Discovery Mining Ltd.
Discovery Mining Ltd. (renamed from Discovery Silver Corp. in Jun/Jul 2026) transformed from a silver developer into a diversified Canadian-based producer via two major acquisitions: the Porcupine Complex (Timmins, Ontario gold camp, acquired from Newmont, completed Apr 2025) and, more recently, Glencore's Kidd Operations (Ontario copper-zinc). Its original flagship asset, the 100%-owned Cordero project (Chihuahua State, Mexico), remains one of the world's largest undeveloped silver deposits -- a Feb 2024 Preliminary Feasibility Study reported an after-tax NPV5% of US$1.2 billion, IRR of 28%, 19-year mine life, US$606 million initial capex, and Tier-1 reserves of 302Moz Ag, 840koz Au, 3.0Blb Pb, and 5.2Blb Zn, with average AISC below $12.50/oz AgEq over the first eight years. Porcupine delivered Q1 2026 gold production of 60,269oz at AISC of $2,041/oz (operating cash costs $1,417/oz), with FY2026 guidance of 260-300koz gold at AISC $1,950-2,250/oz. Q1 2026: total liquidity $634.9M (incl. $384.9M cash), zero debt. Discovery completed the acquisition of Glencore's Kidd Operations (the Kidd Creek copper-zinc-silver mine and the Kidd Metallurgical Site) on 1 June 2026; in June 2026 Kidd sold 1,230 tonnes of copper and 2,967 tonnes of zinc in concentrate for US$29.7 million of revenue.
Lifecycle Milestones
Construction Milestones
4 of 5 reached- Reached — date not disclosed · Source
- Not yet reached · Recorded, but disputed: not counted as reached · Source
- Reached — date not disclosed · Source
- Oct 2019 · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not in place: mill, tailings facility, grid power.
Combined view across 3 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 3.9M oz AuPorcupine Complex (Hoyle Pond, Pamour, Borden, Dome), Ontario, Canada
- 493M oz AgCordero, Chihuahua State, Mexico
- 28%Cordero, Chihuahua State, Mexico
- 19 yrsCordero, Chihuahua State, Mexico
Jurisdiction (40%)9/10
Ontario: Fraser PPI 2025 is 93.70 of 100 (rank 5 of 68), which maps to 9 on this site's scale. The flagship Porcupine complex is near Timmins, Ontario. The Cordero project in Chihuahua, Mexico carries moderate permitting and community risk, which this single flagship-based score does not capture.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Porcupine Complex (Hoyle Pond, Pamour, Borden, Dome), Ontario, Canada.
Nearby producing mine (20%)10/10
Timmins (Bell Creek mill) (Pan American Silver Corp.) is 11 km away -- within shared-mill trucking range.
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 yet researched
Holder register not researched yet
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:8.9/10
Nearest producing mine: Timmins (Bell Creek mill) (Pan American Silver Corp.), 11 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:5.5/10
Stage: Production
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:9/10
Canada: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
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
President and Chief Executive Officer of Discovery Mining Ltd. (formerly Discovery Silver Corp., renamed Jun 2026) since Jan 2023. Professional engineer with over 35 years of development, operational and leadership experience. Earlier career: SVP and COO of FNX Mining Company Inc. (2006-2008); progressively senior roles including VP Operations at Dynatec Corporation (1998-2005).
Chief Financial Officer of Discovery Mining Ltd. (formerly Discovery Silver Corp.) since 31 Jul 2025. Over 20 years of financial and operational leadership experience. Immediately before Discovery, EVP & CFO of SSR Mining Inc. (Mar 2021-Mar 2024) -- her tenure there ended amid the catastrophic Feb 2024 Copler mine landslide in Turkiye; a subsequent securities lawsuit naming her personally was dismissed with prejudice by a federal court. Before SSR Mining, various corporate and regional roles at Newmont Corporation, including Regional CFO for North America. Master's and BS in finance and accounting, University of Colorado Boulder. Licensed CPA.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Not scored. Smart-money tracking covers companies below about US$5B in market cap, where a single specialist fund or strategic investor taking a stake is a meaningful signal. This company was above that size when it was assessed.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Discovery Mining's producing flagship is the Porcupine Complex in Timmins, Ontario (Hoyle Pond, Pamour, Hollinger, Dome and Borden), bought from Newmont in April 2025; it also holds the Cordero silver project in Chihuahua, Mexico. Porcupine's January 2025 preliminary economic assessment shows measured and indicated resources of about 3.93 Moz of gold (69.7 Mt at 1.76 g/t), an after-tax NPV5% of US$1,239M on consensus gold prices (long-term US$2,150/oz) and a 22-year mine life. No IRR is calculated because the complex was acquired already operating.