Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Significant progress in 2025. Kuya reported its financial and operational results for the fourth quarter and FY 2025, while also announcing key leadership appointments to strengthen its operations in Peru. Edgardo Orderique was named General Manager for Peru, bringing senior-level experience from major mining operations, and will oversee mining and processing at the Bethania Silver Project. He is supported by Jesus Palomino as Operations Manager and German Minaya as Finance and Administration Manager. These additions are intended to enhance execution as the company transitions from early-stage production to scaled operations with higher throughput.
Operational momentum. The company made steady progress, achieving record processing volumes and improved production consistency. Production reached approximately 100 tonnes per day in March, with a target of 350 tonnes per day by the end of 2026 under its Phase One expansion plan. This growth is supported by investments in underground development, infrastructure, and workforce training, along with modernization efforts to improve efficiency. Kuya increased its exploration program to 20,000 meters of drilling in 2026.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Toronto, Ontario–(Newsfile Corp. – April 24, 2026) – Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the “Company” or “KuyaSilver“) is pleased to announce financial and operating results for the three months and full year ending December 31, 2025, while also announcing a significant strengthening of its in-country leadership – appointing Edgardo Orderique, former General Manager of MMG’s Las Bambas mine, as General Manager, Peru, alongside a seasoned operational and finance team.
The fourth quarter marked another period of meaningful progress at the Bethania Silver Project in Peru, highlighted by record tonnes processed, significant upgrades to infrastructure, and a strengthened balance sheet, which was further bolstered in Q1 2026. As disclosed more recently in the Kuya Silver Press Release dated April 22, 2026, Kuya Silver has achieved sustained production of approximately 100 tonnes per day (“tpd“) and is advancing toward its Phase 1 target of approximately 350 tpd by the end of 2026.
Strengthens Peru Management Team Including New High Profile General Manager
Kuya Silver is also pleased to announce the appointment of three senior managers to lead its operations in Peru, as the Company advances the production ramp-up at its Bethania silver mine. These appointments are intended to strengthen operational, financial, and administrative execution as production increases. With Mr. Orderique’s appointment, a leader who ran a 150,000 tonne-per-day mine with 8,800 personnel, a significant addition enhancing the operating team in Peru as the Company ramps up production at the Bethania project to 350 tpd.
David Stein, President and Chief Executive Officer of Kuya Silver, remarked: “As we advance the Bethania mine toward higher, steady-state production levels, it is important that our operational and financial leadership is aligned with that growth. The addition of experienced senior leaders in Peru strengthens our ability to execute safely, efficiently, and in accordance with our development plans.”
Edgardo Orderique – General Manager, Peru
Mr. Orderique has been appointed General Manager, Peru, with responsibility for all Peruvian operations, including both mining and future processing business units. He is a senior mining executive with extensive experience managing large-scale operations in Peru.
Mr. Orderique previously served as General Manager of Minera Crespo, part of the Apucorp Group, where he led the construction of the industrial processing facilities and the development of the mining operation. He also served at MMG’s Las Bambas copper operation, where he oversaw approximately 2,800 employees and 6,000 contractors, improved throughput from 140,000 tpd to 150,000 tpd, reduced unit operating costs, and maintained a low total recordable injury frequency rate (TRIFR).
Prior to Las Bambas, he served as General Manager of Glencore’s Antapaccay mine, where he led a capital expansion program, improved operating performance, and managed community and stakeholder relations without disruption to operations.
He has held various leadership roles within Peru’s mining sector, including President of the XV National Mining Congress (2024), President of the Sustainability Forum at the XVI National Mining Congress (2026), and current Director of the Mining Engineering Institute of Peru (IIMP).
Jesus Palomino – Operations Manager
Mr. Palomino is a mining engineer with over 14 years of experience in underground mining operations in Peru and internationally. Most recently, he served as Underground Mine Manager at Calibre Mining Corp. in Nicaragua, overseeing mine planning, safety, cost control, and underground mining methods.
