Guanajuato Silver Company Ltd.

Notable vs. Peers

• All-in sustaining cost of $53.43/AgEq oz is 78% higher than the peer producer average of $30.08/AgEq oz.

Lifecycle Milestones

1. Permit granted

   Reached — date not disclosed · El Cubo has been mined continuously since the late 1700s and its mill site was 'the first mill site permitted to use cyanide in Mexico' (mexicobusiness.news); the property's mining concessions and environmental/operating permits were held by a succession of prior owners -- most recently Endeavour Silver Corp. (acquired from AuRico Gold/Gammon Gold, closing July 2012) -- long before VanGold Mining Corp. (now Guanajuato Silver) acquired the complex, closing April 9, 2021 (this miner's existing CONSTRUCTION_DECISION row, dated Mar 17, 2021 definitive agreement). Endeavour Silver's own FY2012 40-F states it 'currently held all necessary environmental permits for exploration and for commercial mining activity on its concessions.' None of VanGold/Guanajuato Silver's 2020-2021 acquisition press releases (signing, definitive agreement, closing) mention obtaining any new environmental or mining permit -- all describe acquiring the already-permitted mine, mill, and concessions and refurbishing/restarting the existing plant. Same reused-pre-existing-permit shape as CMCL/Blanket and GMD/Laverton (above). · Source
2. Construction decision (FID)

   Mar 2021 · VanGold Mining Corp. (now Guanajuato Silver) signed a definitive purchase agreement with Endeavour Silver Corp. to acquire the El Cubo Mine & Mill Complex, following the binding letter agreement of December 21, 2020 -- the company's real decision-equivalent event enabling the restart of the complex, which had been under Endeavour's ownership/operation from 2012-2019. · Source
3. Construction start

   Reached — date not disclosed · Following the acquisition's April 9, 2021 close, VanGold/Guanajuato Silver carried out ~US$3.5M of upgrades to the El Cubo flotation processing plant ahead of mineral processing restarting October 8, 2021. No single dated 'construction/restart begins' release found; recorded reached-but-undated, April-September 2021. · Source
4. First pour / production

   Oct 2021 · Crushing and grinding of mill feed from El Cubo's stockpiled material (20,000+ tonnes accumulated) commenced, restarting mineral processing at the complex under Guanajuato Silver ownership; first concentrate sales followed within the month (delivered/sold week of October 18, 2021). · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached with a clean, single, well-documented date: commercial production at Guanajuato Silver's El Cubo Mines Complex (Guanajuato, Mexico) commenced 2021-10-01 -- confirmed as the company's own first-ever commercial-production milestone, and El Cubo remains an active complex today. The Topia Mine (Durango) and the Valenciana/San Ignacio mines (Guanajuato Mine Complex) were acquired later (August 2022, from Great Panther Mining's Mexican subsidiary) and were ALREADY producing under Great Panther at that time -- a different, unrelated prior owner, matching the Hemlo Mining Corp precedent -- explicitly NOT the basis for this write, noted for completeness only. A further Bolanitos acquisition was announced November 2025, also not the basis. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. [Task #697 chronology ruling, 2026-08-25] achievedDate cleared (was 2021-10-01). Task #696 flagged the tightest inversion in the set -- commercial production dated SEVEN DAYS before this miner's own FIRST_PRODUCTION row (2021-10-08) -- and it resolves cleanly against primary sourcing. Guanajuato Silver's own release of 12 Oct 2021 ("GSilver Begins Mineral Processing at El Cubo") states crushing and grinding of mill feed commenced 8 Oct 2021, with first concentrate sales only "anticipated to occur before the end of October, 2021". Commercial production therefore cannot have commenced on 1 October: the mill had not started. The recorded value came from the company's El Cubo mine overview page, which gives October 2021 at MONTH precision only; a prior pass rendered that as day 1 and the false precision, not the research, created the contradiction. Per the house convention for month-only precision the date is cleared rather than invented -- no source declares a specific commercial-production day for the El Cubo restart. Everything else in the note above stands, including the deliberate exclusion of the later Topia/Valenciana (Great Panther) and Bolanitos acquisitions as the basis for this row. · 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.

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 the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.