Highlander Silver Corp.
Highlander Silver Corp. is a precious-metals company focused on developing silver and gold assets in Peru and operating a producing gold-silver mine in Mexico. Its portfolio includes the Corani silver project and the San Luis gold-silver project in Peru, alongside the Mercedes gold-silver mine in Mexico.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueAdvancement of the Corani silver project in Peru from development toward production.
Advancement of the San Luis gold-silver project in Peru, including exploration and technical studies.
Operating activity at the Mercedes gold-silver mine in Mexico.
Drilling, earthworks, access roads, camps, and other development work supporting future mines.
Customers
The company sells precious metals production into the broader bullion and metals market rather than to a narrow end-customer base. Its operational counterparties include metal buyers, offtake or refining channels, and industrial participants that purchase gold and silver for investment, fabrication, and reserve purposes. For development-stage assets, the economic 'customer' is effectively the future market that will absorb mine output once projects reach production.
Buy silver production and future output, primarily for bullion, investment, and fabrication demand.
Buy gold production from the Mercedes and San Luis assets, typically via bullion and refining channels.
Investors and strategic shareholders that fund project development and mine advancement.
Strategy
The company’s strategy is to advance a multi-asset precious-metals portfolio, with Corani and San Luis providing development optionality and Mercedes supplying operating experience. Building site infrastructure, hiring locally, and progressing long-lead items are important to move assets toward construction and production readiness. The portfolio mix gives Highlander Silver exposure to both near-term operating cash generation and longer-dated development upside.
Corani is a flagship silver project and a major source of future production scale.
San Luis adds high-grade gold-silver upside and diversifies the asset base.
Mercedes provides an operating platform and production profile alongside development assets.
Geography
Highlander Silver’s core asset base is in Peru, where it is developing the Corani and San Luis projects. It also operates the Mercedes mine in Mexico, making the business primarily exposed to Latin American permitting, construction, logistics, and community relations. The company is listed in Canada and the United States, but its operating footprint is concentrated in two mining jurisdictions.
Risks
The business is exposed to project-development risk, including construction execution, permitting, infrastructure delivery, and technical assumptions for large underground or open-pit mining assets. It also faces commodity-price risk because cash generation and project economics depend heavily on silver and gold prices. Latin American operating exposure adds geopolitical, community, logistical, and regulatory risk, while mining companies also face environmental reclamation and restoration obligations.
- Project development and construction execution riskImpact: HighLikelihood: High
Corani and San Luis require major infrastructure, earthworks, and procurement before production.
Exposure: Corani and San Luis projects
- Commodity price volatilityImpact: HighLikelihood: High
Project value and mine revenue are tied to silver and gold prices.
Exposure: Silver and gold production
- Permitting and jurisdictional riskImpact: HighLikelihood: Medium
Mining operations in Peru and Mexico depend on local approvals, regulation, and social license.
Exposure: Latin American operations
- Environmental and closure liabilitiesImpact: MediumLikelihood: Medium
Mine operations create decommissioning and restoration obligations that may change over time.
Exposure: Operating and development sites
Accounting
Judgemental itemsDevelopment-stage mining assets require periodic recoverability assessment using reserve and price assumptions.
Impact: Can materially affect asset carrying values and earnings
Mine closure liabilities are based on estimated future cash flows and discount rates.
Impact: Affects liabilities, finance expense, and asset cost basis
Exploration and evaluation spending is recognized as incurred in the interim statements.
Impact: Creates quarter-to-quarter volatility in reported losses
Operating results depend on production, grades, and reserve-based depletion/amortization.
Impact: Affects gross margin and cost of sales
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Last updated: 28/09/2026