Previously, Mr. Palomino was General Manager of Glencore’s Sinchi Wayra operation in Bolivia and held senior operational roles at Glencore Antapaccay, Hochschild Mining, and Minera Santa Luisa. At Santa Luisa, he oversaw a production increase from approximately 800 tpd to 2,000 tpd while reducing operating costs.
German Minaya – Finance & Administration Manager
Mr. Minaya is a finance executive with an MSc in Finance and an MBA, with experience across mining operations in Peru, Chile, Argentina, Brazil, and Zambia. He most recently served as Finance Director at Tumi Technology & Innovation.
Prior roles include Regional Risk Manager and financial subject matter expert for copper projects at Glencore, where he implemented risk governance frameworks for large capital projects, and Chief of Finance and Risk Management at Minsur, where he led financial initiatives related to tax exposure mitigation and cash flow generation. Mr. Minaya has also held senior finance roles at Chinalco, Anglo American, and Newmont, and is currently completing the Emerging CFO Programme at The Wharton School.
Edgardo Orderique, General Manager, Peru, added: “Bethania is transitioning from early production into a period of operational scaling. My focus will be on execution discipline, safety performance, and stable operating results as the Company advances its production objectives.”
Q4 2025 and Full Year Financial Highlights
For the three months and year ended December 31, 2025, the Company recorded revenue of $307,331 from Bethania concentrate sales, compared to $150,129 revenue in the prior-year quarter (Q4 2024). Production costs totaled $680,669 – which is expected during the pre-steady-state ramp-up phase, as the company continued to develop multiple underground faces, expand ventilation and haulage infrastructure, and train personnel. Importantly, these costs are investments in future production capacity, and cash operating costs per tonne are expected to decline meaningfully as throughput increases toward 350 tpd.
The Company recorded a net loss of $428,930 for Q4 2025, significantly improved from a net loss of $1,878,279 in Q4 2024 primarily due to increased revenue and lower exploration costs, the latter reflecting the impact of a VAT of $1,361,530 recovery recognized in 2025.
For the full year ended December 31, 2025, Kuya Silver recorded a net loss of $3,584,373, a 41% improvement over the $6,047,203 net loss in the same period of 2024. The improvement reflects improved revenue generation from Bethania due to increasing production and higher silver prices and reduced exploration spending as the operation moved further into development and ramp-up and significantly less was spent on the Silver Kings project compared to 2024.
1 In periods when the Company has a loss, diluted loss per share is the same as basic loss per share.
Year End Overview – Strong Financial Position
Kuya Silver ended the year with a significantly strengthened balance sheet. Cash at the end of 2025 increased to $9,339,023, and net working capital surplus of $9,862,354, compared to a working capital deficit of $677,145 at December 31, 2024.
The improvement was primarily driven by the Company’s Q3 2025 financing, in which it issued raised gross proceeds of $6,566,000 (CAD $9,070,000) as well as warrant exercises in the quarter that raised an additional $4,875,539. These funds provided the near-term capital required to support the ongoing production ramp-up at Bethania and other growth initiatives such as exploration. Also in Q3 2025, the Company completed an early settlement of its remaining convertible debentures, further strengthening the working capital position.
Subsequent to quarter-end, 5,674,353 warrants have been exercised for proceeds of CAD $2,132,136 in addition to the previously disclosed January 2026 equity financing (gross proceeds of CAD $25.5 million).
As a result, Kuya Silver held approximately $27.0 million in cash as of March 31, 2026 – fully funding the current expectations for investment in the Phase 1 ramp-up to 350 tpd, the Camila plant acquisition, and the expanded 20,000-metre exploration program in 2026. The Company does not expect to require additional financing to achieve these milestones.
Outlook
Kuya Silver’s primary near-term objective remains maintaining stable production of 100 tpd at the Bethania Silver Project as a pathway to advancing production growth and development to reach its phase one production target of 350 tpd in 2026. Kuya Silver is also implementing a modernization program focused on improving underground haulage and material handling efficiency to support higher and more consistent throughput.
