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Highlander Silver Corp

www: highlandersilver.com   email: info@highlandersilver.com
Category: Junior: Late Stage Developer
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Symbol Data

Symbol Currency
TSE:HSLV CAD
OTCMKTS:HLSCF USD

Description

Highlander Silver Corp are a silver focused junior, late stage developer with three mines in development in Peru and exploration properties. They have approximately 300Moz. of silver in the reserves and resources category of which 225Moz. are in the measured and indicated category. They have a market capitalisation of ~C$1542.6M which is a rise of roughly 106% over the last three months. As of 12/23/2025 they have no debt and ~C$81.36M cash. They have 211M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 12/23/2025
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $749.96M $1,542.60M 02/03/2026 $792.64M
MCap (OS): $723.97M $1,486.25M 02/03/2026 $762.28M
Total Assets: $91.00M $91.62M 12/23/2025 $0.62M
Total Liabilities: $4.37M $4.40M 12/23/2025 $0.03M
Current Assets: $80.81M $81.36M 12/23/2025 $0.55M
Current Liabilities: $2.91M $2.93M 12/23/2025 $0.02M
Total Debt: $0.00M $0.00M 12/23/2025 $0.00M
Cash: $80.81M $81.36M 12/23/2025 $0.55M
Debt (Net): $-80.81M $-81.36M $-0.55M
Enterprise Value: $669.16M $1,461.24M $792.09M
Cash Flow: $0.00M $0.00M never $0.00M
Cash Flow Multiple: 0.00 0.00 never 0.00
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: 12/23/2025 n/a
Misc 12/23/2025
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 195,000,001 211,000,001 02/03/2026 16,000,000
Shares (FD): 202,000,000 219,000,000 02/03/2026 17,000,000
Insider Ownership: 50% 50% 03/01/2026 n/a
Dividend (Annual): n/a n/a 03/01/2026 n/a
Company Type: Mostly Silver Mostly Silver never n/a
Group: Developer Developer never n/a
Production ETA: n/a 01/01/2028 12/23/2025 n/a
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 12/23/2025
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 12/23/2025
Development Phase: Construction Ready Construction Ready 12/23/2025 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 15
Developer: Strong Path to Production
 15
Developer: Strong Path to Production
 12/23/2025 0
Cash Flow Multiple: 8 8 12/23/2025 0.00

Resource Data

GOLD 12/23/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 12/23/2025 0.00M
Measured & Indicated: n/a n/a 12/23/2025 0.00M
Inferred: n/a n/a 12/23/2025 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 12/23/2025 0.00M
Measured & Indicated: n/a n/a 12/23/2025 0.00M
Inferred: n/a n/a 12/23/2025 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 12/23/2025 $0.00
Extra Operating Cost: n/a n/a 12/23/2025 $0.00
Total: n/a n/a 12/23/2025 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AuEq): n/a n/a n/a
EV / Production (AuEq): n/a n/a n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 12/23/2025 n/a
Open Pit (Avg): n/a n/a 12/23/2025 n/a
Recovery Rate: n/a n/a 12/23/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 12/23/2025 0.00M
Annual Production: n/a n/a 12/23/2025 n/a
Cash Cost: n/a n/a 12/23/2025 n/a
Extra Operating Cost: n/a n/a 12/23/2025 n/a
SILVER 12/23/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 175.00M 175.00M 12/23/2025 0.00M
Measured & Indicated: 225.00M 225.00M 12/23/2025 0.00M
Inferred: 75.00M 75.00M 12/23/2025 0.00M
Reserves & Resources: 300.00M 300.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 131.25M 131.25M 12/23/2025 0.00M
Measured & Indicated: 161.25M 161.25M 12/23/2025 0.00M
Inferred: 28.13M 28.13M 12/23/2025 0.00M
Reserves & Resources: 189.38M 189.38M never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 12/23/2025 $0.00
Extra Operating Cost: n/a n/a 12/23/2025 $0.00
Total: $35.00 $35.00 12/23/2025 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): n/a n/a n/a
EV / Production (AgEq): n/a n/a n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 12/23/2025 n/a
Open Pit (Avg): n/a 60.00 g/t 12/23/2025 n/a
Recovery Rate: (CG)  75.00% (CG)  75.00% 03/01/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 225.00M 225.00M 12/23/2025 0.00M
Annual Production: 12,000,000oz. 12,000,000oz. 12/23/2025 0oz.
Cash Cost: $20.00 $20.00 12/23/2025 $0.00
Extra Operating Cost: $15.00 $15.00 12/23/2025 $0.00

Property

Last Analysis Data  (12/23/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Corani
100 show
It was construction-ready for Bear Creek Mining.

