SNDA Exploración holds title to, or has exploration and exploitation rights on, five contiguous mining concessions covering a large-scale, high-grade, silver-gold greenfield discovery in the historic Guanajuato epithermal silver belt of Mexico. The Sinda Property is a large primary silver asset that the company believes has the potential to be a globally significant mining operation. Located approximately 22 miles from the colonial city of San Miguel de Allende in the…
SNDA Exploración holds title to, or has exploration and exploitation rights on, five contiguous mining concessions covering a large-scale, high-grade, silver-gold greenfield discovery in the historic Guanajuato epithermal silver belt of Mexico. The Sinda Property is a large primary silver asset that the company believes has the potential to be a globally significant mining operation. Located approximately 22 miles from the colonial city of San Miguel de Allende in the Mexican state of Guanajuato, the property is positioned near several of the world’s largest and historically most productive silver deposits and mines. The Sinda Property provides access to existing regional infrastructure and an established labor force to support current and future exploration and mining activities. Mexico is the world’s top silver mining jurisdiction, accounting for approximately 20% of all global mined silver production in 2025. The company’s strategy is to develop the identified Mineral Resources and progress the Project towards commercial production while concurrently developing additional Exploration Targets and exploring for new discoveries.
The company generates revenue through the exploration and development of its mineral properties, with a focus on advancing the Sinda Property toward commercial production of silver and gold. Revenue generation is anticipated from the future sale of mineral concentrates containing silver and gold, which will require third-party smelting and refining prior to conversion into refined metal. The company does not currently generate revenue from production activities, as the Sinda Property remains in the exploration and development stage. The company’s revenue model is dependent on the successful delineation, permitting, and construction of a mining operation capable of producing silver and gold for decades.
The company operates through the following segments:
- Exploration: This segment includes activities related to the identification and delineation of mineralization through surface mapping, rock chip sampling, and drilling programs. The company has drilled a total of 229,843 meters from 216 drill holes at the Sinda Property from 2017 through January 11, 2023, including over 44,000 meters from October 2025 to May 2026. Select intercepts include hole CECA-18-001 with 4.53 meters averaging 8,500 silver-equivalent grams per tonne and hole CETA-22-040 with 4.45 meters averaging 3,580 silver-equivalent grams per tonne.
- Mineral Resource Estimation: This segment involves the classification and reporting of mineral resources based on drilling and geological modeling. As of November 24, 2025, the Project boasts an estimated 369 million silver-equivalent ounces of Inferred Mineral Resources and approximately 16 million silver-equivalent ounces of Indicated Mineral Resources. The Mineral Resource estimate is based on an estimated average resource grade of 386 silver-equivalent grams per tonne for Inferred Mineral Resources and 692 silver-equivalent grams per tonne for Indicated Mineral Resources. The estimate is based on drilling and study of only 38% of the veins identified at the Sinda Property as of February 16, 2023.
- Development: This segment focuses on advancing the Project toward commercial production through infill drilling, technical studies, and permitting efforts. The company believes drilling that advances outward from Section LC10 will support the conversion of Inferred Mineral Resources to Indicated Mineral Resources and demonstrate the continuity of higher-grade mineralization. The company anticipates future mining would be an underground operation based on the attributes of the vein systems and the Mineral Resource estimate. The company expects to achieve initial production at the Sinda Property by 2031.
SNDA Exploración is positioned among the top notable underground primary silver assets in Latin America based on its Mineral Resource estimate and high-grade mineralization. The company believes the Sinda Property’s Mineral Resource estimate places it among the largest notable underground primary silver assets in Latin America, with significant potential for Mineral Resource discovery and conversion. The average resource grade of the estimated Indicated Mineral Resources is 692 silver-equivalent grams per tonne, which is among the highest silver-equivalent resource grade profiles of notable underground primary silver assets in Latin America. Key competitors in the region include Fresnillo plc, First Majestic Silver Corp., and Pan American Silver Corp., though the company differentiates itself through the high-grade nature of its mineralization and the large scale of its land package in a prolific silver belt.
The company serves mining and smelting companies that process mineral concentrates into refined precious metals. Once commercial production is achieved, the company expects to sell silver and gold concentrates to third-party smelters and refiners, including entities such as Industrias Peñoles, which processes Mexican silver- and gold-bearing concentrates within North America and internationally. The company’s customer base will consist of global precious metal processors and traders involved in the refining and marketing of silver and gold.