Silverco Provides La Negra Update: First New Underground Equipment Onsite and Tailings Filtration Project Advanced

Silverco Mining Ltd. (SICO) released an operational update for its La Negra mine on November 12, 2026, detailing equipment arrivals and project milestones. The company noted that the release contains no revenue, cost, production, capex, financing, or guidance revision.

The first unit of the new Epiroc underground fleet, a development jumbo, has arrived at La Negra. Surface commissioning is complete and underground commissioning is underway. The next Epiroc unit, a Scooptram ST1030, is expected in the coming weeks. Two additional ST1030 loaders and an ST4 loader are scheduled for December 2026. The final Simba S70 production drill is scheduled for Q1 2027. Operator training is underway at Epiroc’s Zacatecas facility. Epiroc trainers and maintenance technicians will support the site, with technicians based at La Negra for six months.

Regarding infrastructure, M3 Engineering and Technology Corp. has been engaged as construction manager for the tailings filtration project. Civil works have been contracted, with mobilization expected shortly and work starting in late November 2026. Detailed engineering for the tailings thickening and filtration plant is approximately 90% complete. The thickener and filter presses remain scheduled to arrive in Q1 2027. Construction and commissioning are expected to be completed by the end of H1 2027. The stated goal remains to remove the water-management constraint on throughput and return the mill to its 2,500 tonne per day nameplate capacity.

Exploration drilling continues with two rigs. A total of 4,123 metres has been completed of the planned 15,000 metre program. A second underground rig will be added. Initial assay results are expected in Q4 2026. Additionally, Knight Piésold is onboarding as Engineer of Record for the La Negra tailings storage facility. A geotechnical drilling contractor has been selected.

There is no update on Cusi restart timing, La Negra production rates, unit costs, AISC, capex, or financing in this release.

Silverco Mining Ltd. (SICO) released an execution update confirming that the first Epiroc unit is physically onsite and that underground commissioning has begun. The company also announced that the tailings filtration project has secured a construction manager and a civil works contractor. These developments offer modest de-risking for the H1 2027 La Negra ramp, though the release does not alter production, cost, capex, or financing guidance, nor does it provide new economic numbers.

The stock had already adjusted to these expectations. Following the August 26, 2026 Q2 release, shares moved from C$9.90 on August 26 to C$8.67 on November 11, a decline of 12.4%. Shares are down 20.2% from the August 27 high of C$10.86.

Silverco Mining Ltd. (SICO) is a Canadian-listed silver mining company trading on the TSX Venture Exchange under the ticker SICO and on the OTCQB under SICOF. The company’s primary asset is La Negra, a 100% owned producing underground silver-lead-zinc-copper mine located in Querétaro, Mexico. The facility has a nameplate capacity of 2,500 tonnes per day, though the company previously disclosed operations at approximately 55% of that capacity. A preliminary economic assessment (PEA) for La Negra outlines an 8.2-year mine life and an average annual production of 4.1 million ounces of silver equivalent (AgEq).

Silverco also owns Cusi, a 100% owned past-producing underground silver-gold-lead-zinc complex in Chihuahua, Mexico, which includes a 1,200 tonne per day mill. The company has targeted a restart for the fourth quarter of 2026, with the first concentrate expected at that time. The company’s goal is to become a 10 million ounce per year silver equivalent producer within three years, a target described as a long-term aspiration rather than current capacity.

Both assets are located in Mexico and carry permitting, water, tailings, community, and security risks. No mineral reserves are reported at either La Negra or Cusi, and both economic studies are classified as PEAs rather than feasibility studies.