Size: 5,700 ha
Dev San Luis
100 show
350K oz AU at 20 gpt
8M oz AG at 500 gpt
Growing in size.

Size: 23,000 ha
Exp La Estrella
100 show
Drilling

Size: 2,900 ha
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Exp Mercedes
100 show
500,000 oz deposit at 4 gpt

50,000 oz annual production

Size: 70,000 ha
Dev Corani
100 530.00 23.00 580.00 show
300 million oz deposit at 50 gpt, plus 4.5 billion lbs of lead and zinc.

10 million oz of silver for 20 years.

Low recovery rate of 65%.

Negative cash costs the first 5 years. $4 per oz the LOM.

$575 capex.

Construction could begin in 2015.

Size: 5,700 ha
Dev Corani
100 show
It was construction-ready for Bear Creek Mining.

Size: 5,700 ha
Dev San Luis
100 show
350K oz AU at 20 gpt
8M oz AG at 500 gpt
Growing in size.

Size: 23,000 ha
Exp Alejandra
0 n/a
Exp La Estrella
100 show
Drilling

Size: 2,900 ha
Exp La Yegua
100 n/a
Exp Sumi
0 n/a
Exp Tassa
100 n/a

Profitability (by resource)

Proven &
Probable		 12/23/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: 100.00% 100.00% n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a 0.16M
Total (Silver Eq. Oz.): 175.00M 175.00M n/a 0.00M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a 0.12M
Silver Eq. Oz.: 131.25M 131.25M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $4,461.19M $6,504.75M n/a $2,043.56M
Total Maximum Profit: $4,461.19M $6,504.75M n/a $2,043.56M
Max Profit / Current MCap: 5.949 4.217 n/a -1.732
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $22.09 $29.70 n/a $7.62
Total Max Profit Per Share: $22.09 $29.70 n/a $7.62
Total Free Profit Per Share: $16.99 $20.09 n/a $3.11
FD MCap / Gold Eq.: $370.64 $719.00 n/a $348.36
FD MCap / Silver Eq.: $5.71 $11.75 n/a $6.04
FD MCap / Per Metal
as % Spot Price:		 8.28% 13.90% n/a 5.62%
EV / Gold Eq.: $330.71 $681.08 n/a $350.37
EV / Silver Eq.: $5.10 $11.13 n/a $6.03
EV / Per Metal
as % Spot Price:		 7.39% 13.17% n/a 5.78%
Measured &
Indicated		 12/23/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: 100.00% 100.00% n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a 0.21M
Total (Silver Eq. Oz.): 225.00M 225.00M n/a 0.00M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a 0.15M
Silver Eq. Oz.: 161.25M 161.25M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $5,480.89M $7,991.55M n/a $2,510.66M
Total Maximum Profit: $5,480.89M $7,991.55M n/a $2,510.66M
Max Profit / Current MCap: 7.308 5.181 n/a -2.128
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $27.13 $36.49 n/a $9.36
Total Max Profit Per Share: $27.13 $36.49 n/a $9.36
Total Free Profit Per Share: $22.03 $26.88 n/a $4.85
FD MCap / Gold Eq.: $301.69 $585.23 n/a $283.55
FD MCap / Silver Eq.: $4.65 $9.57 n/a $4.92
FD MCap / Per Metal
as % Spot Price:		 6.74% 11.31% n/a 4.57%
EV / Gold Eq.: $269.18 $554.37 n/a $285.18
EV / Silver Eq.: $4.15 $9.06 n/a $4.91
EV / Per Metal
as % Spot Price:		 6.02% 10.72% n/a 4.70%

Reserves &
Resources		 12/23/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: 100.00% 100.00% n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a 0.28M
Total (Silver Eq. Oz.): 300.00M 300.00M n/a 0.00M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a 0.18M
Silver Eq. Oz.: 189.38M 189.38M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $6,436.86M $9,385.43M n/a $2,948.57M
Total Maximum Profit: $6,436.86M $9,385.43M n/a $2,948.57M
Max Profit / Current MCap: 8.583 6.084 n/a -2.499
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $31.87 $42.86 n/a $10.99
Total Max Profit Per Share: $31.87 $42.86 n/a $10.99
Total Free Profit Per Share: $26.77 $33.25 n/a $6.48
FD MCap / Gold Eq.: $256.88 $498.32 n/a $241.43
FD MCap / Silver Eq.: $3.96 $8.15 n/a $4.19
FD MCap / Per Metal
as % Spot Price:		 5.74% 9.63% n/a 3.89%
EV / Gold Eq.: $229.20 $472.03 n/a $242.83
EV / Silver Eq.: $3.53 $7.72 n/a $4.18
EV / Per Metal
as % Spot Price:		 5.12% 9.13% n/a 4.00%

Future Valuation (Cash Flow & Totals)

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