# 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 Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--e1c70a64-fe3d-402c-87b6-a4622af125cf Original source: https://orestocks.com/company/SICO.V/press-releases/6379006847899164 Publisher: orestocks Original announcement: 2026-09-21T10:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Silverco Mining Ltd. - Ticker: SICO.V - Exchange: Unavailable - Region: Mexico - Primary commodity: Silver - Secondary commodities: Copper, Lead, Zinc - Document categories: Resource update, Economic study - Extracted: 2026-09-21 10:49:47 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Silverco Mining Ltd. announced positive results from a Preliminary Economic Assessment \(PEA\) for its La Negra Mine in Mexico, outlining an after-tax NPV\(5%\) of $329 million and an after-tax IRR of 131% over an 8.2-year mine life. The study highlights low initial capital requirements of $20.9 million and an updated Mineral Resource Estimate with 15.23 Mt Indicated at 201 g/t AgEq and 2.26 Mt Inferred at 174 g/t AgEq. The PEA includes 21% Inferred resources in the mine plan and does not disclose the real/nominal basis for IRR or price deck. Reasoning: The document presents a positive Preliminary Economic Assessment for the La Negra Mine, highlighting strong after-tax NPV and IRR, low initial capital, and a significant resource update. However, the PEA's reliance on Inferred resources and undisclosed economic bases introduce some uncertainty. - Positive factor: Strong after-tax NPV and IRR for a PEA, indicating robust project economics. - Positive factor: Low initial capital requirements, leading to a high NPV to initial capital ratio. - Positive factor: Significant contained metal in the updated resource estimate, with a high percentage in the Indicated category. - Positive factor: Project is fully permitted and has existing infrastructure, reducing development risk. - Negative factor: PEA includes a material portion of Inferred Mineral Resources \(21% by tonnage\) in the mine plan, which is speculative. - Negative factor: IRR basis \(real vs nominal\) and payback basis are undisclosed, limiting comparability. - Negative factor: Price deck basis \(real vs nominal\) is undisclosed, affecting conservatism assessment. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 9 ## Classification and evidence **PEA Only** Polarity: neutral Definition: Only Class 4 / Initial Assessment economics available. Not bankable. Why it applies: The document explicitly states it is 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 **Inferred Heavy Feed** Polarity: negative Definition: 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. **Low Capital Requirements** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Initial capital is only $20.9 million, which is considered low for the project's scale. Evidence · text > Low Capital Requirements - Initial capital of only $20.9 M **Fully Permitted** Polarity: positive Definition: Key permits granted with no unresolved challenge. Why it applies: The project is explicitly stated to be fully permitted. Evidence · text > The project is fully permitted **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The PEA and MRE were prepared in accordance with National Instrument 43-101. Evidence · text > prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects **QP/CP Signed** Polarity: positive Definition: 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: Multiple independent Qualified Persons from SGS Canada Inc. are named as responsible for the PEA and MRE. Evidence · text > prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects\("NI 43-101"\) by independent Qualified Persons from SGS Canada Inc. \("SGS"\) **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document includes a new Mineral Resource Estimate for the La Negra Mine. Evidence · text > New MRE with Solid Foundation for Future **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The resource estimate includes an Indicated category, which is a higher confidence category. Evidence · table > Indicated Context: 15.23 **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource estimate includes an Inferred category, which is a speculative category. Evidence · table > Inferred Context: 2.26 **Cut-off Disclosed** Polarity: positive Definition: 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: 6. Some facts used in scoring do not have a stored record. ## Resource Estimates (6) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--e1c70a64-fe3d-402c-87b6-a4622af125cf#fact-resource-facts-3) La Negra Mine · lead #### Identity - Project: La Negra Mine - Commodity: lead - Region: mexico - Reported Region: Mexico - Ticker: SICO.V #### 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: mlbs - 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 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The Indicated resource includes a notable amount of lead, which adds to the overall economic potential of the La Negra Mine. The estimate's compliance with NI 43-101 standards ensures its reliability. - Positive factor: Significant contained lead in the Indicated resource, contributing to