Titiminas Silver’s flagship asset is the Madre Sierra Silver mine, a past-producing polymetallic underground mine in the Ricran District, Jauja Province, central Peru, approximately 200 km east of Lima. The deposit is silver-dominant, with lead, zinc, copper, and gold as byproducts, and sits within a broader land package that also hosts the newly identified Madre Sierra Norte zone, the Titiminas CRD carbonate replacement deposit, and the Janchiscocha molybdenum target. This interview covered the company’s history, ownership structure, the current 19,500-metre underground drilling program, financing position, production optionality, and management’s plan to reach a Final Investment Decision by Q4 2027.

TL;DR

Drilling started about a week and a half before the interview, with five packsack holes completed and the diamond rig mobilizing three weeks out at time of recording. The first batch of assay results was expected within two to three weeks of the interview. The company has US$16 million in the treasury, which CEO Goyzueta said gets them to “almost” a Final Investment Decision, leaving a roughly US$2 million gap he attributed to rising fuel costs and other cost increases since the budget was set. The path to closing that gap includes a potential restructuring of the existing royalty with Silver Crown Royalties in exchange for cash, offtake financing from a trading company already conducting site diligence, and a further equity raise. Goyzueta also said the company is actively pursuing M&A, with two offers already out on other Peruvian projects, and flagged a real possibility of being a producing company before year-end by trucking ore to a nearby toll mill, pending an additional capital raise for that scenario. The biggest risk he named was access to capital markets and the perception of Peru tied to the current election, not the geology, permitting, or social situation.

What have they done for shareholders lately?

The company completed its RTO and began trading on the TSXV on April 15, 2026. Prior to the interview, the team secured a six-year community access agreement with the Yauli community through 2032, extended from the community’s historical preference for two-year rolling agreements. The geological team identified 13 veins across the 2.2-km system versus the five documented historically, confirmed high-grade mineralization at the Titiminas CRD and Madre Sierra Norte via channel sampling, completed mine rehabilitation including underground access and drilling infrastructure, and submitted metallurgical composites to the lab. The 19,500-metre drilling program (4,000-metre packsack program plus a 15,500-metre HQ diamond drill program) commenced, with five holes completed at time of recording. The Janchiscocha molybdenum target community agreement was also secured, unlocking access for the first modern exploration work on that asset.

How much money do they have and what are they spending it on?

Goyzueta said Titiminas currently holds approximately US$16 million in cash. The cash is earmarked for the current 19,500-metre drill program and associated engineering work, with the goal of reaching a Final Investment Decision. Goyzueta indicated the company is about US$2 million short of that FID milestone on current budget and that a further equity raise is planned, either for the expanded drill program, M&A, or for the early production scenario, which would require additional capital beyond what is currently held. Mine construction capex at 350 tonnes per day was estimated at US$35 to US$45 million, to be funded through a combination of equity, offtake financing from trading companies, and a potential cash component from restructuring the Silver Crown Royalties agreement.

Upcoming catalyst

Technical:

• First batch of drill assay results from the ongoing underground program, expected within two to three weeks of the interview (batched every five to six holes).
• Preliminary metallurgical test results from three zones (Madre Sierra, Madre Sierra Norte, Titiminas CRD), expected by August 2026 or earlier.
• First channel sample and assay results from the Janchiscocha molybdenum target, expected by end of July 2026.
• Plant flowsheet and basic engineering for Madre Sierra expected by September to December 2026.
• Maiden NI 43-101 Mineral Resource Estimate targeted for Q2/Q3 2027.

Operational:

• Potential early production decision via toll milling at a nearby third-party plant before year-end 2026, subject to raising additional capital.
• Potential ordering of long-lead construction items ahead of formal FID.

Corporate:

• Final Investment Decision targeted for Q4 2027.
• M&A: two offers already out on separate Peruvian projects; decision expected within the next few months.
• Potential listing on a US exchange, EU exchange, and the Lima Stock Exchange, applications in process.
• Potential restructuring of the Silver Crown Royalties agreement to generate cash for the company.

Risks

The primary risk Goyzueta named directly is capital markets access, specifically the perception of Peru tied to the outcome of the current presidential election, which at time of recording was extremely close between the centrist candidate and a left-wing opponent. He acknowledged that even a left-wing result would carry no practical risk of expropriation but said it would likely make future equity raises harder and more expensive. A secondary financial risk is the approximately US$2 million budget shortfall to FID, which requires at least one of the royalty restructuring, offtake financing, or equity raise to close before the company runs short of runway. On the technical side, Goyzueta was transparent that grade and tonnage outcomes from the drill program could vary from the historical resource base of 1.22 million tonnes at roughly 15 oz/t silver equivalent, and he singled out vein continuity as the main geological variable across the 2.2-km system. Permitting delays tied to the Peruvian election cycle (reduced bureaucratic activity around election periods) could also slow secondary permit approvals needed for production. Finally, the FID timeline of Q4 2027 depends partly on third-party consultants, whose scheduling backlogs are outside the company’s control.

Titiminas CEO Interview

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