# Silverco’s La Negra posts $329M value over $21M costs Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/silverco-s-la-negra-posts-329m-value-over-21m-costs--f2f30b53-04bb-4f16-9b0f-87b5483fec70 Original source: https://www.northernminer.com/news/silvercos-la-negra-posts-329m-value-over-21m-costs/1003894994/ Publisher: northernminer Original announcement: 2026-09-21T14:00:34.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Silverco Mining - Ticker: SICO - Exchange: Unavailable - Region: Mexico - Primary commodity: Silver - Secondary commodities: Copper, Lead, Zinc - Document categories: Resource update, Economic study - Extracted: 2026-09-21 16:49:00 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Silverco Mining has released a Preliminary Economic Assessment \(PEA\) for its La Negra silver project in Mexico, reporting a post-tax NPV of $329 million and an IRR of 131%. The project benefits from existing infrastructure, requiring only $21 million in initial costs to target commercial production in 2027. Reasoning: The PEA reports exceptionally high returns \(131% IRR\) and low capital intensity for a silver-lead-zinc-copper project in Mexico, though it remains at a preliminary stage. - Positive factor: High post-tax IRR of 131% - Positive factor: Low initial capital requirement of $21M due to existing infrastructure - Positive factor: Strong silver grades in indicated resource \(106 g/t\) - Positive factor: Significant contained metal scale - Negative factor: PEA level maturity \(Class 4\) implies high uncertainty - Negative factor: Project relies on converting inferred resources to indicated/measured 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 describes the results as a preliminary economic assessment \(PEA\). Evidence · text > A preliminary economic assessment \(PEA\) for Silverco Mining’s **High IRR** Polarity: positive Definition: Post-tax real unlevered IRR in the strong tier or better. Why it applies: The reported post-tax IRR of 131% is in the exceptional tier. Evidence · text > post-tax internal rate of return of 131% **Low Capital Intensity** Polarity: positive Definition: Below the benchmark for its project type. Why it applies: Initial costs of $21M for a project with $329M NPV is very low. Evidence · text > at initial costs of about $21 million **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The study includes a significant indicated resource component. Evidence · text > includes a resource of 15.2 million indicated tonnes ## Extracted facts Stored fact records: 8. Some facts used in scoring do not have a stored record. ## Resource Estimates (8) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/silverco-s-la-negra-posts-329m-value-over-21m-costs--f2f30b53-04bb-4f16-9b0f-87b5483fec70#fact-resource-facts-1) La Negra · silver #### Identity - Project: La Negra - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: SICO #### Resource scope - Estimate type: resource - Resource group id: resource:17fb24305241707b4850 - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 15200000 - Grade: 106 - Grade Unit: g/t - Contained Metal: 51.9 - Contained Unit: million oz. silver #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Strong indicated resource grade. - Positive factor: High silver grade Evidence · text > 15.2 million indicated tonnes grading 106 grams silver per tonne... for 51.9 million oz. silver #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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-s-la-negra-posts-329m-value-over-21m-costs--f2f30b53-04bb-4f16-9b0f-87b5483fec70#fact-resource-facts-2) La Negra · lead #### Identity - Project: La Negra - Commodity: lead - Region: mexico - Reported Region: Mexico - Ticker: SICO #### Resource scope - Estimate type: resource - Resource group id: resource:17fb24305241707b4850 - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 15200000 - Grade: 0.59 - Grade Unit: % - Contained Metal: 199 - Contained Unit: million lb. lead #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Byproduct lead grade. Evidence · text > 15.2 million indicated tonnes grading... 0.59% lead... for 199 million lb. lead #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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-s-la-negra-posts-329m-value-over-21m-costs--f2f30b53-04bb-4f16-9b0f-87b5483fec70#fact-resource-facts-3) La Negra · zinc #### Identity - Project: La Negra - Commodity: zinc - Region: mexico - Reported Region: Mexico - Ticker: SICO #### Resource scope - Estimate type: resource - Resource group id: resource:17fb24305241707b4850 - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 15200000 - Grade: 1.81 - Grade Unit: % - Contained Metal: 608 - Contained Unit: million lb. zinc #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Byproduct zinc grade. Evidence · text > 15.2 million indicated tonnes grading... 1.81% zinc... for 608 million lb. zinc #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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-s-la-negra-posts-329m-value-over-21m-costs--f2f30b53-04bb-4f16-9b0f-87b5483fec70#fact-resource-facts-4) La Negra · copper #### Identity - Project: La Negra - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: SICO #### Resource scope - Estimate type: resource - Resource group id: resource:17fb24305241707b4850 - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 15200000 - Grade: 0.47 - Grade Unit: % - Contained Metal: 158 - Contained Unit: million lb. copper #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Byproduct copper grade. Evidence · text > 15.2 million indicated tonnes grading... 0.47% copper for 158 million lb. copper #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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-s-la-negra-posts-329m-value-over-21m-costs--f2f30b53-04bb-4f16-9b0f-87b5483fec70#fact-resource-facts-5) La Negra · silver #### Identity - Project: La Negra - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: SICO #### Resource scope - Estimate type: resource - Resource group id: resource:6f81d9ddd4073e7a105c - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 2200000 - Grade: 92 - Grade Unit: g/t - Contained Metal: 6.7 - Contained Unit: million oz. silver #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Inferred resource component. - Negative factor: Inferred category Evidence · text > Inferred resources total 2.2 million tonnes at 92 grams silver... for 6.7 million oz. silver #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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-s-la-negra-posts-329m-value-over-21m-costs--f2f30b53-04bb-4f16-9b0f-87b5483fec70#fact-resource-facts-6) La Negra · lead #### Identity - Project: La Negra - Commodity: lead - Region: mexico - Reported Region: Mexico - Ticker: SICO #### Resource scope - Estimate type: resource - Resource group id: resource:6f81d9ddd4073e7a105c - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 2200000 - Grade: 1 - Grade Unit: % - Contained Metal: 49.7 - Contained Unit: million lb. lead #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Inferred byproduct lead. Evidence · text > Inferred resources total 2.2 million tonnes at... 1% lead... for 49.7 million lb. lead #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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-s-la-negra-posts-329m-value-over-21m-costs--f2f30b53-04bb-4f16-9b0f-87b5483fec70#fact-resource-facts-7) La Negra · zinc #### Identity - Project: La Negra - Commodity: zinc - Region: mexico - Reported Region: Mexico - Ticker: SICO #### Resource scope - Estimate type: resource - Resource group id: resource:6f81d9ddd4073e7a105c - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 2200000 - Grade: 1.92 - Grade Unit: % - Contained Metal: 95.7 - Contained Unit: million lb. zinc #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Inferred byproduct zinc. Evidence · text > Inferred resources total 2.2 million tonnes at... 1.92% zinc... for 95.7 million lb. zinc #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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-s-la-negra-posts-329m-value-over-21m-costs--f2f30b53-04bb-4f16-9b0f-87b5483fec70#fact-resource-facts-8) La Negra · copper #### Identity - Project: La Negra - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: SICO #### Resource scope - Estimate type: resource - Resource group id: resource:6f81d9ddd4073e7a105c - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 2200000 - Grade: 0.21 - Grade Unit: % - Contained Metal: 10.6 - Contained Unit: million lb. copper #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Inferred byproduct copper. Evidence · text > Inferred resources total 2.2 million tonnes at... 0.21% copper for 10.6 million lb. copper #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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.