The Company increased its exploration program to target 20,000 metres of drilling in 2026, combining underground and surface diamond drilling. Underground drilling will be focused on the Santa Elena concession to enhance geological understanding at depth and assist with future mine planning. Surface program is designed to expand known mineralized structures near existing operations and test high-priority regional silver vein systems within trucking distance to the Bethania mine.
National Instrument 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Mr. Kevin J. O’Connell, P.E., Independent Technical Advisor to Kuya Silver and a Qualified Person as defined by National Instrument 43-101.
About Kuya Silver Corporation
Kuya Silver is a Canadian‐based mineral exploration and development company with a focus on acquiring, exploring, and advancing precious metals assets in Peru and Canada.
For further information, please contact: David Stein, President & Chief Executive Officer Telephone: (604) 398-4493 Email: [email protected] Website: www.kuyasilver.com
Reader Advisory
This news release contains statements that constitute “forward-looking information,” including statements regarding the plans, intentions, beliefs, and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words “may,” “would,” “could,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect,” “must,” “next,” “propose,” “new,” “potential,” “prospective,” “target,” “future,” “verge,” “favorable,” “implications,” and “ongoing,” and similar expressions, as they relate to the Company or its management, are intended to identify such forward-looking information. Investors are cautioned that statements including forward-looking information are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those described in the forward-looking information as a result of various factors, including but not limited to fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing, and general economic, market, and business conditions. There can be no assurances that such forward-looking information will prove accurate, and therefore, readers are advised to rely on their own evaluation of the risks and uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Strong operational start in 2026. Kuya Silver’s first-quarter 2026 results represented a clear inflection point in the ramp-up of its Bethania Silver Project, with record production of 3,076 tonnes and throughput of 100 tonnes per day achieved at the end of March and into early April 2026. Increased mining volumes, along with continued underground development, suggest the operation is scaling efficiently with the buildout of infrastructure needed to support future growth.
Meaningful improvement in grades and recovery rates. Higher grades and improved recovery rates supported a revenue profile heavily weighted to silver, while the planned acquisition of the Camila plant is expected to enhance processing control and efficiency. A cash position of approximately $27 million further strengthens the company’s ability to fund ongoing growth initiatives.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Exits Q1 with 100 Metric Tonnes Per Day Production and Confirms Plan to Achieve 350 Metric Tonnes Per Day by the End of 2026
Kuya Silver to Report Q4/Year End Financial Results Prior to Market Open on Friday, April 24 and Hold a Conference Call Webinar on April 28, 2026 to Update Investors
All references to dollar amounts are references to U.S. Dollars, unless otherwise stated
Toronto, Ontario–(Newsfile Corp. – April 22, 2026) – Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the “Company” or “Kuya Silver“) is pleased to report record quarterly production and provide an operational update for the first quarter of 2026 at the Bethania silver project, which delivered record daily and quarterly production rates as the ramp-up continued to track higher during the three month period. In light of the significant progress to date, the Company continues to expect the completion of its Phase 1 ramp-up, achieving 350 metric tonnes per day (“tpd“) production, by the end of the year.
Operational Highlights
3,076 metric tonnes of mineralized material mined at Bethania, a significant improvement over Q4 2025
Milestone 100 tonne per day (tpd) throughput achieved at the end of March and early April, 2026
Continued strong underground development with record 398 meters advanced and 1,967 metric tonnes of development material moved to continue expansion of underground mining operations
91% of record quarterly revenue from Bethania came from silver in the quarter with an average selling price of $82/oz.
Announcement of fully funded letter of intent to acquire the Camila plant to improve silver recoveries and operational control of material processing
Cash position at the end of Q1 2026 of approximately $27 million
Kuya Silver On Track To Achieve 350 tpd Production Rate At Bethania By The End of 2026
Given the successful mine development to date, and strong financial position, Kuya Silver expects to complete its Phase 1 ramp-up at the Bethania silver project by the end of this year. The Company plans to keep the market informed of the progress and will continue to provide details on the production growth on a timely basis.
