Tinka Resources is a Peru-focused explorer advancing the Ayawilca zinc-silver-tin project in the Pasco region and the earlier-stage Silvia NW gold-copper target in central Peru. In this interview, Brandon Macdonald discusses the 2024 Ayawilca PEA and development path, including economic metrics and permitting, the October 2025 C$14 million financing and subsequent 5-for-1 share consolidation, board changes that brought him and former Adriatic Metals CFO Michael Horner in, the role of strategic shareholders Nexa Resources and Compañía de Minas Buenaventura, and near-term work programs, including initial drilling at Silvia Copper-Gold project.

TLDR

1. Project
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   Tinka Resources is a Peru-focused base-metal explorer centred on the Ayawilca zinc-silver-tin deposit in the Pasco region. The 2024 preliminary economic assessment outlined a potential 21-year underground operation with a post-tax NPV8 of roughly US$434 million, a 26% IRR, and estimated initial capital of about US$382 million. The study remains conceptual and depends heavily on future verification of metallurgy, smelter terms, and capital costs. A smaller tin domain and silver credits provide upside but might add complexity. The company is also preparing first-pass drilling at the Silvia copper-gold prospect, located south of Antamina.
2. Board Overhaul
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   The entry of Brandon Macdonald, formerly CEO of Fireweed Metals, and Michael Horner, ex-CFO of Adriatic Metals, marked a change in both governance and tone. They joined in September 2025 through a board reorganisation linked to a C$14 million financing and a 5-for-1 share consolidation. Macdonald became executive chair once the financing closed in October. He has described the move as a proactive restructuring, not a hostile intervention, intended to stabilise the shareholder base after a major fund exit depressed the share price.
3. Structure
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   Post-consolidation, Tinka has about 134 million shares outstanding and roughly 170 million fully diluted. The recent placement added approximately C$15 million in cash and left the company debt-free. Strategic shareholders Nexa Resources and Compañía de Minas Buenaventura remain on the register, each holding near-20 percent positions and board representation, though neither participated in the latest financing. Brandon says most new shares were placed with long-term institutional and high-net-worth investors to limit short-term churn.
4. Priorities
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   The stated focus is to advance Ayawilca’s highest-grade zones and shorten the path to a construction decision rather than chase theoretical scale. Management is evaluating options such as pre-concentration and toll treatment at nearby processing facilities to reduce upfront capital. Workstreams include metallurgy, engineering, surface-rights negotiation, and community agreements. The company is also formalising key performance metrics for management remuneration. Every de-risking step is positioned to support either project financing or a potential acquisition, though no sale process is currently happening.
5. Risks
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   The main external risk is market volatility in base-metal prices, according to Macdonald. Project risks include the geological continuity of high-grade zones, the early-stage nature of the Silvia target, and the need to maintain community agreements through local election cycles. Infrastructure access, power supply, and security are considered manageable. Upcoming catalysts include the initial 1,500 m drilling programme at Silvia, comprising several man-portable holes testing a trench anomaly averaging about 1.9 g/t gold and 0.8% copper over 46 m. Assay results are expected once drilling is complete later in 2025.

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