Minaurum Silver Inc.
Minaurum Silver Inc. (MGG:TSX.V | MMRGF: OTCQX) is an exploration and development company focused on advancing high-grade, district-scale precious metals discoveries in North America. The Company’s flagship asset, the 100% owned Alamos Silver Project in Sonora — is fully permitted and supported by strong infrastructure, long-term community agreements, and a rapidly expanding drill-backed silver discovery.
With a proven technical team, strong institutional backing, and a fully funded 2026 resource expansion program, Minaurum has transitioned from discovery, to an established maiden resource and positioned to potentially grow the resource well beyond 2026.
Stock Information
Why Invest
A compelling investment opportunity backed by a high-quality asset base, disciplined capital structure, and multiple near-term catalysts that support long-term value creation.
Proven discovery + value creation track record
Co-founded by Dr. Peter Megaw, awarded the 2017 Thayer Lindsley Award for the discovery of the Juanicipio silver deposit, recently sold MAG Silver to Pan American Silver for $2.1 Billion6. Minaurum is built by a team with a history of creating shareholder value through discovery and advancement of major precious metals deposits into operating mines. Leadership includes individuals involved with companies such as K92 Mining, MAG Silver, Teck, AngloGold Ashanti, and SilverCrest Metals.
Strong balance sheet and long-term shareholders
Minaurum is fully financed with ~CAD $25M in cash1, supported by long-term resource-focused investors. Approximately 70% of ownership is held by precious metals funds, family offices, and HNW investors, including Sprott, US Global Investors, Libra Advisors, Paragon, Phoenix Gold Fund, and BMO Global Resource Fund, among others.
Flagship silver project is permitted and now de-risked by a published maiden resource
Alamos is no longer “early-stage exploration.” On January 8, 2026, the Company published its maiden inferred mineral resource of 55.2 Moz AgEq grading 320 g/t AgEq (5.37 Mt)2, establishing a clear foundation for continued resource expansion and upgrades within a fully permitted, infrastructure-rich district.
Strong 2026 catalyst pipeline
2026 is positioned to be a high-newsflow year, with multiple value-driving milestones, including:
- Fully financed 50,000 meter resource expansion drill program and ongoing drill results
- Follow-on technical work (including metallurgy) to support growth and potential upgrades
- Updated resource estimate in second half of 2026
District-scale optionality beyond Alamos
Minaurum also controls a broader pipeline including a copper VMS district, a gold project near Alamos, and a PEA-stage CRD asset3—providing investors with additional discovery and development upside beyond the flagship silver district.
Timeline and Milestones
Minaurum has recently delivered meaningful de-risking and momentum at Alamos, including:
RECENTLY ACCOMPLISHED
- Strong 2025 and 2026 infill drill results across Promontorio, Europa and Travesía, including:
Promontorio8
- Drilled widest high-grade intercept at Promontorio and the Alamos Silver Project
- 36.65 m of 328 g/t AgEq, including 3.85 m of 1,022 g/t AgEq (AL24-117)
- 10.20 m of 453 g/t AgEq
- 21.45 m of 220 g/t AgEq
Europa9
- Extended silver mineralization along strike in 250 m step-out
- 12.35 m of 408 g/t AgEq, including 3.20 m of 1,277 g/t AgEq (Hole AL25-163)
- 2.35 m of 374 g/t AgEq (Hole AL25-153) - Strengthened technical depth by adding high-caliber resource modeling expertise, with appointment of (Ruben Molina) as Senior Project Manager at the Alamos Silver Project10. Ruben brings an exceptional track record of success in Mexican silver exploration, most recently serving as a Senior Resource Modeler for SilverCrest Metals’ world-class Las Chispas silver-gold deposit—later acquired by Coeur Mining for $1.7 billion.
- Completed an oversubscribed financing (Dec 2025) upsized from $15M to $25M1, enabling accelerated drilling
- Announced a strong maiden inferred mineral resource at the Alamos Silver Project totaling 55.2 Moz AgEq at an average grade of 320 g/t AgEq. The resource comprises 5.37 Mt grading 202 g/t Ag, 0.21 g/t Au, 0.43% Cu, 0.97% Pb, and 2.01% Zn, containing 34.8 Moz Ag, 35,640 oz Au, 51.0 Mlb Cu, 115 Mlb Pb, and 238 Mlb Zn2.
UPCOMING MILESTONES
Minaurum is entering a key value-creation window, with a defined execution plan:
- Fully funded 50,000 m drill program in 2026 (expanded from 25,000 m)
- Potential pathway toward ~100 Moz AgEq later in 2026
- Updated resource estimate: H2 2026
- Additional metallurgical work planned in 2026 (building on early recoveries up to 94.3% Ag and 96.5% Au)
Projects
Alamos Silver Project (Flagship) — Sonora, Mexico
Alamos Silver Project is the Company’s flagship asset and clearest near-term value driver. The project sits on a 37,000-hectare land package in a mining-friendly region immediately adjacent to Cobre del Mayo’s Piedras Verdes mine, one of Mexico’s larger copper-gold operations. Alamos benefits from built-in infrastructure that can materially reduce development friction, including paved road and highway access, a 115 kV state power grid connection, water availability, and an experienced local workforce. The asset is also meaningfully de-risked from a permitting and social standpoint, being fully permitted for production activities and supported by a 30 year long-duration MIA mining permit and 29 year long-term surface access exploration and exploitation agreements with local communities.
