Pacifica Silver’s flagship is the Claudia silver-gold project, an 11,876-hectare low-sulphidation epithermal vein district in Durango State, Mexico, located roughly 145 kilometres northwest of the city of Durango in the Sierra Madre Occidental. The project encompasses the historic El Papantón artisanal mining district and hosts over 30 kilometres of mapped vein systems, approximately 90% of which have never been drill-tested. This interview with CEO Todd Anthony covers the current Phase II drill program, the structure of the property acquisition agreement, treasury and funding runway, and the path toward a maiden mineral resource estimate.
TL;DR
Pacifica is roughly 11 months into owning the Claudia project and is running an expanded Phase II drill program with two active diamond rigs, targeting 20,000 metres for the current phase but likely to extend to 30,000 to 35,000 metres for the year. Every one of the approximately 60 holes drilled so far has hit mineralization. The company reported that a recent batch of results included intercepts of roughly 3 to 4 metres grading 3 g/t gold and 200 g/t silver, and approximately 9 metres grading over 1 g/t gold and 100 g/t silver. Cash on hand is approximately C$25 million with an expected burn of C$6 to 7 million in the second half of the year, leaving roughly C$18 million at year-end, and management says no equity raise is anticipated until at least mid-2028. A maiden inferred resource estimate is targeted for early 2027. The option agreement with prior vendor Silverstone requires 50,000 metres drilled and a declared measured-and-indicated resource by 2029, with tiered cash-and-share payments triggered by resource milestones.
What have they done for shareholders lately?
Pacifica completed a C$23 million financing in late January at C$1.45 per unit, which followed an initial C$10 million raise at C$0.50 per unit shortly after closing the acquisition in mid-2025. Phase I drilling has now been completed and the company transitioned into Phase II in January of this year. All drill holes to date across approximately 60 holes have intersected mineralization. The most recently reported batch included intercepts of 3 to 4 metres at 3 g/t gold and 200 g/t silver, and about 9 metres at over 1 g/t gold and 100 g/t silver. The team also used a drone equipped with LiDAR to map the historic underground workings in 3D, and has been running IP geophysical surveys to identify deeper drill targets. A new high-grade hanging-wall discovery was made at the Aguilareña vein late last year, returning approximately 20 g/t gold over 0.5 metres. A surface channel sampling program of 286 samples has identified two new priority drill targets: the Pinolera zone and the Contraria vein swarm.
How much money do they have and what are they spending it on?
At the time of the interview the company held approximately C$25 million in cash. Planned spending for the second half of the current year is C$6 to 7 million (Canadian), which would leave approximately C$18 million at year-end. Drilling costs at the Claudia project are approximately US$105 per metre, which management says is equivalent to roughly C$150 per metre, implying the treasury can fund roughly 100,000 metres of additional drilling. There are also approximately 15 million warrants from the initial C$0.80 round outstanding, which are expected to bring in approximately C$9 million in cash if exercised over the next 18 to 24 months. Approximately 60% of total expenditures go to the drilling contractor. Management says no equity raise is planned for the rest of this year, with the earliest anticipated need being sometime in 2028 at the earliest, and only in the event of a major discovery requiring rapid step-out drilling. If a raise were needed, management indicated it would likely be in the range of C$10 to 15 million given existing warrant proceeds still expected to come in.
Upcoming catalysts
Technical / Operational: Ongoing Phase II drill assay results released in batches every 4 to 6 weeks from the 20,000-metre program (started January of this year, expected to complete or extend to 30,000 to 35,000 metres by year-end). Corporate: Announcement of new team members expected within a few weeks of the interview. Ongoing renegotiation of the gold discovery payment structure with prior vendor Silverstone (seeking conversion to royalty format). Surface access and land acquisition work to enable eventual drilling of the Lizeth target to the north (timing not confirmed, mentioned as potentially later this year or early 2026, though the transcript’s auto-captions suggest the year referenced may be approximate)
Risks
The most direct near-term risk is the ability to sustain cash if a major discovery triggers a need for rapid expansion of the drill program, which would require a new equity raise and associated dilution. A secondary operational risk flagged by management is water availability, which already caused the rig count to be reduced from three to two during the dry season, and could become a constraint at scale if drilling density increases significantly. The Aguilareña and Justina veins exhibit the pinch-and-swell geometry typical of low-sulphidation epithermal systems, meaning step-out holes carry inherent continuity risk and not every hole will reproduce high-grade widths. The northern target requires a fresh community surface access agreement, which has not yet been secured, creating uncertainty around timing for that area. Finally, the option agreement with Silverstone requires 50,000 metres drilled and a resource by 2029, and while management expressed confidence in meeting those milestones, failure to do so by the deadline would represent a contractual risk.
Pacifica Silver Corp CEO Interview
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