be directly converted to reserves without further drilling. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Good inferred resource tonnage and contained metal, providing exploration upside.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Negative factors
- Inferred resources have a lower level of confidence and are considered speculative for economic studies.
Evidence · table
“0.29”
Context: 0.05
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · silverTonnes: 2820000Grade: 71Grade Unit: g/tContained Metal: 6.5Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:550d22a6760ff23f6b1a
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 2820000
- Grade
- 71
- Grade Unit
- g/t
- Contained Metal
- 6.5
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 165
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“71”
Context: 2.82
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · leadTonnes: 2820000Grade: 0.26Grade Unit: %Contained Metal: 16.4Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:550d22a6760ff23f6b1a
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 2820000
- Grade
- 0.26
- Grade Unit
- %
- Contained Metal
- 16.4
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 165
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“0.26”
Context: 2.82
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · zincTonnes: 2820000Grade: 1.33Grade Unit: %Contained Metal: 83Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:550d22a6760ff23f6b1a
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 2820000
- Grade
- 1.33
- Grade Unit
- %
- Contained Metal
- 83
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 165
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“1.33”
Context: 2.82
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · copperTonnes: 2820000Grade: 0.66Grade Unit: %Contained Metal: 40.8Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:550d22a6760ff23f6b1a
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 2820000
- Grade
- 0.66
- Grade Unit
- %
- Contained Metal
- 40.8
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 165
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“0.66”
Context: 2.82
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · silverTonnes: 770000Grade: 51Grade Unit: g/tContained Metal: 1.3Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:40fba1b9bc64b60bb916
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 770000
- Grade
- 51
- Grade Unit
- g/t
- Contained Metal
- 1.3
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 130
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“51”
Context: 0.77
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · leadTonnes: 770000Grade: 0.14Grade Unit: %Contained Metal: 2.3Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:40fba1b9bc64b60bb916
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 770000
- Grade
- 0.14
- Grade Unit
- %
- Contained Metal
- 2.3
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 130
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“0.14”
Context: 0.77
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · zincTonnes: 770000Grade: 1.2Grade Unit: %Contained Metal: 20.2Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:40fba1b9bc64b60bb916
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 770000
- Grade
- 1.2
- Grade Unit
- %
- Contained Metal
- 20.2
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 130
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“1.20”
Context: 0.77
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · copperTonnes: 770000Grade: 0.54Grade Unit: %Contained Metal: 9.2Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:40fba1b9bc64b60bb916
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 770000
- Grade
- 0.54
- Grade Unit
- %
- Contained Metal
- 9.2
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 130
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“0.54”
Context: 0.77
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · silverTonnes: 1680000Grade: 82Grade Unit: g/tContained Metal: 4.4Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:bcee3c92c5867b27cf88
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1680000
- Grade
- 82
- Grade Unit
- g/t
- Contained Metal
- 4.4
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“82”
Context: 1.68
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · leadTonnes: 1680000Grade: 0.46Grade Unit: %Contained Metal: 16.9Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:bcee3c92c5867b27cf88
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1680000
- Grade
- 0.46
- Grade Unit
- %
- Contained Metal
- 16.9
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“0.46”
Context: 1.68
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · zincTonnes: 1680000Grade: 2.17Grade Unit: %Contained Metal: 80.1Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:bcee3c92c5867b27cf88
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1680000
- Grade
- 2.17
- Grade Unit
- %
- Contained Metal
- 80.1
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“2.17”
Context: 1.68
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Negra Mine · copperTonnes: 1680000Grade: 0.34Grade Unit: %Contained Metal: 12.7Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:bcee3c92c5867b27cf88
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1680000
- Grade
- 0.34
- Grade Unit
- %
- Contained Metal
- 12.7
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a substantial indicated resource for silver, forming a strong base for the PEA. The grade is good, and the estimate is compliant with NI 43-101. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated resource tonnage and contained metal.
