• Projects

Feasibility Study

Cordero’s Feasibility Study released in February 2024 positions Cordero as one of the largest silver development projects globally and comes at a time when silver demand is expected to grow significantly.

Highlights from the FS include:

  • Large-scale, long-life production: 19-year mine life with average annual production of 37 Moz AgEq in Year 1 to Year 12.
  • Low costs, high margins & low capital intensity: average AISC of less than $12.50 over the first eight years of the mine life placing Cordero in the bottom half of the cost curve.
  • Low capital intensity: initial development capex of $606 million resulting in an attractive after-tax NPV-to-capex ratio of 2.0.
  • Attractive project economics: Base Case after-tax NPV5% (“NPV”) of $1.2 billion and IRR of 22% with NPV expanding to $2.2 billion in Year 4.
  • Tier 1 reserve base: Reserves of Ag - 302 Moz, Au - 840 koz, Pb – 3.0 Blb and Zn – 5.2 Blb, positioning Cordero as one of the largest undeveloped silver deposits globally.
  • Clear upside potential: 240Mt of Measured & Indicated Resource sit outside the FS pit highlighting the potential to materially extend the mine life at modestly higher silver prices.
  • Substantial socio-economic contribution: an initial investment of over $600 million, 2,500 jobs created during construction, $4 billion of goods and services purchased and estimated tax contributions of over $1.4 billion within Mexico.
  • Industry-leading environmental standards: third-party reviews of proposed environmental practices to ensure adherence to both Mexican regulatory standards and Equator Principles 4. The Study also incorporates investment in infrastructure and technology to recycle wastewater from local communities with discharged water representing the primary source of water for mine operations.

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