Christian Aramayo, Kuya Silver’s Chief Operating Officer commented, “Another pivotal quarter for Kuya Silver. We achieved 100 tpd in March and have sustained it into April — a clear proof point in our ramp-up. With continued investment in development, we have direct line-of-sight to completing Phase 1 at 350 tpd by year-end. Beyond that, integrating the Camila Plant gives us full operational control over processing, while our expanded drilling program continues to unlock district-scale upside. Bethania is not just ramping up — it represents a clear growth platform with potential upside from production, exploration, and operational efficiency.”
Mining Operations Continue To Improve In Q1 2026
Production of mineralized material at the Bethania Project totalled 3,076 metric tonnes, another quarterly record as production continues to steadily ramp up. Developing activities focused on driving drifts and a crosscut to access more mineralization material achieving 398 m of development. Importantly, Kuya Silver achieved a 100 tpd production rate at the end of March 2026 and this has been largely sustained in April. Modest increases in daily throughput are expected in Q2 and Q3 of 2026, with a more significant increase anticipated once the new 4.5 m x 4.5 m ramp has been deepened to the 640 level production level by Q4.
Grades improved to 7.53 oz/t during Q1 2026 even as development material — typically lower grade — contributed to throughput. Grades are expected to increase as the mine reaches a steady-state of production later this year and in the meantime grades will reflect a blend of ongoing development and run-of-mine stoping . Silver recoveries improved to 79.2% in Q1 2026 from 73.3% in Q4 2025, due to higher grade being processed during the quarter and a reduction of the lower-grade oxidized material (from historical stockpiles) processed in Q4 2025. Kuya Silver has previously achieved 90+% silver recoveries on specific mineralized batches, reflecting not only higher head grades but also favorable metallurgical composition and tighter moisture controls in the processing circuit. Leveraging that recent experience, the Company has implemented targeted adjustments to the Camila Plant’s operating parameters – including semi real-time monitoring of feed characteristics and moisture levels. Early results in April 2026 are encouraging, and management expects recoveries to continue improving as silver grades increase and operational refinements take full effect.
David Stein, Kuya Silver’s President and CEO remarked, “The first quarter of 2026 marked an important achievement with our ramp-up process, with the mine producing 100 tpd in March and sustaining that rate into April. While there is still significant underground development planned for the remainder of 2026 this new level of production, combined with our strong cash position, significantly improves the Company’s financial flexibility to continue growing silver production and aggressively exploring our now-5,600 ha land package in the Bethania district of Peru.”
Table 1: Production highlights from the Bethania silver mine
(1)prices for silver equivalent calculations use period ending spot prices and are as follows: Mar. 31 2026 silver $74./oz, lead $1,909/tonne, zinc$ 3,230/tonne Dec. 30, 2025 silver $70.13/oz, gold $4,326/oz, lead $2,005/tonne, zinc$ 3,122/tonne Mar. 31, 2025 period; silver $34.46/oz, gold $3122.80/oz, lead $2002/tonne, zinc $2829/tonne, and Dec. 31, 2024 period; silver $28.90/oz, gold $2606.72/oz, lead $1921.50/tonne, zinc $2974/tonne. (2)includes only payable recovery i.e. lead in the silver- lead concentrate and zinc in the zinc concentrate and silver in both concentrates. (3)may include provisional settlements at the end of the period, net of treatment and refining costs.
Camila Plant Acquisition Update
Kuya Silver continues to progress with due diligence and definitive documentation with regards to the Camila Plant acquisition announced on January 27, 2026 and expects to complete the transaction in due course.
Upcoming Conference Call Webinar
Kuya Silver will host a conference call webinar taking place on Tuesday, April 28th at 3 pm ET / 12 pm PT. The Company plans to cover the Q1 2026 production progress and 2025 year end financial reporting. A live Q&A will follow the presentation.
