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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
NYSEAMERICAN:HSLV 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$1207.21M which is a rise of roughly 61% over the last three months. As of 12/23/2025 they have no debt and ~C$79.67M cash. They have 211M shares outstanding and trade on the Toronto Stock Exchange.

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General Details

Financial 12/23/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $749.96M $1,207.21M 02/03/2026
MCap (OS): $723.97M $1,163.11M 02/03/2026
Total Assets: $91.00M $89.72M 12/23/2025
Total Liabilities: $4.37M $4.31M 12/23/2025
Current Assets: $80.81M $79.67M 12/23/2025
Current Liabilities: $2.91M $2.87M 12/23/2025
Total Debt: $0.00M $0.00M 12/23/2025
Cash: $80.81M $79.67M 12/23/2025
Debt (Net): $-80.81M $-79.67M
Enterprise Value: $669.16M $1,127.54M
Cash Flow: $0.00M $0.00M never
Cash Flow Multiple: 0.00 0.00 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: 12/23/2025
Misc 12/23/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 195,000,001 211,000,001 02/03/2026
Shares (FD): 202,000,000 219,000,000 02/03/2026
Insider Ownership: 50% 50% 03/01/2026
Dividend (Annual): n/a n/a 03/01/2026
Company Type: Mostly Silver Mostly Silver never
Group: Developer Developer never
Production ETA: n/a 01/01/2028 12/23/2025
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
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
Cash Flow Multiple: 8 8 12/23/2025

Resource Data

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

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
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.): 175.00M 175.00M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a
Silver Eq. Oz.: 131.25M 131.25M n/a
Maximum Profit (Gold): n/a n/a n/a
Maximum Profit (Silver): $4,461.19M $5,042.63M n/a
Total Maximum Profit: $4,461.19M $5,042.63M n/a
Max Profit / Current MCap: 5.949 4.177 n/a
Max Profit Per Share (Gold): n/a n/a n/a
Max Profit Per Share (Silver): $22.09 $23.03 n/a
Total Max Profit Per Share: $22.09 $23.03 n/a
Total Free Profit Per Share: $16.99 $15.35 n/a
FD MCap / Gold Eq.: $370.64 $575.76 n/a
FD MCap / Silver Eq.: $5.71 $9.20 n/a
FD MCap / Per Metal
as % Spot Price:		 8.28% 12.53% n/a
EV / Gold Eq.: $330.71 $537.76 n/a
EV / Silver Eq.: $5.10 $8.59 n/a
EV / Per Metal
as % Spot Price:		 7.39% 11.70% n/a
Measured &
Indicated		 12/23/2025
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.): 225.00M 225.00M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a
Silver Eq. Oz.: 161.25M 161.25M n/a
Maximum Profit (Gold): n/a n/a n/a
Maximum Profit (Silver): $5,480.89M $6,195.23M n/a
Total Maximum Profit: $5,480.89M $6,195.23M n/a
Max Profit / Current MCap: 7.308 5.132 n/a
Max Profit Per Share (Gold): n/a n/a n/a
Max Profit Per Share (Silver): $27.13 $28.29 n/a
Total Max Profit Per Share: $27.13 $28.29 n/a
Total Free Profit Per Share: $22.03 $20.61 n/a
FD MCap / Gold Eq.: $301.69 $468.64 n/a
FD MCap / Silver Eq.: $4.65 $7.49 n/a
FD MCap / Per Metal
as % Spot Price:		 6.74% 10.20% n/a
EV / Gold Eq.: $269.18 $437.71 n/a
EV / Silver Eq.: $4.15 $6.99 n/a
EV / Per Metal
as % Spot Price:		 6.02% 9.52% n/a

Reserves &
Resources		 12/23/2025
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.): 300.00M 300.00M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a
Silver Eq. Oz.: 189.38M 189.38M n/a
Maximum Profit (Gold): n/a n/a n/a
Maximum Profit (Silver): $6,436.86M $7,275.79M n/a
Total Maximum Profit: $6,436.86M $7,275.79M n/a
Max Profit / Current MCap: 8.583 6.027 n/a
Max Profit Per Share (Gold): n/a n/a n/a
Max Profit Per Share (Silver): $31.87 $33.22 n/a
Total Max Profit Per Share: $31.87 $33.22 n/a
Total Free Profit Per Share: $26.77 $25.54 n/a
FD MCap / Gold Eq.: $256.88 $399.04 n/a
FD MCap / Silver Eq.: $3.96 $6.37 n/a
FD MCap / Per Metal
as % Spot Price:		 5.74% 8.68% n/a
EV / Gold Eq.: $229.20 $372.70 n/a
EV / Silver Eq.: $3.53 $5.95 n/a
EV / Per Metal
as % Spot Price:		 5.12% 8.11% n/a

Future Valuation (Cash Flow & Totals)

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