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AbraSilver Resource– A Series Of Key Project Milestones Achieved in 2026, Transitioning To Developer

The KE Report Sep 10, 2026 25:03

Summary

AbraSilver has cleared its 2026 milestones with RIGI approval, environmental permits from both provinces, an updated MRE, and a DFS, fully transitioning Diablillos to active developer.

The June DFS shows a 3B base case after-tax NPV at a 41.9% IRR and 20/oz AISC, placing Diablillos among the lowest-cost silver projects globally.

A July 50M raise including a Kinross placement funds early works; a larger debt/stream package is targeted before year-end ahead of a Q2 2027 FID.

New Executive Chair Marie Inkster, COO Jeremy Weyland, Project Director John Naisbitt, and Director Wendy Kaufman add construction expertise to the team.

A Phase 2 PEA on heap leaching 130Mt of previously classified waste, plus throughput doubling studies, point to upside beyond the base case DFS.

Key points on Kinross Gold

  • The guest describes Kinross as a very supportive shareholder, noting that Kinross again participated in the July raise of over $50M alongside other investors
  • He frames Kinross continued backing as part of the evidence that Diablilos is now fully financed for early works construction and on a path to a full construction decision

Key points on AbraSilver Resource

  • The guest argues AbraSilver is no longer talking about transitioning from explorer to developer - it is now fully executing, with early works construction activities at Diablilos commencing very shortly at site
  • He frames 2026 as a series of transformational milestones: RIGI 30-year stability approval in March, full environmental approvals in June from Salta and Catamarca, a May resource update with gold up ~50% and silver ~25%, and a June DFS showing ~$3B NPV at >40% after-tax IRR
  • In July the company raised over $50M (including another private placement with Kinross), fully financing early works; the larger construction financing package is targeted before year-end to support a formal construction decision in H1 next year and production before end of 2029
  • A heap leach PEA - covering ~130Mt of oxide material previously classified as waste - is expected next quarter and could add ~500koz of additional gold production; the tank leach plant could also potentially double from 9,000 t/d to 18,000 t/d
  • Exploration upside extends beyond the DFS base case: Cerro Viejo (~5km north of Oculto) returned mineralized holes with broad copper intercepts, and adjacent Condor-Yacu to the south produced a standout hole of 72m at 18.7 g/t gold, 117 g/t silver and 2%+ copper

John Miniotis's takeaways

  • Top takeaway He argues AbraSilver is no longer in transition - it is now a fully executing developer, with early works construction at Diablilos starting very shortly, a formal construction decision targeted in H1 next year, and production targeted before end of 2029
  • He emphasizes that the DFS is the base case, not the ceiling: a heap leach PEA on ~130Mt of previously classified waste is expected next quarter and could add ~500koz of gold, and the tank leach plant could potentially double from 9,000 t/d to 18,000 t/d
  • He highlights exploration upside beyond the DFS - Cerro Viejo (~5km north of Oculto) drilled 5 mineralized holes with broad copper intercepts, and Condor-Yacu to the south had a standout 72m intercept at 18.7 g/t gold, 117 g/t silver and 2%+ copper - with an updated resource targeted next year
  • He frames 2026 as a sequence of transformational milestones (RIGI stability in March, full environmental approvals in June, a ~50% gold / ~25% silver resource update in May, the June DFS, and a $50M+ July raise with Kinross again participating)
  • He argues the stock at ~5x P/NAV is undervalued because the multiple does not yet reflect the heap leach, the tank leach expansion optionality, exploration upside, or the typical rerate that accompanies a full construction decision

Shad Markwitz's takeaways

  • Top takeaway The host argues AbraSilver is undervalued at ~5x P/NAV relative to DFS-stage peers (which he pegs at 0.6-0.7x), and says it looks especially cheap once a larger plant and heap leach upside are factored in
  • He presses the guest on the capital stack and human capital build-out, pushing back against the view that AbraSilver is just waiting to be bought out, and notes that ancillary projects (Condor Yacu, Cerro Viejo, La Coipa Pita) are not reflected in the current valuation