Quality assurance and quality control include two sampling procedures. Underground vein material from stopes are sampled to confirm vein grades and to reconcile against the mine model; and sampling of freshly mined material in stockpiles to determine dilution and the head grade that is sent to the processing plant.
Underground vein sampling was conducted systematically every 4 meters along the galleries. This involved excavating a narrow and continuous channel either parallel to the vein or perpendicular to its orientation. The entire volume of material excavated from the channel was collected as a sample.
Freshly mined material in the stockpiles and concentrate stockpiles were sampled using trenching, a method involving the excavation of narrow trenches perpendicular to the major axis of the pile. Trenches were systematically dug at regular intervals across all depths of the pile. The location of each trench was referenced to a topographic control point and recorded in the sampling log.
All material was carefully collected on plastic sheets, then pulverized at the mine site. The pulverized material was quartered, and one quarter was labeled and secured in vinyl sample bags. The samples were then transported to Dmtri I. Mendelejeff laboratory in Huancayo for processing using fire assay followed by atomic absorption spectroscopy (AAS).
All concentrate assay results are cross-checked against independent analyses conducted by the buyer. Furthermore, sample security protocols include sealed trucks for transporting run-of-mine (ROM) material and concentrate trucks with tamper-proof devices with safety seals, and a documented custody chain overseen by the mine superintendent (Bethania).
National Instrument 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Mr. Kevin J. O’Connell, P.E., Independent Technical Advisor to of Kuya Silver and a Qualified Person as defined by National Instrument 43-101.
About Kuya Silver Corporation
Kuya Silver is a Canadian‐based, growth-oriented mining company with a focus on silver. Kuya Silver operates the Bethania silver mine in Peru, while developing district-scale silver projects in mining-friendly jurisdictions including Peru and Canada.
This news release contains statements that constitute “forward-looking information,” including statements regarding the plans, intentions, beliefs, and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words “may,” “would,” “could,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect,” “must,” “next,” “propose,” “new,” “potential,” “prospective,” “target,” “future,” “verge,” “favorable,” “implications,” and “ongoing,” and similar expressions, as they relate to the Company or its management, are intended to identify such forward-looking information. Investors are cautioned that statements including forward-looking information are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those described in the forward-looking information as a result of various factors, including but not limited to fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing, and general economic, market, and business conditions. There can be no assurances that such forward-looking information will prove accurate, and therefore, readers are advised to rely on their own evaluation of the risks and uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Kuya Silver is significantly scaling its exploration efforts at Bethania. The company has expanded its fully funded 2026 drill program to approximately 20,000 meters, making it the largest drilling campaign in the project’s history. By combining 10,000 meters of surface and 10,000 meters of underground drilling, Kuya seeks to extend known mineralization near existing operations and test new district scale targets, positioning the project for meaningful resource growth.
High-grade regional targets highlight strong expansion potential. Exploration has identified multiple vein systems beyond the current mine area, with high priority prospects such as Millococha, Tito PH, and Carmelitas demonstrating encouraging grades and geological continuity. These areas, supported by historic artisanal mining and recent sampling, suggest the presence of a broader mineralized system that could materially increase the overall resource base.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Toronto, Ontario–(Newsfile Corp. – March 17, 2026) – Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the “Company” or “KuyaSilver“) is pleased to announce an expansion of its fully-funded 2026 drill program at the Bethania Silver Project in central Peru designed to unlock value by focusing on delineating mineralized silver vein systems which have been historically underexplored. The program, expected to total approximately 20,000 metres combined underground and surface diamond drilling, would represent the largest drill program ever at the Bethania project.