- High AgEq grade for an indicated resource.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Evidence · table
“0.34”
Context: 1.68
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · silverTonnes: 1700000Grade: 73Grade Unit: g/tContained Metal: 4Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:4c44b1999c9c498d4f63
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1700000
- Grade
- 73
- Grade Unit
- g/t
- Contained Metal
- 4
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 146
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This inferred resource adds to the overall potential of the project, but its speculative nature means it carries higher risk and cannot be directly converted to reserves without further drilling. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Good inferred resource tonnage and contained metal, providing exploration upside.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Negative factors
- Inferred resources have a lower level of confidence and are considered speculative for economic studies.
Evidence · table
“73”
Context: 1.70
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · leadTonnes: 1700000Grade: 0.88Grade Unit: %Contained Metal: 32.9Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:4c44b1999c9c498d4f63
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1700000
- Grade
- 0.88
- Grade Unit
- %
- Contained Metal
- 32.9
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 146
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This inferred resource adds to the overall potential of the project, but its speculative nature means it carries higher risk and cannot be directly converted to reserves without further drilling. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Good inferred resource tonnage and contained metal, providing exploration upside.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Negative factors
- Inferred resources have a lower level of confidence and are considered speculative for economic studies.
Evidence · table
“0.88”
Context: 1.70
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · zincTonnes: 1700000Grade: 1.71Grade Unit: %Contained Metal: 64.1Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:4c44b1999c9c498d4f63
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1700000
- Grade
- 1.71
- Grade Unit
- %
- Contained Metal
- 64.1
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 146
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This inferred resource adds to the overall potential of the project, but its speculative nature means it carries higher risk and cannot be directly converted to reserves without further drilling. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Good inferred resource tonnage and contained metal, providing exploration upside.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Negative factors
- Inferred resources have a lower level of confidence and are considered speculative for economic studies.
Evidence · table
“1.71”
Context: 1.70
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · copperTonnes: 1700000Grade: 0.2Grade Unit: %Contained Metal: 7.4Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:4c44b1999c9c498d4f63
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1700000
- Grade
- 0.2
- Grade Unit
- %
- Contained Metal
- 7.4
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 146
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This inferred resource adds to the overall potential of the project, but its speculative nature means it carries higher risk and cannot be directly converted to reserves without further drilling. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Good inferred resource tonnage and contained metal, providing exploration upside.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Negative factors
- Inferred resources have a lower level of confidence and are considered speculative for economic studies.
Evidence · table
“0.20”
Context: 1.70
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · silverTonnes: 280000Grade: 98Grade Unit: g/tContained Metal: 0.9Contained Unit: mozView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:7145844f4dda926d3732
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 280000
- Grade
- 98
- Grade Unit
- g/t
- Contained Metal
- 0.9
- Contained Unit
- moz
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 162
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This inferred resource adds to the overall potential of the project, but its speculative nature means it carries higher risk and cannot be directly converted to reserves without further drilling. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Good inferred resource tonnage and contained metal, providing exploration upside.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Negative factors
- Inferred resources have a lower level of confidence and are considered speculative for economic studies.
Evidence · table
“98”
Context: 0.28
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · leadTonnes: 280000Grade: 1.24Grade Unit: %Contained Metal: 7.7Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:7145844f4dda926d3732
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 280000
- Grade
- 1.24
- Grade Unit
- %
- Contained Metal
- 7.7
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 162
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This inferred resource adds to the overall potential of the project, but its speculative nature means it carries higher risk and cannot be directly converted to reserves without further drilling. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Good inferred resource tonnage and contained metal, providing exploration upside.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Negative factors
- Inferred resources have a lower level of confidence and are considered speculative for economic studies.
