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Guanajuato Silver

www: gsilver.com   email: info@gsilver.com
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
CVE:GSVR CAD
OTCMKTS:GSVRF USD

Description

Guanajuato Silver are a silver focused mid-tier producer with three producing mines in Mexico and two exploration properties. Currently they produce roughly 4.5Moz. of silver per year. They have approximately 110Moz. of silver in the reserves and resources category of which 60Moz. are in the measured and indicated category. They have a market capitalisation of ~C$475.22M which is a rise of roughly 77% over the last five months. As of 11/24/2025 they have ~C$20M debt and ~C$18.28M cash. They have 705M shares outstanding and trade on the Canadian Venture Exchange and the over-the-counter markets.

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General Details

Financial 10/14/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $268.10M $475.22M 02/03/2026
MCap (OS): $192.18M $391.96M 02/03/2026
Total Assets: $65.47M $67.28M 10/14/2025
Total Liabilities: $45.54M $46.81M 10/14/2025
Current Assets: $17.79M $18.28M 10/14/2025
Current Liabilities: $9.25M $9.51M 10/14/2025
Total Debt: $12.81M $20.48M 11/24/2025
Cash: $17.79M $18.28M 10/14/2025
Debt (Net): $-4.98M $2.19M
Enterprise Value: $263.12M $477.42M
Cash Flow: $56.86M $177.44M never
Cash Flow Multiple: 4.71 2.68 never
Net Debt to
Cash Flow Ratio:		 n/a 0.01 never
Finance within 1 year: 10/14/2025
Misc 10/14/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 643,000,000 705,196,217 02/03/2026
Shares (FD): 897,000,000 855,000,000 02/03/2026
Insider Ownership: 20% 20% 02/03/2026
Dividend (Annual): n/a n/a 02/03/2026
Company Type: Mostly Silver Mostly Silver never
Group: Producer Producer never
Production ETA: n/a 09/01/2021 10/14/2025
Production (Gold Eq Oz.): (guess) 
39,900		 (guess) 
71,149		 01/18/2026
Production (Silver Eq Oz.): (guess) 
3,200,000		 (guess) 
4,500,000		 01/18/2026
Development Phase: Producer (Single Mine) Producer (Single Mine) 11/28/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 20
Producer: Growth Potential
 20
Producer: Growth Potential
 10/14/2025
Cash Flow Multiple: 15 15 10/14/2025

Resource Data

GOLD 10/14/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 10/14/2025
Measured & Indicated: n/a n/a 10/14/2025
Inferred: n/a n/a 10/14/2025
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 10/14/2025
Measured & Indicated: n/a n/a 10/14/2025
Inferred: n/a n/a 10/14/2025
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 10/14/2025
Extra Operating Cost: n/a n/a 10/14/2025
Total: n/a n/a 10/14/2025
Margin (Free Cash Flow): n/a
MCap / Production (AuEq): $6,719.22 $6,679.28
EV / Production (AuEq): $6,594.37 $6,710.12
G
R
A
D
E		 Underground (Avg): n/a n/a 10/14/2025
Open Pit (Avg): n/a n/a 10/14/2025
Recovery Rate: n/a n/a 10/14/2025
F
U
T
U
R
E		 Proven & Probable: n/a n/a 10/14/2025
Annual Production: n/a n/a 10/14/2025
Cash Cost: n/a n/a 10/14/2025
Extra Operating Cost: n/a n/a 10/14/2025
SILVER 10/14/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 25.00M 25.00M 10/14/2025
Measured & Indicated: 50.00M 60.00M 11/24/2025
Inferred: 40.00M 50.00M 11/24/2025
Reserves & Resources: 90.00M 110.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 22.50M 22.50M 10/14/2025
Measured & Indicated: 40.50M 47.70M 11/24/2025
Inferred: 18.00M 22.50M 11/24/2025
Reserves & Resources: 58.50M 70.20M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
3,200,000oz.		 (guess) 
4,500,000oz.		 01/18/2026
Cash Cost: $22.00 $28.00 01/18/2026
Extra Operating Cost: $12.00 $14.00 01/18/2026
Total: $34.00 $42.00 01/18/2026
Margin (Free Cash Flow): $17.77 (34.32%) $39.43 (48.42%)
MCap / Production (AgEq): $83.78 $105.60
EV / Production (AgEq): $82.22 $106.09
G
R
A
D
E		 Underground (Avg): 300.00 g/t 300.00 g/t 10/14/2025
Open Pit (Avg): n/a n/a 10/14/2025
Recovery Rate: (CG)  90.00% (CG)  90.00% 01/18/2026
F
U
T
U
R
E		 Proven & Probable: 60.00M 80.00M 11/24/2025
Annual Production: 4,000,000oz. 6,000,000oz. 11/24/2025
Cash Cost: $23.00 $30.00 01/18/2026
Extra Operating Cost: $13.00 $14.00 01/18/2026

Property

Last Analysis Data  (10/14/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod San Ignacio
100 show
Producing mine.
Prod Topia
100 show
Producing mine.
Prod Valenciana
100 show
Producing mine.
Exp El Cubo
100 show
Small resource. High grade.

