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Mexico’s Next Silver Mine On Schedule for 2027 Production | Silver Tiger

Mining Network Aug 10, 2026

Summary

Silver Tiger's fully permitted Stockwork Zone heap leach in Sonora, Mexico remains on schedule for commissioning and first doré pour in December 2027.

About 200 workers are on site running three shifts a day; earthworks are underway and concrete work is set to start in October.

CEO Glenn Jessome argues disciplined execution — not silver or gold price — drives shareholder value, with roughly $1 billion NPV at current prices.

CFE granted life-of-mine grid power access via an 18-month third-party build, and redundant on-site generators let the project start regardless of timing.

The underground PEA is being advanced to PFS, high-grade drilling has resumed to the north, and Mexico's improving permitting climate supports a broader re-rating.

Key points on Agnico Eagle Mines

  • Jessome cites the recent approval of the Agnico Eagle joint venture for the San Agas copper project as evidence that Mexican mining-permitting sentiment has turned and that Silver Tiger's depressed valuation due to that chill should re-rate.

Key points on Fresnillo

  • Peter Gadsdon raises the Max Silver/Fresnillo JV as a precedent where commissioning-stage power access held the project back, using it to frame his question on whether Silver Tiger's CFE power grant materially de-risks the December 2027 pour.

Key points on Silver Tiger Metals

  • Glenn Jessome says Silver Tiger is on time for a first dore pour at the heap leach in December 2027, with the underground mine moved from PEA to PFS and developed immediately after, and frames execution rather than silver price as the dominant value driver.
  • He claims the project is robust at current metal prices: the heap leach shows roughly a $1 billion NPV with over $100 million per year after-tax cash flow for 10 years, and the underground adds roughly another $1 billion NPV at $80 to $90 million per year over 15 years.
  • Construction is well advanced on site: 200 people on a 200-person camp, three shifts a day 24/7, a 43 km access road already running, earthworks underway and concrete works starting in October, with KCA as EPCM and Francisco Albileis and his Argonaut build team running the build.
  • He highlights the recent CFE grant of full life-of-mine power and a negotiated third-party build that could deliver grid power in 18 months instead of 36, which he says would improve project economics versus the genset-only case contemplated in the PFS.
  • Funding: Silver Tiger had roughly C$100 million in the bank at the time of the call; Jessome says he expects to take very attractive debt in the fall to finish Phase 1 and has already contemplated the additional debt capacity needed for the underground Phase 2 build of about $100 million.

Glenn Jessome's takeaways

  • Top takeaway Glenn Jessome's central argument is that execution, getting to a December 2027 first pour at Silver Tiger's heap leach, will create far more shareholder value than any 25% move in silver price, so the team's focus is overwhelmingly on build rather than price forecasting.
  • He argues Mexican mining sentiment has turned: Silver Tiger's heap leach permit in November (the first since 2019), GoGold's Los Ricos permit, and the Agnico Eagle joint venture for San Agas all signal the permitting chill is over and Mexican valuations should re-rate.
  • He is constructive on the fall macro setup, citing softer Fed expectations, a weaker US dollar, lower Treasury yields, supportive demand data and a short-rope view on US policy into the midterms, with conservative bank desks such as BMO and Goldman reportedly modeling around $5,000 gold by year-end.
  • On financing, Jessome says he has the time rather than the clock and intends to wait until the fall to lock in very attractive debt, expecting better terms than the April to June bottom and indicating he is already thinking 12 to 36 months ahead about both Phase 1 and Phase 2 funding.
  • He frames Silver Tiger as a district play beyond the heap leach (door 1) and underground PFS (door 2), pointing to 4 million tons at roughly 350 g/t Ag in the northern PEA area and another 3 million tons at roughly 400 g/t in the old Tiger area, which he expects will fund district-scale exploration for the next 10 to 20 years.

Peter Gadsdon's takeaways

  • Top takeaway Peter Gadsdon attributes the recent move in gold and silver prices to softer Fed expectations, a weaker US dollar, lower Treasury yields and supportive demand data, while stressing that the long-term debt and currency-debasement thesis remains intact.
  • He presses Jessome on execution risks, specifically CFE power delivery and water access, and concludes that de-risking the build to a December 2027 first pour matters more for shareholders than further metal-price upside.