On January 8, 2026, the Company published its maiden inferred mineral resource estimate for Alamos, outlining a robust Inferred Mineral Resource of 5.37 Mt grading 320 g/t AgEq for 55.2 Moz AgEq2 (100% basis), underpinned by 104 drill holes totaling 35,888.15 metres and 10,194 samples. The reported contained metals—34.8 Moz silver, 35,640 oz gold, 51 Mlb copper, 115 Mlb lead, and 238 Mlb zinc—underscore the silver weighted and polymetallic nature of the system and the potential for meaningful by-product credits. Importantly, the resource currently captures only 3 of the 26 discoverd vein zones including the Promontorio, Travesía, and Europa vein zones—representing roughly ~2 km of ~30 km of cumulative known vein strike length, which highlights significant expansion runway as mineralization remains open along strike and at depth; the Company has outlined a Phase II 50,000-metre resource-expansion drill program and additional metallurgical work in 2026 to support continued growth and potential upgrades, building on a strong technical foundation that includes 55,000+ metres of historical drilling and encouraging early recoveries of up to 94.3% for silver and 96.5% for gold.
Other Projects (Portfolio Upside)
Lone Mountain (Nevada, USA) Zinc-Lead-Silver-Gold
Lone Mountain provides portfolio diversification and technical optionality. The project is a carbonate replacement deposit (CRD) zinc asset supported by a historical inferred resource and a PEA with after tax IRR of 35%. Cofounder of Minaurum Silver Inc. Dr. Peter Megaw stated “Lone Mountain looks a lot like neighbouring historical silver-lead-zinc CRDs, such as Eureka next door or Cortez up the road, both of which have been found to have a significant Carlin Gold overprint, Historical drilling was tightly focused on near-surface high-grade zinc oxides and did not seek that kind of gold mineralization or the polymetallic CRD sulphide potential that should lie beneath.”4 While Alamos represents the primary near-term focus, Lone Mountain offers a second value track anchored by prior technical work that can be advanced as capital allocation and market conditions warrant.
Santa Marta (Oaxaca, Mexico) Copper Gold
Santa Marta represents exploration upside within the portfolio. Santa Marta is a copper VMS target characterized by a significant silica zone overlying a stringer system extending more than 800 metres (as previously disclosed). David Lowell, one of the most successful mineral discovers in the sector stated ’Santa Marta has a number of early geological indicators leading us to believe it could be a significant VMS deposit…the chances are good of finding a multimillion-tonne mineable copper-zinc-gold ore-body at Marta.’5 The historical association with noted explorer David Lowell, as referenced in prior disclosures, further supports the conceptual potential of the target, although it remains earlier-stage relative to Alamos. The Company’s plan is to advance drill permitting in order to unlock the next stage of evaluation and potential discovery-focused drilling.
People
Minaurum’s leadership is a key differentiator, combining technical excellence with proven discovery and shareholder value creation.
Notable expertise includes:
- Dr. Peter Megaw (Co-Founder) co-founded MAG Silver, associated with world-class discovery success (Juanicipio)
- Dr. Ruben Padilla (Director) credited with discovery teams totaling 47+ million ounces of gold
- Ruben Molina (Alamos Silver Project Manager) former Senior Resource Modeler at SilverCrest, tied to Las Chispas (later acquired by Coeur for $1.7B)
This team is built to move beyond exploration into resource definition, modeling, and ultimately development pathways.
How Does It Compare to Peers
Minaurum stands out among silver juniors due to a rare combination of attributes:
Permitting advantage
Many silver explorers remain years away from permits. Minaurum already holds a major MIA mining permit and long-term surface/community agreements — a meaningful de-risking advantage vs. peers.
Fully funded catalyst window
With ~CAD $25M in cash, Minaurum can execute uninterrupted drilling and resource delivery without near-term dilution pressure typical of peers at this stage.
High-grade + scalable + infrastructure-backed
Peers may have grade without scale, or scale without permitting. Minaurum offers:
- high-grade veins
- district-scale land position
- infrastructure access
- community agreements
- resource-stage catalysts
Valuation disconnect
The Company believes it is undervalued relative to comparable silver peers, particularly given it is pre-resource yet already permitted, which is uncommon in the sector.
1 Brokered Private Placement closed on December 11, 2025 for gross proceeds of C$25M
2 The Mineral Resources for the Alamos Project disclosed have been estimated by Michael G. Hester, FAusIMMVice President of Independent Mining Consultants, Inc. and independent of Minaurum. Mr. Hester is a Qualified Person as defined in NI 43-101. The Mineral Resources have been classified in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves, adopted by CIM council, as amended. Silver-equivalent grades are based on October 1, 2025, Long-term CIBC Global Mining Group Analyst Consensus Commodity Price Forecast: Ag $29.73/oz, Au $2,646/oz, Cu $4.34/lb, Pb $0.92/lb, Zn $1.21/lb. Metal recovery assumptions based on comparable projects: 88.3% Ag, 75% Au, 75.5% Cu, 83.1% Pb, 75.5% Zn.
3 Refer to Minaurum news release dated October 2, 2024 and Nevada Zinc completed a Preliminary Economic Assessment of the viability of potentially mining the zinc mineralization at the Project in June 2019 (NI 43-101 Preliminary Economic Assessment and Technical Report, Peimen Ling & Associates Limited, June 27, 2019 or see Nevada Zinc news release dated June 27, 2019
4 Please see Minaurum news release dated October 2, 2024
5 See Minaurum news release March 25, 2014 and ‘Intrepid Explorer: The Autobiography of the World’s Best Mine Finder’ page 390, paragraph 3
6 See Pan American Silver news releases dated May 12, 2025 and September 4, 2025
7 See Couer Mining news releases dated October 4, 2024 and February 14, 2025
8 See Minaurum news release dated February 27, 2025
9 See Minaurum news release dated February 10, 2026
10 See Minaurum news release dated June 17, 2025
11 See Minaurum news release dated Decmber 5, 2025