Kuya Silver Corporation
Kuya Silver is ramping up underground silver production at its 100%-owned Bethania mine in central Peru, targeting a 350-tonne-per-day Phase 1 rate by the end of 2026 after achieving record Q2 2026 output; the company also owns the earlier-stage Silver Kings silver project in Northern Ontario, Canada, and has agreed to acquire the Camila mill it currently tolls ore through.
Notable vs. Peers
- Financials score of 10/10 is stronger than the peer average of 7.5/10.
Lifecycle Milestones
Construction Milestones
4 of 5 reached- Jan 2022 · Kuya's Peruvian subsidiary received authorization for construction of a 350 tonne-per-day processing plant, tailings management facility and other infrastructure at Bethania, plus title to a beneficiation concession immediately south of its existing mining concession where the plant would sit. · Source
- Not yet reached · RULING (Task #693): Kuya Silver has never made a construction decision for Bethania, and this row exists only to record that finding where the gate looks. It is disputed=true and carries no date -- it asserts no milestone. What actually happened, in order, each checked directly: (1) 2020-10-26 Kuya agrees to acquire 100% of S&L Andes Export S.A.C., owner of the past-producing Bethania mine, which had produced until 2016 by toll-milling its ore; (2) 2020-12-16 the acquisition CLOSES -- 'it has acquired 100% of the issued and outstanding shares in the capital of S&L Andes Export S.A.C.' (cited above); (3) 2022-01-24 the Peruvian regulator authorises construction of a 350 tpd plant -- 'the Company is fully permitted to proceed with construction of the Bethania Plant' -- which is the REGULATOR authorising, not Kuya's board deciding, and is already recorded as this miner's PERMIT_GRANTED row; (4) 2022-05-04 PEA results, explicitly not a development decision, the CEO calling it 'an excellent roadmap to pursue development'; (5) 2023-10-10 a toll-milling agreement with the San Valentin plant plus 'plans for Bethania development' -- the full release was read, and it contains no board approval or decision-to-proceed language; (6) 2024-01-08 underground development begins, this miner's CONSTRUCTION_START row. The decisive fact: Kuya restarted Bethania by TOLL MILLING, not by building the permitted 350 tpd plant. That plant's capital was only raised in January 2026 (C$25.5m). There is no construction FID because at restart there was no construction. Acquired-already-built divergence, same class as KAU (#685), SCZ/MSA (#692), DSV/XTR (#672). · Source
- Jan 2024 · Kuya's wholly-owned Peruvian subsidiary Minera Toro de Plata commenced underground development and reconditioning at the Bethania Silver Mine, in preparation for the production restart, following the October 2023 Preliminary Economic Assessment. · Source
- May 2024 · Kuya Silver announced commencement of production from the Bethania silver mine -- mineralized material recovered from the Espanola vein system at the 640 level, hauled to surface via the pre-existing decline. First concentrate sale followed October 22, 2024. · Source
- Reached — date not disclosed · Genuinely reached, but no source found contains an explicit, dated 'commercial production declared' statement: Kuya targeted declaring commercial production at the Bethania mine (Peru) in Q4 2025 and reported record Q4 2025 production results (reported January 2026) consistent with reaching that milestone, with continued growing production reported through Q1 2026 -- genuinely reached and sustained. Left null with the Q4 2025 target/achievement context noted. 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 #533 re-verification, 2026-08-22] CONFIRMED CORRECT -- stronger citation added. Fresh primary-source research (WebSearch, not headline/summary) confirms real, growing, disclosed revenue: Q1 2026 financial results report revenue of $1.46M (up from $0.23M in Q1 2025 and $0.31M in Q4 2025), and Q2 2026 results report a further $1.25M, bringing H1 2026 revenue to $2.7M (up from $1.3M in H1 2025) -- real, audited, growing quarter-over-quarter sales from the Bethania mine (Peru), not merely production tonnage. Q2 2026 also set a record for quarterly output (23,912oz silver / 30,559oz silver-equivalent). Resolves the "no $ figure cited" gap in the existing note (which only referenced production growth, not revenue) -- Task #521-style citation-completeness issue, not a stage or milestone question. No stage or milestone change; sourceUrl and achievedDate left as-is (still null, no single dated "commercial production declared" threshold found for this Q4-2025-target milestone). · 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.
Your Rankings
Management Team
President, Chief Executive Officer and Director of Kuya Silver Corporation, and the founder of Kuya, having been President since 2017. (CFA, MSc.) Educated with a technical background in geology and engineering, he moved into the capital markets early in his career, in 2001, as a mining equities analyst for a prominent Canadian broker-dealer. More recently he was President and CEO of Aberdeen International, where he led various private equity and public company investment mandates.
Chief Operating Officer and Director of Kuya Silver Corporation. More than seventeen years of experience in the mining industry in North and South America, the Caribbean, Europe and Africa. Throughout his career he has been closely associated with the practices that make for world-class mining operations and projects, including challenging operations such as Pueblo Viejo, Paracatu, Fruta del Norte and Tasiast. A Chartered Engineer who holds a Master's Degree in Science from the University of Manchester (UK) in Decision Sciences and a Master's Degree in Metallurgy.
Chief Financial Officer of Kuya Silver Corporation. (CPA) A Chartered Professional Accountant with over 20 years of experience in the mining industry, bringing a foundation in financial reporting, internal controls, strategic planning, treasury management and change management. Her career has been marked by a consistent track record of optimizing operations for Canadian mining companies across Latin America and Europe, including Chile, Mexico, Colombia, Brazil and Spain. Most recently served as Chief Financial Officer and Corporate Secretary for ATEX Resources, and prior to joining ATEX in 2023 was Vice President of Finance at GCM Mining, where she played a key role in its successful merger with Aris Mining. Previous leadership roles include senior finance positions at Detour Gold, Torex Gold Resources, Primero Mining and Largo Resources.
Vice President Exploration of Kuya Silver Corporation; the company prints his name with the honorific 'Dr.' (PGeo). A senior exploration geologist with over 25 years of international experience in mineral exploration, project management and technical leadership across North and South America. Previously held senior technical and management roles with Discovery Silver, Minera Adularia, Azucar Minerals and Altiplano Minerals. Holds a Ph.D. in Economic Geology from the University of Alberta and an M.Sc. in Petrology and Geochemistry from the National University of Mexico.
Vice President Corporate Development of Kuya Silver Corporation. Over 15 years' experience in the management of publicly listed and privately held companies in the resource sector, having been actively engaged in overseeing the day-to-day operations of several companies where he has held various senior officer positions. Holds a BA in Economics from the University of Calgary.
Corporate Secretary of Kuya Silver Corporation. The principal of Benchmark Governance, providing corporate compliance, administration and governance support to private and public companies in the resource and technology sectors. Over twenty years of experience serving on, and for, numerous boards of directors of public listed companies.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Crescat Portfolio Management, the well-known resource-specialist hedge fund, holds a real 5.89% stake -- previously missed because this DB's MinerHolder table was empty when this row was last scored. Institutional ownership is 9% and management holds about 6.8%. No producer, strategic corporate backer or funded earn-in/joint venture with a major over the Bethania silver mine in Peru was identified. Kuya is listed on the CSE, which sits outside the institutional-ownership reporting that covers larger exchanges, so the rest of the register is unusually hard to see.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
We haven't parsed this company's PEA/PFS/FS recommendations yet — cut-off grade, mine life, DCF/NPV, and the report's own next-steps guidance are a planned research pass, not live data for every company yet.