Highlander Silver Corp.
Highlander Silver, backed by the Augusta Group and the Lundin family, became a producer on February 26, 2026, when it completed its business combination with Bear Creek Mining -- a deal that added both the operating Mercedes gold-silver mine in Sonora, Mexico and the Corani project in Puno, Peru. Mercedes is the company's only source of revenue today: Highlander reported US$56.2 million of revenue and US$8.7 million of net income for the six months ended June 30, 2026, all of it from Mercedes, which produced 30,000 oz of gold in 2025 and roughly 1 Moz of gold and 4 Moz of silver since start-up in 2011. Corani is the post-merger flagship -- a low-sulphidation epithermal silver-lead-zinc deposit the company calls the largest fully permitted primary silver project in the world, backed by a 2019 NI 43-101 feasibility study -- but no construction decision has been taken: an updated, staged-development feasibility study targeted for the end of Q3 2026 is the study intended to underpin any financing decision, and the company's own H1 2026 filing still prices its Corani royalty buyback options off a final investment decision that has not yet occurred. San Luis, in Ancash, Peru -- Highlander's original and formerly sole asset -- is now a secondary project: a bonanza-grade epithermal gold-silver deposit carrying an Indicated resource of approximately 356,000 oz gold at 24.4 g/t and 8.4 million oz silver at 579 g/t, still under drilling with no PEA completed.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Nov 2011 · Source
- Feb 2012 · 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.
Not yet determined: road access, grid power.
Combined view across 3 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 322.7M oz AgCorani Silver Project, Puno, Peru
- 805.7K oz AuMercedes Gold-Silver Mine, Sonora, Mexico + San Luis Gold-Silver Project, Ancash, Peru
- 22.9%Corani Silver Project, Puno, Peru
- 15 yrsCorani Silver Project, Puno, Peru
- 2 yrsMercedes Gold-Silver Mine, Sonora, Mexico
Jurisdiction (40%)6/10
Peru has an established mining code and deep exploration history, but repeated presidential turnover and periodic community/social conflict around mine sites create real permitting/operational risk.
Infrastructure (40%)2.9/10
No confirmed mill, confirmed road access, no confirmed grid power, and no confirmed tailings facility at Corani Silver Project, Puno, Peru.
Nearby producing mine (20%)8.2/10
San Rafael (Minsur S.A.) is 47 km away -- within regional-platform 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:5.3/10
Nearest producing mine: San Rafael (Minsur S.A.), 47 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
Peru: 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
President & CEO and Director of Highlander Silver Corp., appointed 7 Jan 2025. Over 20 years' experience in mining and capital markets; graduate and scholar, Lassonde Mineral Engineering Program, University of Toronto. Career: President and CEO, Solaris Resources Inc. (2019-2025), leading an award-winning team that revitalized a dormant Ecuador copper discovery; VP and Director, TD Securities, covering mining for 12+ years.
Chief Financial Officer of Highlander Silver Corp., appointed 7 Jan 2025. Over 25 years' capital markets, finance and international accounting/tax/risk-management experience. Career: CFO, Solaris Resources Inc. (2021-2025); CFO, INV Metals Inc. (Ecuador-focused gold developer), through its completed Jul 2021 acquisition by Dundee Precious Metals Inc. (now DPM Metals Inc.); VP Finance and VP Internal Audit & Enterprise Risk Management, Kinross Gold Corp.
Vice President Exploration of Highlander Silver Corp. Over 25 years of experience leading the geological and technical aspects of exploration projects across the globe, most recently serving as Vice President of Exploration for Cerrado Gold and Ascendant Resources. At Cerrado he was responsible for overseeing the exploratory and Mineral Resource aspects of projects in South America; at Ascendant he played a key role in updating economic studies and expanding the Lagoa Salgada polymetallic deposit in Portugal. Previously Director of Exploration for Hudbay Minerals, where he led the corporate geology and exploration team. Holds an Honours Bachelor of Science in Geology and a Master of Science in Geology from the Universidad de Chile and a PhD in Geology from the University of Toronto.
Vice President Corporate Development of Highlander Silver Corp. Over 15 years of experience in financial services and capital markets covering the mining sector, most recently serving as Vice President Corporate Development for Solaris Resources. Prior to joining Solaris in 2024 he was a Senior Mining Analyst at TD Cowen, where he gained wide analytical experience covering mining projects from early-stage exploration through feasibility and construction to production in both base and precious metals. A Chartered Financial Analyst who completed an MBA at the Rotman School of Management at the University of Toronto and degrees in engineering and economics at Queen's University.
Senior Vice President, Corporate Affairs and Corporate Secretary of Highlander Silver Corp.; also Senior Vice President, Corporate Affairs & Corporate Secretary of Titan Mining Corporation. More than 25 years of public company experience in the mining sector including corporate affairs and finance, legal and regulatory administration, and governance. President of the Augusta Group of Companies and Senior Vice President, Corporate Affairs of its member companies including Titan Mining Corporation. Credited with seeing through the various M&A transactions in the Augusta Group from start to finish, including the acquisitions of Arizona Mining Inc. by South32, Augusta Resource Corporation by Hudbay Minerals, Ventana Gold Corp., and the three-way merger of Newcastle Gold Ltd. in 2017 that created Equinox Gold, where she served as Senior Vice President of Corporate Affairs and Corporate Secretary. Obtained a Certificate in Business from the University of Toronto and a Gemology degree, and holds the ICD.D designation from the Institute of Corporate Directors.
General Counsel of Highlander Silver Corp.; also General Counsel of Titan Mining Corporation. Over 10 years of securities legal and regulatory experience, most recently serving as Vice President Legal at Solaris Resources since 2020 and General Counsel for the Augusta Group of Companies. Prior to joining the Augusta Group he practiced law in the Securities and Capital Markets group of a major Canadian law firm. Has advised on multiple M&A transactions valued in excess of $1 billion and more than 30 public market financing transactions with an aggregate value of more than $1 billion, and in 2024 was a finalist for both the Western Canada General Counsel Awards and the Canadian General Counsel Awards "Tomorrow's Leader Award." Holds an Honours in Business Administration with distinction from the Richard Ivey School of Business and a Juris Doctor from Western 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.
Chair Richard Warke's investment vehicles hold a very large stake (confirmed at 23.08% in the May 2026 circular), but as company leadership this counts as insider alignment rather than outside smart money under this metric -- his own on-market purchase still counts, though. Jupiter Asset Management, a real specialist gold/silver fund manager, holds a modest stake. Three insiders including Warke bought on the open market in the past year with no offsetting selling found.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Highlander Silver, backed by the Augusta Group and the Lundin family, became a producer on 26 February 2026 through its business combination with Bear Creek Mining, which added the operating Mercedes gold-silver mine in Sonora, Mexico, and the Corani silver-lead-zinc project in Puno, Peru. Corani, the post-merger flagship, is fully permitted and has a 2019 feasibility study, but no construction decision has been made; an updated staged-development feasibility study, now expected in Q4 2026, is intended to underpin financing. Measured and indicated resources at Corani contain 322,700,000 oz of silver (49,100,000 oz measured, 273,500,000 oz indicated), plus 83,500,000 oz inferred. San Luis (356,000 oz of gold indicated) and Mercedes (449,677 oz of gold measured and indicated) are gold-led deposits and are not added to the silver figure. Mercedes is the only source of revenue today: it produced 30,000 oz of gold in 2025, and Highlander reported US$56.2M of revenue for the six months to 30 June 2026.