Producing mine.

Size: 3,000 ha
Exp El Pinguico
100 show
About 20,000 oz in tailings worth about $10 million

Old mine from the early 1900s.

High grade AGAU.

Size: 1,000 ha
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod San Ignacio
100 show
Producing mine.
Prod Topia
100 show
Producing mine.
Prod Valenciana
100 show
Producing mine.
Exp El Cubo
100 show
Small resource. High grade.

Producing mine.

Size: 3,000 ha
Exp El Pinguico
100 show
About 20,000 oz in tailings worth about $10 million

Old mine from the early 1900s.

High grade AGAU.

Size: 1,000 ha

Profitability (by resource)

Proven &
Probable		 10/14/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: n/a n/a n/a
Percentage Silver: 100.00% 100.00% n/a
Total (Gold Eq. Oz.): n/a n/a n/a
Total (Silver Eq. Oz.): 25.00M 25.00M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a
Silver Eq. Oz.: 22.50M 22.50M n/a
Maximum Profit (Gold): n/a n/a n/a
Maximum Profit (Silver): $399.83M $887.18M n/a
Total Maximum Profit: $399.83M $887.18M n/a
Max Profit / Current MCap: 1.491 1.867 n/a
Max Profit Per Share (Gold): n/a n/a n/a
Max Profit Per Share (Silver): $0.45 $1.04 n/a
Total Max Profit Per Share: $0.45 $1.04 n/a
Total Free Profit Per Share: $0.03 $0.28 n/a
FD MCap / Gold Eq.: $955.62 $1,335.86 n/a
FD MCap / Silver Eq.: $11.92 $21.12 n/a
FD MCap / Per Metal
as % Spot Price:		 23.02% 25.94% n/a
EV / Gold Eq.: $937.87 $1,342.02 n/a
EV / Silver Eq.: $11.69 $21.22 n/a
EV / Per Metal
as % Spot Price:		 22.59% 26.06% n/a
Measured &
Indicated		 10/14/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: n/a n/a n/a
Percentage Silver: 100.00% 100.00% n/a
Total (Gold Eq. Oz.): n/a n/a n/a
Total (Silver Eq. Oz.): 50.00M 60.00M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a
Silver Eq. Oz.: 40.50M 47.70M n/a
Maximum Profit (Gold): n/a n/a n/a
Maximum Profit (Silver): $719.69M $1,880.81M n/a
Total Maximum Profit: $719.69M $1,880.81M n/a
Max Profit / Current MCap: 2.684 3.958 n/a
Max Profit Per Share (Gold): n/a n/a n/a
Max Profit Per Share (Silver): $0.80 $2.20 n/a
Total Max Profit Per Share: $0.80 $2.20 n/a
Total Free Profit Per Share: $0.38 $1.44 n/a
FD MCap / Gold Eq.: $530.90 $630.12 n/a
FD MCap / Silver Eq.: $6.62 $9.96 n/a
FD MCap / Per Metal
as % Spot Price:		 12.79% 12.23% n/a
EV / Gold Eq.: $521.04 $633.03 n/a
EV / Silver Eq.: $6.50 $10.01 n/a
EV / Per Metal
as % Spot Price:		 12.55% 12.29% n/a

Reserves &
Resources		 10/14/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: n/a n/a n/a
Percentage Silver: 100.00% 100.00% n/a
Total (Gold Eq. Oz.): n/a n/a n/a
Total (Silver Eq. Oz.): 90.00M 110.00M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a
Silver Eq. Oz.: 58.50M 70.20M n/a
Maximum Profit (Gold): n/a n/a n/a
Maximum Profit (Silver): $1,039.55M $2,767.99M n/a
Total Maximum Profit: $1,039.55M $2,767.99M n/a
Max Profit / Current MCap: 3.877 5.825 n/a
Max Profit Per Share (Gold): n/a n/a n/a
Max Profit Per Share (Silver): $1.16 $3.24 n/a
Total Max Profit Per Share: $1.16 $3.24 n/a
Total Free Profit Per Share: $0.74 $2.48 n/a
FD MCap / Gold Eq.: $367.55 $428.16 n/a
FD MCap / Silver Eq.: $4.58 $6.77 n/a
FD MCap / Per Metal
as % Spot Price:		 8.85% 8.31% n/a
EV / Gold Eq.: $360.72 $430.14 n/a
EV / Silver Eq.: $4.50 $6.80 n/a
EV / Per Metal
as % Spot Price:		 8.69% 8.35% n/a

Future Valuation (Cash Flow & Totals)

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