the polymetallic nature of the deposit. - Positive factor: Resource estimate prepared by an independent Qualified Person and compliant with NI 43-101. Evidence · table > 0.59 Context: 15.23 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--e1c70a64-fe3d-402c-87b6-a4622af125cf#fact-resource-facts-4) La Negra Mine · zinc #### Identity - Project: La Negra Mine - Commodity: zinc - Region: mexico - Reported Region: Mexico - Ticker: SICO.V #### 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: mlbs - 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 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The Indicated resource includes a significant amount of zinc, contributing positively to the overall economic viability of the La Negra Mine. The estimate's adherence to NI 43-101 standards provides confidence in its accuracy. - Positive factor: Substantial contained zinc in the Indicated resource, enhancing the polymetallic value of the deposit. - Positive factor: Resource estimate prepared by an independent Qualified Person and compliant with NI 43-101. Evidence · table > 1.81 Context: 15.23 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--e1c70a64-fe3d-402c-87b6-a4622af125cf#fact-resource-facts-5) La Negra Mine · copper #### Identity - Project: La Negra Mine - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: SICO.V #### 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: mlbs - 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 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The Indicated resource includes a considerable amount of copper, which contributes to the overall economic attractiveness of the La Negra Mine. The estimate's compliance with NI 43-101 standards ensures its reliability. - Positive factor: Notable contained copper in the Indicated resource, adding to the polymetallic value of the deposit. - Positive factor: Resource estimate prepared by an independent Qualified Person and compliant with NI 43-101. Evidence · table > 0.47 Context: 15.23 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--e1c70a64-fe3d-402c-87b6-a4622af125cf#fact-resource-facts-6) La Negra Mine · lead #### Identity - Project: La Negra Mine - Commodity: lead - Region: mexico - Reported Region: Mexico - Ticker: SICO.V #### 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: mlbs - 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 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The Inferred resource includes a notable amount of lead, contributing to the overall mineral inventory. However, its classification as Inferred means it requires further work to confirm its economic viability. - Positive factor: Contained lead in the Inferred resource adds to the polymetallic potential. - Positive factor: Resource estimate prepared by an independent Qualified Person and compliant with NI 43-101. - Negative factor: Inferred category has a lower level of confidence and is considered speculative for economic studies. Evidence · table > 1.00 Context: 2.26 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--e1c70a64-fe3d-402c-87b6-a4622af125cf#fact-resource-facts-7) La Negra Mine · zinc #### Identity - Project: La Negra Mine - Commodity: zinc - Region: mexico - Reported Region: Mexico - Ticker: SICO.V #### 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: mlbs - 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 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The Inferred resource includes a notable amount of zinc, contributing to the overall mineral inventory. However, its classification as Inferred means it requires further work to confirm its economic viability. - Positive factor: Contained zinc in the Inferred resource adds to the polymetallic potential. - Positive factor: Resource estimate prepared by an independent Qualified Person and compliant with NI 43-101. - Negative factor: Inferred category has a lower level of confidence and is considered speculative for economic studies. Evidence · table > 1.92 Context: 2.26 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/silverco-releases-positive-pea-for-producing-la-negra-mine-outlining-a-low-capit--e1c70a64-fe3d-402c-87b6-a4622af125cf#fact-resource-facts-8) La Negra Mine · copper #### Identity - Project: La Negra Mine - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: SICO.V #### 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: mlbs - 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 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The Inferred resource includes a notable amount of copper, contributing to the overall mineral inventory. However, its classification as Inferred means it requires further work to confirm its economic viability. - Positive factor: Contained copper in the Inferred resource adds to the polymetallic potential. - Positive factor: Resource estimate prepared by an independent Qualified Person and compliant with NI 43-101. - Negative factor: Inferred category has a lower level of confidence and is considered speculative for economic studies. Evidence · table > 0.21 Context: 2.26 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ## 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.