Silver Mountain Begins Commissioning at Reliquias; Production Expected to Commence in Q3 2026

Silver Mountain Resources Inc. (AGMR) has begun commissioning its 100%-owned Reliquias concentrator plant in Peru. The company reports that plant rehabilitation is 95% complete, with industrial testing using low-grade ore starting in early July.

Silver Mountain reiterates that first production will commence in Q3 2026, maintaining its prior guidance. Remaining work includes instrumentation calibration, automation and control verification, and the completion of water and air auxiliary circuits, which are approximately 80% complete. An updated mineral resource estimate and an updated preliminary economic assessment (PEA) are expected in Q4 2026.

Silver Mountain Resources Inc. (AGMR) has announced the commencement of commissioning activities, a development that confirms the project remains on schedule for its targeted Q3 2026 restart. This milestone follows the company’s May 13, 2026, operations update, which reported that 75% of plant rehabilitation was complete and that successful empty-load testing had been conducted.

The announcement introduces no fundamentally new information regarding the project’s budget, timeline, or first-production date. The restart target was initially set in early 2025 and has been repeatedly reaffirmed. While a May 1, 2026, annual filing correction that removed proven and probable reserves introduced a significant negative surprise, subsequent updates have demonstrated continued physical progress. Today’s commissioning announcement follows the established operational path but does not offset the earlier disclosure.

Market reaction has already reflected the approaching restart, with the stock sliding from a February high of $5.91 to its current price of $3.05.

Silver Mountain Resources Inc. (AGMR) is a Peru-focused silver developer transitioning from developer to producer. Its flagship project is the past-producing Reliquias underground polymetallic mine, located in the Castrovirreyna district. The company has an approved Preliminary Economic Assessment (2024) outlining production of 2.5 moz AgEq per year over an initial eight-year mine life, with initial capital expenditures of approximately $25.6 million.

The company also holds adjacent assets, including the Caudalosa mine, which contains a historic resource of 35.6 moz AgEq, as well as exploration targets such as Colquicuntur. Silver Mountain Resources has secured a 20-year surface-use agreement with local communities and holds key environmental permits.

At year-end 2025, the company corrected its disclosure to clarify that no mineral reserves have been established at Reliquias. Only mineral resources exist, consisting of 12.8 moz Measured and Indicated resources and 16 moz Inferred resources.