Salazar Resources Limited (TSXV: SRL) is Ecuador's leading generative copper-gold explorer, holding a 25% carried-through-to-production interest in the El Domo deposit at its own maiden Curipamba discovery -- now being advanced to production by operator/75%-owner Silvercorp Metals Inc. (which acquired its interest via Silvercorp's 2024 acquisition of Adventus Mining). El Domo received its Resolution of Change of Phase from Ecuador's Ministry of Energy and Mines on 6 August 2024, advancing the project's legal status to the Exploitation Phase and permitting construction and operation to begin -- Silvercorp's own press framed this as the project being 'Fully Permitted to Start Construction.' A legal challenge to El Domo's environmental license was rejected by a local Las Naves Canton court in July 2024 and the license was subsequently upheld unanimously by Ecuador's Constitutional Court in August 2025, resolving the project's key permitting risk. As of October 2025, construction was well underway: approximately 1.29 million cubic metres of material removed, the 481-bed construction camp substantially complete, commissioning of the mine and process plant targeted for late 2026, and first commercial production targeted for July 2027.
Notable vs. Peers
- Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 7.7/10.
Lifecycle Milestones
Construction Milestones
3 of 5 reached- Aug 2024 · Source
- Aug 2024 · Source
- Reached — date not disclosed · Source
- 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.
Not in place: mill, tailings facility, road access, grid power.
Jurisdiction (40%)5/10
El Domo (Curipamba) is in Ecuador's Bolivar and Los Rios provinces. Ecuador brings real permitting and political complexity (El Domo's environmental licence was legally challenged before Ecuador's Constitutional Court upheld it in August 2025), but also an active, government-supported copper-gold development buildout.
Infrastructure (40%)0/10
No confirmed mill, no confirmed road access, no confirmed grid power, and no confirmed tailings facility at El Domo Deposit, Curipamba Project, Bolivar/Los Rios Provinces, Ecuador.
Nearby producing mine (20%)Not yet researched
No project coordinates on file yet, so distance to a producing mine can't be measured.
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: Not yet researched
Distance not yet researched: no project coordinates on file
Distance can't be measured without coordinates, so excluded rather than counted as far.
Weight 22.5% - 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% · 57% here - JurisdictionSub-score:5/10
Ecuador: jurisdiction score 5/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 26% here - CommoditySub-score:8/10
Primary commodity: Copper
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 17% 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 of Salazar Resources Limited, founder. Professional geologist registered in Ecuador; bachelor's in geology and master's in environmental sciences, Central University, Quito. Worked throughout Ecuador's mineral resource sector 1988-2000, including eight years with Newmont as regional exploration geologist. Founded environmental consulting firm Congeminpa Ltda., then established Salazar Resources in 2007.
Director, CFO of Salazar Resources Limited. Ecuadorian certified public accountant; bachelor of commerce, Pontificia Universidad Católica del Ecuador (1987). 35+ years' experience in auditing, finance management, cost planning and environmental matters; has worked with Fredy Salazar since 2003.
Chief Executive Officer and Director of Rochester Resources Ltd. since 2018, affiliated with DNN Investments Ltd.; also Chief Financial Officer & Corporate Secretary of T2 Metals Corp, Chief Financial Officer & Director of Tinka Resources Limited and a director of Salazar Resources Limited. Rochester holds 100% interests in the Mina Real and San Francisco gold and silver properties in Nayarit, Mexico.
President, CEO and Director of Fitzroy Minerals Inc.; also a non-executive director of Salazar Resources Limited. 25+ years of resources sector experience spanning technical, corporate and capital markets roles, including exploration geology at Rio Tinto, equity analysis at HSBC, and portfolio management at Blakeney Management; has taken two prior companies to listings on AIM London. Honors degree in geology from Manchester University; Master's Degree in Mineral Deposit Evaluation, Royal School of Mines, Imperial College. Multilingual, including Spanish fluency.
Non-Executive Director of Salazar Resources Limited. Honorary consul general of Ecuador for Alberta, British Columbia, Northwest Territories and Yukon (appointed December 1993). Diploma in hotel management and financial administration, Ecole Hotelier de la Societe Suisse des Hoteliers, Lausanne.
Non-Executive Director of Salazar Resources Limited, rejoined the board July 2024. Financial industry executive with 25 years' experience, including a Citigroup role focused on enterprise risk management and prior specialization in metals & mining strategic investments. MBA, Wake Forest University; CFA and SCR (Sustainability and Climate Risk) designations.
Manager, Corporate Development & Company Secretary of Salazar Resources Limited, joined 2010, overseeing transactions and new business development since 2014. BA (hons) Global Financial Management, Regent's Business School, London, plus Ecuadorian tax certifications; pursuing an MA in Tax at Universidad Andina Simon Bolivar, Quito.
Exploration Manager of Salazar Resources Limited, led the exploration team since 2005. P.Geo. 39 years' experience as a geologist in Ecuador, including 8 years at Newmont (1990-1998) and work with International Minerals Company discovering the Rio Blanco and Gaby deposits.
Senior Geologist of Salazar Resources Limited. Geology graduate, Central University, Ecuador; Master's in Business Management (Energy & Mining). 33 years' experience in the minerals sector, including 13 years with International Minerals Corp and roles at Mariana Resources and INIGEMM.
Qualified Person for Salazar Resources Limited. B.Sc. (Hons) Geology, University College Galway (1971); Ph.D. Geology, Dublin University (1974). 40+ years' experience in gold, base metals, uranium and diamond exploration; Registered Professional Geologist in British Columbia; president of Tristia Ventures Corp.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Salazar Resources holds a 25% interest, carried through to production, in the El Domo copper-gold deposit at its Curipamba discovery in Ecuador, which operator Silvercorp Metals, owner of the other 75%, is building. El Domo received its Resolution of Change of Phase to exploitation from Ecuador's Ministry of Energy and Mines on 6 August 2024, and construction was well under way by October 2025. The SRK technical report filed in June 2026, effective 31 December 2025, shows an after-tax NPV8% of US$573M and a 45% IRR on a 100% project basis, with initial capital of US$283.7M and an 11.5-year mine life. Salazar also continues generative copper-gold exploration in Ecuador.