• Projects

Pre-Feasibility Study

Cordero’s Pre-Feasibility Study released in January 2023 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 PFS include:

  • Excellent project economics: Base Case after-tax NPV5% of $1.2 Billion and IRR of 28% (Ag - $22.00/oz, Au - $1,600/oz, Pb - $1.00/lb and Zn - $1.20/lb).
  • Long mine life & large-scale production: 18-year mine life with average annual production of 33 Moz AgEq.
  • High margins & low capital intensity: average AISC of $12.82/oz AgEq in Years 1 to 12 with an initial development capex of $455 M resulting in an attractive NPV-to-capex ratio of 2.5x.
  • Significantly de-risked Reserve base: greater than 50% of Reserves and more than 70% of mill feed in Years 1 to Year 5 classified as Proven.  
  • Exceptional silver price leverage: PFS mine plan assumes only 42% of Measured & Indicated Resource tonnes are processed; clear potential to significantly extend mine life at higher silver prices.
  • ESG/economic contribution: total estimated taxes payable of $1.2 Billion, a peak estimated local workforce of over 1,000 employees and over $4 Billion of expected goods and services purchased locally within Mexico.

Further details including all supporting technical disclosure can be found in our January 24, 2023 press release.

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