Can you introduce yourself and Argenta Silver?

I am an Argentine geologist born in Mendoza. I have extensive experience working in the mining and oil industries, including exploration in Argentina, Solomon Islands and Canada, and work with SLB (formerly Schlumberger). Four years ago, I joined the Fiore Group, led by Frank Giustra, where I advised on Latin America. When the El Quevar opportunity arose, I brought it to the group, led the acquisition, and within approximately 60 days, we completed it. We created Argenta Silver to honor the element we pursue. Argenta Silver is focused on Latin America, with the last year dedicated to developing El Quevar while continuing to evaluate additional regional opportunities. I first visited at El Quevar 16 years ago and that experience was pivotal. When it came up for sale, I recognized the opportunity, brought it to the group, and moved quickly to acquire it. 

What is El Quevar, and what work has Argenta Silver done there in the last year?

El Quevar is a historic Argentine asset and the third-largest undeveloped pure silver resource in the country. It was worked in pre-colonial times, rediscovered in the 1960s and then saw sporadic exploration. We acquired it in 2024. The project hosts 45.3 million ounces (Moz) of pure silver at 482 g/t Ag in the indicated category and 4.1 Moz at 417 g/t Ag in the inferred category, which places El Quevar as the third-largest silver deposit in Argentina. It is a rare pure silver play with no copper, lead, zinc, or gold in the mineralization, according to our analytics. The land package spans 57,000 hectares, covering most of the El Quevar volcanic complex, one of the largest in the country, and is situated on a central corridor. Over the last year, we executed our foundational program, which involved preparing roads and camps, mobilizing personnel for surface sampling and anomaly work, and drilling over 4,000 meters across both the resource and new targets. Historically, 75% to 80% of drilling focused on the resource area, leaving exploration neglected, with only about 3% of the property explored, underscoring the property’s potential.

We plan to flip the historical ratio and prioritize discovery. Our goal is to achieve approximately 60% target exploration aimed at discoveries and 40% resource expansion through drilling both open ends of the current resource to increase contained ounces. This approach allows us to grow the resource while aggressively testing new targets across a largely unexplored land package.

How do you view Argentina, and specifically Salta, as a mining jurisdiction?

Argentina is one of the world's premier mining regions. Like Canada, it is a multi-jurisdictional country, and each province has its own distinct characteristics and regulations. Importantly, there are no cartels, no armed conflicts, and no extreme issues that would upend the industry. The winners are those who persevere through the country’s ups and downs. If you understand the political landscape and play the long game, you can achieve great success, as exemplified by groups such as the Lundin family and the Grosso Group. Provinces fall into three categories: pro-mining, anti-mining, and marginal. Salta and San Juan, in my opinion, are the best jurisdictions. Salta has a historic relationship with silver dating back to colonial routes from Bolivia and southern Peru to the Río de la Plata, and the lithium boom has further educated the government and society. My experience with Salta’s government is that it is strict, efficient, and will grant permits when companies follow the rules and regulations. If you comply, you receive what you are seeking.

Is additional infrastructure required for scaling mining operations in Salta?

Argentina benefits from extensive, good-quality infrastructure. The British railroad legacy left a dense network, and many of Salta’s roads reflect that history. The national interconnected power grid helps maintain energy supply even during localized issues. Salta has a spider-web-like road network that supports operations; some roads are being paved, and more are planned for improvement. I have seen extensive lithium equipment transported without issue. Our project is about four hours from Salta city, which has an international airport with connections to Peru, Buenos Aires, Chile, and beyond. The government’s intentions toward continued infrastructure improvements are evident and helpful.

What has driven the strong performance of your share price?

The market had forgotten El Quevar due to the project’s abandonment, and our work has been to re-educate and reintroduce it. El Quevar has always been the third-largest undeveloped silver resource in Argentina, but its collective memory has faded. We are bringing facts to the market, including drilling results, meetings and outcomes with the government, and progress with communities. Our task is to demonstrate the magnitude of this project and the potential for a bright future if we put it on track. The market is waking up as we consistently demonstrate progress.

Can you outline Argenta Silver’s future roadmap?

With the foundational program complete, the immediate catalyst is a 12,000- to 15,000-meter drill program, conducted with multiple rigs during the Argentine summer, from November to April. From there, we intend to move into a larger winter program in 2026 and then a more ambitious summer program spanning 2026 to 2027. This is a two-and-a-half to three-year, stepwise, scalable plan. Under my management, we are taking a systematic and methodological approach. We will not skip steps. There is an old recipe that we believe in: grow resources properly, discover new targets, and respect each stage of the process. Patience is essential for success and longevity in Argentina, and that is precisely how we will proceed.