Evidence · table
“1.24”
Context: 0.28
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · zincTonnes: 280000Grade: 1.22Grade Unit: %Contained Metal: 7.6Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:7145844f4dda926d3732
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 280000
- Grade
- 1.22
- Grade Unit
- %
- Contained Metal
- 7.6
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 162
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This inferred resource adds to the overall potential of the project, but its speculative nature means it carries higher risk and cannot be directly converted to reserves without further drilling. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Good inferred resource tonnage and contained metal, providing exploration upside.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Negative factors
- Inferred resources have a lower level of confidence and are considered speculative for economic studies.
Evidence · table
“1.22”
Context: 0.28
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Negra Mine · copperTonnes: 280000Grade: 0.17Grade Unit: %Contained Metal: 1.1Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:7145844f4dda926d3732
- Deposit or zone
- La Negra Mine
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 280000
- Grade
- 0.17
- Grade Unit
- %
- Contained Metal
- 1.1
- Contained Unit
- mlb
- Cutoff Grade
- 80
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-07-01
Metal Equivalent
- Metal Eq. Grade
- 162
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Geological Services
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This inferred resource adds to the overall potential of the project, but its speculative nature means it carries higher risk and cannot be directly converted to reserves without further drilling. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Good inferred resource tonnage and contained metal, providing exploration upside.
- Resource estimate prepared by an independent Qualified Person under NI 43-101.
Negative factors
- Inferred resources have a lower level of confidence and are considered speculative for economic studies.
Evidence · table
“0.17”
Context: 0.28
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Metallurgical Results (4)
flotationLa Negra Mine · silverRecovery: 83.6 %View all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- standard crushing, grinding, flotation, and filtration circuit
Recovery
- Recovery
- 83.6 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS Canada Inc.
- Consultant
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The reported silver recovery of 83.6% is strong for a flotation circuit and is based on actual plant data, providing high confidence in the metallurgical assumptions for the PEA.
Positive factors
- High silver recovery for a flotation circuit.
- Recovery based on actual plant performance, indicating high confidence.
- Processing flowsheet is well-established.
Evidence · table
“83.6”
Context: Silver Recovery
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
flotationLa Negra Mine · leadRecovery: 81.5 %View all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- standard crushing, grinding, flotation, and filtration circuit
Recovery
- Recovery
- 81.5 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS Canada Inc.
- Consultant
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The reported lead recovery of 81.5% is strong for a flotation circuit and is based on actual plant data, providing high confidence in the metallurgical assumptions for the PEA.
Positive factors
- High lead recovery for a flotation circuit.
- Recovery based on actual plant performance, indicating high confidence.
- Processing flowsheet is well-established.
Evidence · table
“81.5”
Context: Lead Recovery
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
flotationLa Negra Mine · zincRecovery: 81.9 %View all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- standard crushing, grinding, flotation, and filtration circuit
Recovery
- Recovery
- 81.9 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS Canada Inc.
- Consultant
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The reported zinc recovery of 81.9% is strong for a flotation circuit and is based on actual plant data, providing high confidence in the metallurgical assumptions for the PEA.
Positive factors
- High zinc recovery for a flotation circuit.
- Recovery based on actual plant performance, indicating high confidence.
- Processing flowsheet is well-established.
Evidence · table
“81.9”
Context: Zinc Recovery
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
flotationLa Negra Mine · copperRecovery: 77.8 %View all detailsHide details
Identity
- Project
- La Negra Mine
- Commodity
- copper
- Region
- mexico
- Reported Region
- Querétaro, Mexico
- Ticker
- SICO
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- standard crushing, grinding, flotation, and filtration circuit
Recovery
- Recovery
- 77.8 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS Canada Inc.
- Consultant
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The reported copper recovery of 77.8% is strong for a flotation circuit and is based on actual plant data, providing high confidence in the metallurgical assumptions for the PEA.
Positive factors
- High copper recovery for a flotation circuit.
- Recovery based on actual plant performance, indicating high confidence.
- Processing flowsheet is well-established.
Evidence · table
“77.8”
Context: Copper Recovery
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 77.8% is below the weak band (80%)
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.