Interview with Luis Goyzueta, Chairman & CEO of Titiminas Silver

Recording date: 1st May 2026

Titiminas Silver is advancing the restart of the Madre Sierra mine in central Peru, positioning itself as a fast-moving entrant focused on reviving a past-producing, high-grade polymetallic asset rather than pursuing traditional exploration. The project hosts a 1.2 million ton historical resource grading 4–5 ounces per ton silver, alongside copper, gold, zinc, and lead, for roughly 20 million ounces of silver equivalent. With only three of six identified veins historically developed across a small area of a 2.2-kilometer strike, the company sees substantial upside for resource expansion.

A key advantage lies in the project’s strong infrastructure and permitting position. Madre Sierra is located near a regional airport, paved highway, and power access, while holding an existing 350-ton-per-day mining permit and a community agreement secured through 2032. These factors significantly reduce development risk and enable an accelerated timeline. The company plans to begin drilling shortly, targeting a maiden resource estimate within a year and a final investment decision by late 2027, potentially based on a preliminary economic assessment.

Initial production is expected at 350 tons per day, yielding დაახლოებით 1.2 million ounces of silver annually, with capital costs estimated at $35–45 million. A second phase could expand throughput to 800–1,200 tons per day, increasing output to as much as 3.5 million ounces per year. The polymetallic nature of the deposit provides diversified revenue streams, enhancing project resilience.

Led by CEO Luis Goyzueta, who brings decades of Peruvian mining and private equity experience, Titiminas is also pursuing a broader growth strategy. Leveraging proprietary relationships, the company aims to acquire similar high-grade assets in central Peru, targeting long-term production of 10 million ounces of silver annually. Additional upside comes from a high-grade molybdenum discovery on its northern property, which may offer future strategic value.