The surface drill program is planned for approximately 10,000 metres and will focus on priority targets associated with historical artisanal mining areas identified during the Company’s recent regional exploration work, located outside the immediate Bethania mine area (Figure 1 below). These targets represent potential additions to the district-scale mineralized system and may also have potential for future production. Over the coming months Kuya Silver plans to conduct additional work to prioritize targets for the 2026 drill program which may include any of the six previously identified regional silver vein systems (e.g. Carmelitas, Tito PH, Millococha)
The Company also plans to expand on its previously announced underground drilling program to approximately 10,000 metres in 2026 (from 5,000 metres announced previously). Drilling will be conducted from established mine levels and is designed to test extensions of known mineralized structures that remain open along strike and at depth. This approach allows the Company to expand resources adjacent to current mine infrastructure while testing high-priority targets at relatively low cost and improving the geological continuity of the known vein system.
The combined surface and underground programs are expected to improve the geological understanding of the mineralized systems and support the Company’s ongoing efforts to grow resources within the broader Bethania district. Initial results from the underground drilling campaign are expected in Q2 2026 and additional drill results from underground and initial surface drilling results are expected over the second half of 2026.
“Following encouraging surface exploration results across the Bethania property, we are excited to begin the next phase of drilling,” stated Osbaldo Zamora, VP Exploration of Kuya Silver. “By combining surface drilling with underground drilling from existing workings, we are able to efficiently test both district-scale targets and near-mine extensions that could meaningfully expand the project’s resource base.”
David Stein, Kuya Silver’s President and CEO also remarked, “The Company is excited to embark on a much larger drill campaign covering multiple targets across the Bethania district. Given our significant cash position in excess of USD $25 million and expected cash flow from the Bethania mine, this more aggressive exploration strategy should be fully funded from internal sources and can be maintained and expanded over the coming years as we grow our silver mining operations.”
Figure 1: Bethania historical surface exploration results up to February 2026 showing all sample locations.
Surface drilling is expected to commence in the coming months following final permitting and logistical preparations. Over the past five plus years, Kuya Silver has consolidated in excess of 4,500 ha surrounding the Bethania mine. Various surface prospecting campaigns over the past several years has identified six different silver vein systems characterized by historical evidence of artisanal mining and outcropping veins with silver-polymetallic mineralization which have been mapped and sampled by Kuya Silver’s geologists. These additional vein systems can be subdivided into three areas located south (Tito PH), west (Carmelitas) and southwest (Millococha) of the Bethania silver mine.
Tito PH
Tito PH is a priority exploration target consisting of one main vein and at least seven additional subparallel veins (Figure 2 below). The main vein has been mapped over approximately 600 metresof strike and may extend up to 1,500 metres, although a 700 metres gap in surface exposure remains to be tested by drilling.
Minor artisanal workings, including two shallow adits and an open stope, occur along the vein cluster. A total of 55grab samples collected by Kuya Silver geologists returned an arithmetic average grade of 285.7 g/t AgEq* and a maximum value of 2,114.7 g/t AgEq*. The interpreted strike length and high-grade surface samples suggest the system could be comparable in scale to the veins currently mined at Bethania.
Figure 2. Detailed map showing interpreted veins, grab sample locations, and assays at the Tito PH prospect.
Millococha Oeste is one of the most prospective targets identified within the Bethania land package due to the presence of more than 10 mapped veins with consistently high grades. A total of 40 grab samples collected by Kuya Silver geologists returned an arithmetic average grade of 690.4 g/t AgEq* and a maximum value of 2,652.7 g/t AgEq* (Figure 3 below).
Artisanal workings on Kuya Silver’s claims represent the most significant historic activity outside the Santa Elena concession, but remain relatively shallow and poorly explored, highlighting the potential for additional mineralization at depth.
Figure 3. Detailed map showing interpreted veins, grab sample locations, and assays at the Millococha prospect.
The Carmelitas prospect includes three vein clusters within an area of approximately 800 metres, comprising the main Carmelitas artisanal mine as well as the Carmelitas Norte and Carmelitas Este showings (Figure 4 below). A total of 125 grab samples collected by Kuya Silver returned grades up to 1,771.5 g/t Ag and an arithmetic average of 145.2g/t AgEq*.
Although vein density is lower than at other targets, the prospect remains attractive due to the presence of high-grade mineralization and potential structural connections between the three vein clusters.
