Defiance Silver Corp
Despite its name, copper is Defiance Silver's leading metal by measured and indicated value. Its 100%-owned Tepal gold-copper project in Michoacán, Mexico, holds 111.67 Mt measured and indicated at 0.19% copper, 0.26 g/t gold and 1.55 g/t silver (473.86 Mlb of copper, 926,000 oz of gold and 5.58 Moz of silver; estimate effective 30 October 2024), with copper about half of that value at the estimate's prices and gold close behind. The company is also advancing the district-scale Zacatecas silver project in Mexico's historic Zacatecas silver district, where on July 8, 2026 it completed its final option payment to secure 100% of the San Acacio property (Veta Grande vein system) and is preparing an updated resource estimate after a 6,132m drill campaign, with recent assays returning up to 1,470 g/t Ag. It also holds the Green Earth copper-gold-silver project in Sonora.
Notable vs. Peers
- Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.7/10.
- Trading within 2% of its 52-week low — weak recent price momentum.
Lifecycle Milestones
Not in place: mill, grid power. Not yet determined: tailings facility.
Not yet determined: mill, tailings facility.
Combined view across 2 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
Jurisdiction (40%)6/10
Zacatecas is a top-tier historic mining district with strong local support, but carries the same federal mining-policy overhang as other Mexican jurisdictions.
Infrastructure (40%)3.6/10
No confirmed mill, confirmed road access, and no confirmed grid power at Tepal Gold-Copper Project, Michoacán; tailings facility not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Peña Colorada (Consorcio Minero Benito Juarez Pena Colorada, S.A. de C.V.), 126 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:2.5/10
Nearest producing mine: Peña Colorada (Consorcio Minero Benito Juarez Pena Colorada, S.A. de C.V.), 126 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:3.5/10
Stage: Resource Definition
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:6/10
Mexico: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:8/10
Primary commodity: Copper
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chairman and Chief Executive Officer of Defiance Silver Corp. Over 28 years in the investment industry, currently the Founding Partner, President and Director of Windermere Capital (Canada) Inc., an investment firm and portfolio adviser. Previously held senior positions with RBC Dominion Securities and Solium Capital. Since 2002 has worked with leading hedge funds and managers throughout North America to develop proprietary and customized investment solutions for institutional and high net worth investors. A Registered Portfolio Manager.
Executive Vice President of Defiance Silver Corp. Over twenty years of experience in mineral project management, venture market fundamentals, corporate and business development, and long term project development strategies. Has been involved in international mineral project asset identification and evaluation, acquisition due diligence, business development and management across base and precious metal projects in North and South America, Turkey, Serbia and Scandinavia, including many locations in Mexico.
Director and Vice President Exploration of Defiance Silver Corp. A senior consulting geologist and the former Vice President of Orko Silver, and part of the team who discovered the La Preciosa silver deposit in Mexico; Orko Silver was acquired by Coeur Mining in April 2013 for $380 million. With over 45 years of experience, he has been the President of OreQuest Consultants since 1982.
Vice President Operations of Defiance Silver Corp. A Senior Geologist and Qualified Person as defined by Canadian National Instrument 43-101 with technical and managerial skills in grassroots and brownfield mineral exploration programs. His 12 years of experience includes epithermal, porphyry, skarn, orogenic gold and intrusion-related deposits in Mexico, the United Kingdom and Finland.
Investor Relations Manager of Defiance Silver Corp. Experienced in customer service, stakeholder analysis, and organizing conferences and webinars, with a strong understanding of the Mexican mining sector. Holds a BA in Economics and Politics from The University of Manchester, UK. Has successfully sold and directed communication campaigns for companies across the mining industry, including juniors such as Sonoro Gold Corp, developers such as Orla Mining, and majors such as Torex Gold.
Chief Financial Officer of Defiance Silver Corp. (CPA) Over 20 years of experience in financial management and accounting with various publicly-listed companies. Prior to joining Defiance he worked in senior financial management roles with several mining and mineral exploration companies, including as CFO of Westminster Resources, Jaxon Mining and Global Cobalt. A member of the Chartered Professional Accountants of British Columbia and a licensed CPA in Washington, U.S.
Corporate Secretary of Defiance Silver Corp.; also Corporate Secretary of Emerita Resources Corp. and Bayhorse Silver Inc. Over 20 years of experience as a corporate and securities paralegal, working with both large and small public companies listed for trading on U.S. and Canadian stock exchanges. For the past 5 years has provided corporate secretarial consulting services for US and Canadian companies, and has also served on various non-profit boards and committees. A founder of Meraki Corporate Services in Vancouver, British Columbia.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Two small named investors stand out on the register -- Windermere Capital and the Breakaway Strategic Resource Fund, whose name signals a genuine resource focus -- but both hold only about 3% each, below the level where this metric gives real credit. No producer holds a stake.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Defiance Silver's only current measured and indicated resource is its 100%-owned Tepal gold-copper project in Michoacán: 111.67 Mt at 0.19% copper, 0.26 g/t gold and 1.55 g/t silver, containing 473.86 Mlb of copper, 926,000 oz of gold and 5.58 Moz of silver, plus 124.36 Mt inferred, in an estimate effective 30 October 2024 at US$4.80/lb copper, US$2,300/oz gold and US$30/oz silver. Despite the company's name, copper is its leading metal by value: about 50% of that resource's contained value against about 47% for gold, and metallurgical testing points to a copper concentrate with gold credits. The company is also exploring the district-scale Zacatecas silver project, where on 8 July 2026 it made its final option payment to secure 100% of the San Acacio property on the Veta Grande vein system; a 6,132m, 21-hole resource drilling campaign was completed in September 2026, with assays of up to 1,470 g/t silver, and an updated mineral resource estimate is under way. It also holds the Green Earth copper-gold-silver project in Sonora, where it received approval in August 2026 for up to 172 drill sites at the Espiritu copper target.