Titiminas Silver Reports Preliminary Metallurgical Test Results: Conventional Flotation Produces Copper, Lead and Zinc Concentrates at the Madre Sierra Silver Mine and a Copper-Silver Concentrate at Madre Sierra Norte
Titiminas confirms metallurgical processability for its pre-revenue project, though dilution risks remain a key consideration for the development.
Titiminas Silver Inc. released preliminary metallurgical test results on October 7, 2026, establishing a baseline for its upcoming Preliminary Economic Assessment (PEA) targeted for Q4 2027. The testing was conducted by Metallurgical Testing Services SAC using 23 composite samples. Results are from open-circuit batch tests; locked-cycle testing has not yet been completed.
At the Madre Sierra Mine, sequential flotation produced three separate concentrates (copper, lead, and zinc). The process achieved an 80.8% silver recovery and 54.2% gold recovery from a head grade of 166.80 g/t Ag. At Madre Sierra Norte, conventional bulk flotation produced a single copper-silver concentrate, achieving 84.3% silver recovery and 89.1% copper recovery from a head grade of 314.76 g/t Ag.
The Madre Sierra copper concentrate contains 3.38% arsenic and 0.74% bismuth, which management acknowledges will likely attract smelter penalties. Next steps include geometallurgical domain sampling, locked-cycle flotation testing, Bond ball mill work index, reagent optimization, gold deportment studies, and arsenic-rejection testwork.
Titiminas Silver Inc. (TITI) released metallurgical results on October 7, marking a positive step in validating the processability of its ore bodies. The data showed silver recoveries exceeding 80% at high concentrate grades, establishing a foundation for the Preliminary Economic Assessment (PEA). These findings align with the company’s previously announced work program dated May 2026 and serve as a routine follow-up to drilling and exploration campaigns that have been ongoing since April 2026, containing no unexpected or market-moving information.
The company’s stock has declined approximately 60% from its April 2026 financing price of $1.75 to the current $0.66, suggesting the market has already priced in this incremental progress. The presence of arsenic in the copper concentrate introduces a tangible cost risk in the form of smelter penalties that will need to be managed within the PEA. Titiminas Silver Inc. has not raised new capital and remains in a pre-revenue, pre-resource stage, with the news not altering its fundamental risk profile or timeline.
Titiminas Silver Inc. is a development-stage mining company focused on the Madre Sierra Silver Mine in the Ricran district of Junin, Peru. The project hosts a polymetallic system including silver, gold, copper, lead, zinc, and molybdenum. Geology features Ag-Pb-Zn and Ag-Cu-Au veins, carbonate replacement deposits (CRD), and a potential Cu-Mo porphyry target at depth.
The company is pursuing a phased development strategy under Peru's small-scale mining regime (REINFO), targeting a modular 350 tpd plant with expansion potential to 800-1,000 tpd. Historical operations ran from the late 19th century through ~2007. The company aims to fast-track a restart, targeting a Final Investment Decision (FID) by Q4 2027. No current NI 43-101 resource or reserve figures exist; all historical estimates are classified as historical and require modern verification.