*Silver Equivalency (AgEq) was calculated using silver ($85.74 USD/troy oz), gold ($5,177.70 USD/troy oz), copper ($12,815.48 USD/tonne), lead ($1,892.0 USD/tonne) and zinc ($3,286.76 USD/tonne) values, obtained on March 3, 2026 from Kitco, and do not consider metal recovery.
Figure 4. Detailed map showing interpreted veins, grab sample locations, and assays at the Carmelitas prospect.
A total of 940 grab samples (plus QA/QC) were collected in different exploration campaigns from 2021 to 2026. Only 192 samples collected from 2024 to 2026 count with proper QA/QC assessment. The coordinates of the locations of each sample were measured by handheld GPS and the samples dispatched to the ALS Peru S.A. laboratory in Lima for geochemical analysis. The analyses were carried out using the following methods:
ME-OG61a – Multi-acid digestion with ICP-AES detection for 33 elements
Au-AA23 – Fire assay for gold
Ag-OG62 – Four-acid digestion with ICP-AES detection for overlimit silver
All QA/QC standards were acceptable and within two standard deviations of certified values.
As these samples include a mix of early-stage grab, chip, and channel samples and do not include details on vein width, they are not fully representative of total vein mineralization.
National Instrument 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Osbaldo Zamora, PhD., P.Geo., Vice President Exploration with Kuya Silver Corp. and a Qualified Person as defined by National Instrument 43-101.
About Kuya Silver Corporation
Kuya Silver is a Canadian‐based, growth-oriented mining company with a focus on silver. Kuya Silver operates the Bethania silver mine in Peru, while developing district-scale silver projects in mining-friendly jurisdictions including Peru and Canada.
This news release contains statements that constitute “forward-looking information,” including statements regarding the plans, intentions, beliefs, and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words “may,” “would,” “could,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect,” “must,” “next,” “propose,” “new,” “potential,” “prospective,” “target,” “future,” “verge,” “favorable,” “implications,” and “ongoing,” and similar expressions, as they relate to the Company or its management, are intended to identify such forward-looking information. Investors are cautioned that statements including forward-looking information are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those described in the forward-looking information as a result of various factors, including but not limited to fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing, and general economic, market, and business conditions. There can be no assurances that such forward-looking information will prove accurate, and therefore, readers are advised to rely on their own evaluation of the risks and uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Processing plant acquisition. Kuya Silver signed a Letter of Intent (LOI) to purchase 100% of SMRL Camila, the company that owns the Camila conventional flotation plant, for US$7.8 million, subject to closing conditions. The Camila plant is currently processing Kuya Silver’s mineralized material to produce silver and other metal concentrates on a toll-milling basis. The plant is located on a key transport corridor between the Bethania mine and Lima, Peru, where concentrate is shipped to port. Execution of a definitive agreement is subject to the completion of legal, financial, environmental, and technical due diligence.
Scalable processing capacity. The Camila plant currently operates at 150 metric tonnes per day with plans to increase production capacity to 300 to 350 tonnes per day, which Kuya Silver expects to undertake after closing the acquisition. The expansion is projected to require an additional capital investment in the range of US$0.7 million to US$1.0 million.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Fourth Quarter Performance. The company mined 1,999 tonnes of mineralized material and processed 1,570 tonnes. Average processed grades were 6.0 oz/t silver (186.6 g/t), 1.40% lead, and 1.10% zinc, or 8.5 oz/t silver equivalent (264 g/t). Recoveries averaged 73.3% for silver, 79.1% for lead, and 57.1% for zinc. Metal processed included 7,724 ounces of silver, 18 tonnes of lead, and 15 tonnes of zinc. Sales included 5,441 ounces of silver, 15 tonnes of lead, and 8 tonnes of zinc, representing 6,194 silver-equivalent ounces, with silver contributing 88%.
