Prince Silver’s main asset is the Prince project, a carbonate replacement deposit (CRD) in Lincoln County, Nevada, targeting silver, zinc, lead, manganese and gold. They also hold the Stampede Gap property nearby, a copper-gold-molybdenum porphyry target. The conversation covered the ongoing drilling program, the path to a resource estimate, financing, share structure, and permitting.
TL;DR
Derek told me the company is drilling right now under an RC program, aiming to get a 43-101 resource estimate out by the end of 2026, targeting 100 million ounces of silver equivalent in that first estimate. He said the company has enough cash to fund drilling and overhead through the rest of the year without needing to raise money, barring any acquisition. The biggest near-term item he flagged is 15 million shares (plus up to 8.5 million contingent value rights) tied to the Stampede Metals acquisition becoming free trading on July 11, which he said investors should watch before buying. He also said metallurgy, not the resource size, is what he sees as the biggest open question for the project’s economics.
What have they done for shareholders lately?
Derek said the company has drilled roughly 35 holes so far in the current program, with about 85% of holes hitting mineralization, and that the last 2012 drill program by a prior operator (which included 16 holes) met current 43-101 standards and can be folded into the upcoming resource estimate. He also mentioned bringing on a third drill rig, hiring an exploration manager (Patrick Chop) who is expected to become VP of Exploration after a six-month probation, and having geologist Peter Megaw (spelled “McGaw” or “McGon” in parts of the transcript, so treat the exact spelling as unconfirmed) visit site and provide a favorable assessment of the project.
How much money do they have and what are they spending it on?
Derek said the company’s last financing closed in February 2026, raising just under C$5 million with a half-warrant priced at C$1.00 for two years, and that those warrants carry an acceleration clause if the stock trades above C$1.40 for a set number of consecutive days (the transcript doesn’t give the exact number of days). He said current cash covers overhead and drilling for the rest of the year, and that 7.7 million warrants expiring December 23, 2026, priced at 40 cents, would bring in about C$3 million if exercised, which he said would fund the company well into next year. He noted future financing could come from two unnamed strategic investors he says have expressed interest, and that additional funding would only be needed for acquisitions.
Upcoming catalysts
On the technical and operational side, Derek said drilling is ongoing, with the current program expected to reach around 60 total holes, and metallurgical test work (running with three labs) continuing, with no firm date given for results. He said the 43-101 resource estimate is targeted for release around November 2026, aiming for 100 million ounces of silver equivalent, though he said this could slip to Q1 2027 if drilling or data cutoffs run late. On the corporate side, he flagged July 11, 2026 as the date 15 million shares from the Stampede Metals deal become free trading, plus a possible early trigger reducing 8.5 million contingent value rights to 6.8 million if the company is confident in reaching the 100-million-ounce threshold. He also mentioned a critical minerals funding application (tied to manganese, silver, lead and zinc) with a submission window closing end of July 2026 and a response expected within a couple of months, and said the company plans to attend the Beaver Creek and MIF (Vancouver, September) conferences.
Risks
Derek said metallurgy is the biggest open question, saying recoveries and process economics are still being tested and citing a peer company (Aftermath Silver) that took about two years to solve similar metallurgical questions. He also flagged the July 11 unlock of 15 million shares (average cost base around 37-38 cents) as a potential near-term selling pressure event, and said the aggressive 100-million-ounce target relies partly on validating historical drill holes through twinning, which is not yet confirmed. He noted permitting in Nevada is otherwise straightforward under the current small-disturbance notice process, and that a nearby small community (Caliente Heights, though transcribed as “Castle and Heights”) has so far been supportive but has not yet been tested on views toward a construction or production decision.
Prince Silver CEO Interview
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