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Silver Mountain Resources
Silver Mountain Resources incorporated in 2018 and listed on the TSX Venture Exchange under the symbol AGMR.
Silver Mountain Resources
Silver Mountain Resources incorporated in 2018 and listed on the TSX Venture Exchange under the symbol AGMR. CEO Julio Morzán assembled a team with prior Peruvian mining experience and targeted the Castrovirreyna district, a polymetallic belt in central Peru that has produced silver, zinc, and lead since colonial times. The company completed its acquisition of the Reliquias and Dorita mines from SSR Mining subsidiary Compañía Minera San Simón in mid-2021, securing 32,000 hectares of contiguous claims. The strategy concentrates on two fronts: brownfield exploration to expand known resources and near-term restart of the existing Reliquias processing plant. The 2022–2023 drill program tested depth and strike extensions on veins including Matacaballo, Vulcano, and Caudalosa. In parallel, the firm dewatered the underground workings and assessed rehabilitation requirements for the 600-tonne-per-day flotation circuit. The mill can produce silver-lead and zinc concentrates, and the company holds permits for tailings storage and water discharge. Its project sits roughly 300 kilometres southeast of Lima, with road access and grid power. The company operates as a single-project developer, with its entire market capitalization tied to Castrovirreyna. As of late 2023, the technical team included geologists and engineers seconded from Explora Mining, a Peruvian operator that Morzán co-founded. The firm has raised equity through prospectus offerings and a 2023 private placement of flow-through shares, though it has disclosed no institutional anchor investor. In September 2022, Silver Mountain published a preliminary economic assessment for Reliquias that outlined a 10-year mine life at average annual silver-equivalent production of approximately 4.5 million ounces. Structurally, Silver Mountain is a classic single-project junior listed on a Canadian venture exchange — its fate lives or dies with one asset and one commodity cycle. What separates it from hundreds of peers is the possession of an intact mill and underground access, which reduces the capital gap between exploration-stage drilling and generating revenue. The risk sits in Peru's jurisdictional profile and the company's ability to finance development without a strategic partner.
General information
Firm type
Asset Manager
Year founded
2018
AUM
Undisclosed
Location
Region
North America
Country
Canada
City
Toronto
Corporate office
Toronto, ON, Canada
Principals
Julio Morzán
CEO and Director
Sector focus
Frequently asked questions
Who runs investment decisions at Silver Mountain Resources?
CEO Julio Morzán leads the company's investment decisions and overall corporate strategy. Morzán has a track record in Peruvian mining through Explora Mining, a Lima-based geological services and mine operations firm he co-founded. The board of directors reviews major capital allocations and project advancement decisions, but Morzán drives the operational and strategic direction.
What is the Castrovirreyna project, and why is it distinct?
Castrovirreyna comprises the historic Reliquias and Dorita mines in central Peru, covering 32,000 hectares with over 60 known polymetallic veins. The site includes a 600-tonne-per-day flotation mill that processed material until 2015 under prior ownership. This existing infrastructure distinguishes it from greenfield exploration plays — Silver Mountain can focus on resource conversion and rehabilitation rather than building a plant from scratch.
How does Silver Mountain Resources source capital as a junior miner?
The company raises equity through the Canadian public markets, including prospectus offerings and flow-through share private placements, the most recent of which closed in late 2023. Flow-through shares allow Canadian investors to deduct exploration expenditures against income, making them a standard tool for TSX Venture-listed juniors. As of mid-2024, Silver Mountain has not disclosed a strategic corporate partner or streaming deal.
What investment stages does Silver Mountain Resources represent?
The company sits at the junction of advanced exploration and development — it has a known resource that requires conversion drilling and an existing mill that needs rehabilitation, but no active production. This is sometimes called the 'pre-revenue developer' stage, which carries higher risk than producing miners but lower risk than early-stage greenfield explorers. A 2022 preliminary economic assessment signals a defined path, but a full feasibility study and construction financing remain ahead.
Which commodities does Silver Mountain Resources target, and which does it avoid?
The firm explicitly targets silver, zinc, and lead — the polymetallic suite found at Castrovirreyna. It does not explore for gold-only or bulk-commodity deposits such as copper porphyries, iron ore, or coal. The narrow focus reflects the asset the company owns rather than a diversified commodity strategy.
How does the firm manage jurisdictional risk in Peru?
Peru has a long mining tradition and legal framework for foreign ownership, but political volatility and community relations remain persistent operational challenges. Silver Mountain's team, including CEO Julio Morzán and Explora Mining staff, brings deep in-country experience that the company cites as a risk-mitigation factor. The Reliquias site has historical community acceptance, and the firm's 2022 preliminary economic assessment assumes standard Peruvian mining tax and royalty regimes.
Does Silver Mountain Resources plan to operate the mine itself or contract a partner?
The company's public filings indicate an intention to operate Castrovirreyna directly, leveraging the operational expertise within Morzán's network and the Explora Mining relationship. No joint-venture or contract-mining arrangement has been announced. The 2022 preliminary economic assessment modeled an owner-operated scenario with a dedicated site management team.
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