Private Placement Financing. Kuya closed a brokered private placement raising gross proceeds of C$25.5 million. The company intends to pursue either the acquisition of an operating plant near the mine or the construction of a plant at the Bethania site to vertically integrate silver concentrate production. As mine production expands toward the Phase 1 target of 350 tonnes per day, Kuya expects more consistent processing, improved silver recoveries, and the recovery of minor gold and copper currently lost in the toll-milling process.
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Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Private Placement Financing. Kuya Silver Corporation (OTCQB: KUYAF, CSE: KUYA) announced a brokered private placement pursuant to the listed issuer financing exemption of up to 15.0 million units of the company at a price of C$1.00 per unit for aggregate gross proceeds of up to C$15.0 million. Each unit will consist of one common share and one half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of C$1.30 per common share for a period of 36 months from the date of issuance.
Use of Proceeds. Kuya intends to use the net proceeds of the offering to advance the company’s Bethania project with the acquisition of and/or development of concentrate processing capacity. Kuya is evaluating several options, each of which is fully permitted and will allow the company to vertically integrate its production capabilities. Funds may also be used to explore the Silver Kings Project in Ontario, discretionary growth capital, and for general corporate purposes.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
High-grade silver-gold system confirmed. Kuya Silver reported strong initial exploration results from the Umm Hadid Project in Saudi Arabia, confirming high-grade silver-gold mineralization over a large area measuring approximately 6.0 km by 2.5 km. In our view, the scale of the mineralized footprint and grade tenor materially de-risks the project at an early stage. Umm Hadid is operated by Silver Mining LLC, a joint venture between Sumou Holding and Kuya Silver.
Maiden drilling validates surface results. The first drill program comprised 29 diamond drill holes totaling roughly 5,000 meters across three target areas defined by surface sampling. Drilling returned high-grade intercepts of up to 1,483.9 g/t silver equivalent over two meters, with several additional intersections grading several hundred grams per tonne. Surface sampling of 460 grab samples averaged 86.1 g/t silver equivalent, with peak values reaching 1,359.8 g/t. We believe a strong gold-silver correlation supports the presence of a large hydrothermal system.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Third quarter operational and financial results. During the third quarter, Kuya Silver processed 1,841 tonnes at a toll milling facility, resulting in the sale of 16,983 ounces of silver. The company generated revenue of $771,084 from Bethania concentrate sales, compared to no revenue in the prior-year quarter. Production costs totaled $1,165,790 as the company continued to develop multiple mining faces while executing infrastructure upgrades. The company generated a net loss of $1,523,898, or $(0.01) per share compared to a loss of $1,550,267, or $(0.01) per share during the third quarter of 2024. We had projected a loss of $1,241,457, or $(0.01) per share.
On track to achieve consistent production of 100 tonnes per day. In early November, Kuya achieved a single-day mining record of approximately 102.5 tonnes of mineralized material from the underground mine and is currently running at a consistent average throughput of approximately 90 tonnes per day. Recent underground development on the 640 level of the Espanola vein system advanced, with sufficient working faces completed to support output above 100 tonnes per day.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Initiating coverage with a per share price target of US$1.40 or C$2.00. Kuya Silver Corporation (CSE: KUYA; OTCQB: KUYAF) is an emerging silver producer focused on precious metals assets in mining-friendly jurisdictions. The company’s flagship Bethania Silver Project in central Peru anchors a portfolio that also includes the Silver Kings Project in Ontario and a joint venture interest in the Umm Hadid silver-gold project in Saudi Arabia.
Bethania flagship project. After successfully restarting operations in 2024 through toll milling, Kuya has demonstrated steady operational improvements, highlighted by record concentrate sales and recoveries exceeding 91% in the third quarter of 2025. Mining has advanced into multiple production stopes, while key infrastructure upgrades have reduced downtime and increased reliability. Development of a new 3.5-by-3.5-meter haulage ramp will enhance mine access and material handling, positioning the operation to achieve 100 tonnes per day (tpd) by year-end 2025 and 350 tpd by the third quarter of 2026.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
