Guanajuato Silver Company Ltd.
Guanajuato Silver is a Mexico-focused past-producing-mine reactivator running three primary silver operations (Topia, El Cubo, Valenciana) plus two primary gold operations after closing its ~US$50M acquisition of the Bolanitos gold-silver mine (1,600 tpd flotation plant) in January 2026. Q1 2026 gold output rose 104% quarter-over-quarter on the new mine's contribution, with trailing-twelve-month revenue of US$140.29M.
Notable vs. Peers
- All-in sustaining cost of $53.43/oz AgEq is 60% higher than the peer producer average of $33.29/oz AgEq.
- Trading within 5% of its 52-week low — weak recent price momentum.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Mar 2021 · Source
- Reached — date not disclosed · Source
- Oct 2021 · 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.
Jurisdiction (40%)6/10
Guanajuato is a historic, infrastructure-rich silver district, but Mexico carries elevated risk from federal mining-law reform uncertainty and regional security concerns.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Guanajuato Mining District Complex, Mexico.
Nearby producing mine (20%)10/10
Bolanitos (Endeavour Silver Corp.) is 9 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 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:9.1/10
Nearest producing mine: Bolanitos (Endeavour Silver Corp.), 9 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: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:5/10
Primary commodity: Silver
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
An Independent Director of Orestone Mining Corp. (TSXV: ORS) and Chairman and Chief Executive Officer of Guanajuato Silver Company Ltd. BFA. For six years has worked as Chairman and CEO of Guanajuato Silver, helping create a producing silver and gold mining company with four mines and three production facilities in Mexico. His career began in the financial services industry with 19 years as a retail broker, investment banker and manager with Canadian investment firms including First Canada Capital Ltd., Research Capital Corp. and Majendie Securities Ltd., where he was instrumental in financing numerous small-cap public companies in the mining sector. Formerly Chief Executive Officer of NuLegacy Gold Corp. Source: orestone.ca/corporate/directors/.
Chief Financial Officer of Newcore Gold Ltd.; also Chief Financial Officer of Guanajuato Silver Company Ltd. CPA; 25+ years of financial reporting, auditing, equity financing and regulatory compliance experience; currently CFO of Guanajuato Silver Company, Interfield Global Software and Genix Pharmaceuticals, and Director of Edgewater Exploration. B.Comm, UBC.
Senior Vice President, Mining Operations of Guanajuato Silver Company Ltd. A professional geologist whose 20-year mining career has focused on technical excellence and identifying high-value resource opportunities, with knowledge spanning field exploration to the corporate boardroom, managing various levels of governmental interaction and robust stakeholder engagement. Holds a Master of Science in Economic Geology from the University of Nevada and a Bachelor of Science in Geology from Washington State University.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
ASA Gold & Precious Metals Ltd, EuroPac Gold Fund and U.S. Global Investors' Gold and Precious Metals Fund, all real specialist funds, hold small stakes. Fidelity Management & Research (FMR LLC) separately discloses a real 5.28% stake -- a sizeable position, but a generalist mutual-fund giant rather than a resource-sector conviction bet. Senior officer Richard Bryan Trotman bought stock on the open market within the last year, while three directors sold.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Guanajuato Silver reactivates past-producing mines in Mexico and runs three primary silver operations, Topia, El Cubo and Valenciana, plus two primary gold operations, including the Bolanitos gold-silver mine with a 1,600 tpd flotation plant, acquired in January 2026. Measured and indicated resources at El Cubo, San Ignacio, Valenciana and Bolanitos total 10,367,000 oz of silver (743,000 oz measured and 9,624,000 oz indicated) plus 40,307,000 oz inferred. The June 2023 updated preliminary economic assessment for El Cubo shows an after-tax NPV5% of US$31.5M at US$23/oz silver and US$1,850/oz gold over a 6-year mine life. With Bolanitos contributing, Q1 2026 gold output rose 104% to 4,295 oz and silver output 15% to 339,104 oz, and consolidated all-in sustaining cost was US$53.43 per silver-equivalent ounce.