Silverco Mining Ltd.
Silverco Mining Ltd. (renamed from Quetzal Copper Corp. in October 2025, following a reverse takeover of Silverco Mining Corp.) holds 100% of the fully permitted, past-producing Cusi silver-lead-zinc mine complex in Chihuahua, Mexico -- approximately 95 concessions and an existing 1,200 tpd mill, where silver has historically accounted for ~85% of recovered metal value. The company is restarting underground mining, with first ore targeted late Q3 2026 and first concentrate Q4 2026, alongside a 30,000-metre 2026 exploration program.
Notable vs. Peers
- All-in sustaining cost of $26.75/oz AgEq is 26% lower than the peer producer average of $36.25/oz AgEq.
Lifecycle Milestones
Construction Milestones
2 of 5 reached- Reached — date not disclosed
- Feb 2026 · Source
- Not yet reached
- Not yet reached
- Not yet reached
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
Mexico is an established, high-volume mining jurisdiction with functioning courts and permitting, but northern-state security/cartel issues and a 2023 mining-law reform (shortened concession terms, new consultation/environmental requirements) add real policy and operational risk versus Canada/US/Australia.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Cusi Mine Complex, Chihuahua, Mexico.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Cerro Los Gatos (First Majestic Silver Corp. / Dowa Metals & Mining Co., Ltd.), 94 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
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:3.6/10
Nearest producing mine: Cerro Los Gatos (First Majestic Silver Corp. / Dowa Metals & Mining Co., Ltd.), 94 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:7/10
Stage: Construction
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
President, Chief Executive Officer and Director of Silverco Mining Ltd. Mining exploration, development, finance and operations executive. Former COO of Victoria Gold, where he helped advance the Eagle Gold Mine from exploration to operations as the company's market cap grew from roughly $8 million to over $1 billion. Founder and former Chair of Banyan Gold. Former President of the Yukon Chamber of Mines and Chair of the Yukon Mineral Advisory Board. Part of the team recognized with AME's 2021 E.A. Scholz Award for mine development excellence.
Chief Financial Officer of Silverco Mining Ltd. (CPA) Senior finance leadership experience at NYSE, Nasdaq and TSX-listed mining, technology and shipping companies. A key contributor to the Sierra Wireless management team through its $1.3 billion sale to Semtech in January 2023, during which the share price more than tripled.
Vice President of Project Development of Silverco Mining Ltd. Mining engineer and UBC Mining Engineering graduate with open pit and underground experience across gold, copper and coal. Former head of technical services at Victoria Gold and former Underground Mine Engineer at the Minto mine.
Executive Vice President of Silverco Mining Ltd.; also a director of LunR Royalties Corp. (P.Eng., Ontario) 20 years of mine operations, project development and capital markets experience. As Senior VP of Corporate Development at SilverCrest Metals she helped secure over $250 million in financing and facilitated its $1.5 billion sale to Coeur Mining in October 2024. Former precious-metals equity research analyst; earlier mining engineer roles at Inco and Placer Dome. Director at Orezone Gold and Americas Gold and Silver; previously on the Maverix Metals board. Mining Engineering degree, Queen's University.
Senior Vice President, Corporate Affairs and Finance of Silverco Mining Ltd. (CPA, CMA) Over 10 years as a senior finance executive, including CFO of JDS Energy & Mining from 2015 to 2025, overseeing financial operations, M&A and international capital structures. Prior corporate banking, underwriting and analyst roles at BDC, Scotiabank (Chile and Mexico) and Export Development Canada. Commerce degree, University of Ottawa. Fluent in English, Spanish and French.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Eric Sprott, the well-known resource-sector financier, is a heavily and continuously accumulating major shareholder, adding tens of millions of dollars in stock through 2026. Two additional insiders also bought stock on the open market within the last year, with no offsetting selling on record.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Silverco Mining, renamed from Quetzal Copper in October 2025 after a reverse takeover, owns 100% of the fully permitted, past-producing Cusi silver-lead-zinc mine complex in Chihuahua, Mexico, with about 95 concessions and an existing 1,200 tpd mill. Cusi holds 32,443,000 oz of silver in measured and indicated resources (4.89 Mt at 206 g/t Ag) plus 22,479,000 oz inferred, in an estimate effective 20 October 2025. The preliminary economic assessment for the restart, released in April 2026, shows an after-tax NPV5% of US$104.1M and a 94.8% IRR at US$44.58/oz silver, with construction capital of US$47.5M, an 8.3-year mine life and an all-in sustaining cost of US$26.75 per silver-equivalent ounce. Underground development began on 4 August 2026, with first concentrate targeted for the fourth quarter of 2026, and in May 2026 the company completed the acquisition of Nuevo Silver, owner of the producing La Negra silver mine in Querétaro.