Tier One Silver Targets Bonanza Silver Veins with Porphyry Copper Upside at Curibaya

• Tier One Silver's Curibaya project in southern Peru has delivered exceptional rock sampling results, including silver grades up to 298,000 g/ton and gold grades approaching 1 kilogram, with over 80 samples exceeding 1 kilo silver across a 5 km² footprint
• Following consultant recommendations, the company is focusing drilling on the Cambaya corridor where higher elevation and less erosion suggest a more intact precious metals window, with potential for a large porphyry copper system at depth
• Led by former Canaccord Genuity investment adviser Peter Dembicki, with technical leadership from Christian Rios (ex-Bear Creek Mining, Santa Ana and Corani discovery) and Antonio Arribas (former VP of geosciences for BHP and head of geoscience at Newmont), the company owns 100% of the ~14,000 hectare property
• With 16 initial drill holes (5,000m) and a second phase underway (1,200m), the company estimates needing another 10,000 meters of drilling before resource definition, while 6 kilometers of vein corridors provide multiple targets
• After operating through a challenging $17-22 silver environment for most of five years, recent silver strength ($70+ vs. historical lows) has enabled fundraising (~$6.5 million late 2025), with the company focused on discovery rather than development

Tier One Silver (TSXV:TSLV) represents an early-stage precious metals exploration story emerging from one of the world's most established mining regions. Operating a 100%-owned flagship project in southern Peru, the company has identified what appears to be an exceptionally high-grade silver and gold system in an area historically dominated by large-scale copper production. With rock sampling results that have exceeded 298,000 grams per ton silver and nearly a kilogram of gold, Tier One Silver presents investors with exposure to both the torque of silver price movements and the potential for a significant precious metals discovery in a jurisdiction with centuries of mining history.

Operating Environment: Peru's Mining-Centric Economy

Peru's mining sector has existed for centuries, predating the country itself, and represents a substantial portion of the nation's GDP. The jurisdiction benefits from a highly skilled workforce that is frequently sought after for mining projects globally. While political turnover has been significant - President and CEO Peter Dembicki notes he has witnessed eight or nine Peruvian presidents during his tenure - the actual impact on mining operations has been minimal. 

"You could have a far extreme far-left socialist government or a very pro business far-right leaning government. Nothing on the ground really really changes as far as mining is concerned."

The regulatory environment is characterised by a hands-off approach from central government, with community relations serving as the cornerstone of successful operations. Tier One Silver benefits from having only one community associated with the property, which has been a cooperative partner understanding the potential economic benefits of development.

Path to 100% Ownership

The Curibaya project emerged from a corporate reorganisation when parent company Auryn Resources Inc. split into three entities in late 2021: Fury Gold (Canadian assets), Tier One Silver (early-stage silver exploration in southern Peru), and Coppernico Metals (copper asset in Peru, led by Tier One Chairman Ivan Bebek). The property was initially divided into three parcels of approximately 17,000 hectares total. Tier One acquired Tech's portion when base metal prices declined and major producers divested non-core assets. 

The final consolidation occurred when an Australian junior holding the third parcel went bankrupt and transformed into a hearing aid company, with its CFO offering Tier One the land parcel at minimal cost. This opportunistic consolidation resulted in 100% ownership of a previously unexplored property located north of the city of Tacna in southern Peru.

Discovery: Exceptional Grade from Initial Sampling

The company's initial exploration approach followed industry-standard methodology for greenfield properties: an extensive rock sampling campaign to identify geological merit before committing to drilling. The results, which arrived during Dembicki's third or fourth week on the job, proved extraordinary. Silver grades approached 298,000 grams per ton, with gold grades reaching nearly one kilogram in rock samples. 

More significantly, the results demonstrated consistency across a wide area, with over 80 samples returning values exceeding one kilogram per ton silver and 2.5 grams per ton gold distributed across a five-square-kilometer footprint. These findings were particularly notable given the property's location in southern Peru's copper belt, where silver typically occurs as a byproduct rather than a primary target. 

"We're starting with grade. It is the hardest thing to find globally in mining. Now we just need to build out the volume of drilling to make this asset what it possibly can be."

Interview with Peter Dembicki, President & CEO of Tier One Silver

Evolution of the Geological Model

The first drilling program, conducted in late 2021 and early 2022, comprised 16 holes totalling 5,000 meters in a reconnaissance-style approach. Initial deeper holes (750-800 meters) targeting geophysical anomalies yielded disappointing results. The company pivoted to drilling directly beneath high-grade surface channel samples and trenches, which began producing positive intercepts. Notably, the highest-grade intercepts occurred within 100-150 meters of surface, suggesting to the exploration team that they were intersecting the base of a precious metals system that had experienced significant erosion over 60 million years. 

To gain independent validation, Tier One engaged two world-renowned consultants specialising in epithermal systems. Both consultants reached the same conclusion: the Cambaya corridor, located on higher elevation terrain within the property, would have experienced less erosion and should preserve a more intact precious metals window. This area has subsequently yielded rock samples containing eight kilograms per ton silver and four grams per ton gold, along with elevated arsenic, a pathfinder element for precious metals mineralisation.

Porphyry Copper Potential: An Unexpected Discovery

An unanticipated outcome of the drilling program and consultant reviews was the identification of indicators suggesting a large porphyry copper system beneath or adjacent to the precious metals mineralisation. Re-examination of the deeper holes revealed increasing base metal content and alteration intensity with depth, along with surface expressions of lithic caps, scar mineralisation, and porphyritic dikes - all characteristic features of porphyry environments. This interpretation aligns with the property's location along southern Peru's porphyry belt, where some of the world's largest copper-silver producers operate. 

While testing this deeper target would require more expensive, deeper drilling and additional preparatory work, the potential has attracted attention from major mining companies seeking the next significant open-pit porphyry discovery in the region. 

"Like most world class discoveries you go looking for one thing and you stumble upon something else and Peru is a country that allows that to happen."

The Path to Resource Definition

The second phase drilling program, currently underway, consists of approximately 1,200 meters across seven to eight holes. This program tests the higher-elevation, less-eroded thesis in the Cambaya corridor with relatively shallow holes positioned beneath extreme high-grade surface samples. The company benefits from superior laboratory turnaround times in Peru - three to four weeks compared to three to four months in Canada - allowing for more rapid results flow and decision-making. However, Dembicki acknowledges that substantial additional work lies ahead: 

"I think we need another 10,000 meters of drilling before we can start talking about the resource word and the size and scale and where it's going to be." 

With six kilometers of identified vein corridors and extensive surface sampling across the 17,000-hectare property demonstrating widespread mineralisation (+1 kilo silver, 6%+ copper, high-grade gold), the company has no shortage of targets for future drilling campaigns.

Operating Economics in Southern Peru

Drilling costs in southern Peru are comparable to Canada on a per-meter basis ($150-200), but operational realities increase total costs significantly. The property's location in the arid Atacama desert region, characterised by sparse population and minimal environmental footprint, presents the challenge of water scarcity. Hauling and stockpiling water represents a major cost driver. When factoring in camp construction, community employment, and water logistics, total costs reach $600-700 per meter in U.S. dollars. 

As a Canadian company raising capital in Canadian dollars, currency exchange headwinds have further pressured economics during Dembicki's tenure. Additionally, the steep terrain in certain areas necessitates road construction and drill pad preparation, requiring careful evaluation of target priority versus infrastructure cost to avoid situations where road construction expenses exceed the value of the information gained from drilling.

Financing in a Volatile Silver Market

For most of the past five years, Tier One Silver operated in a challenging capital markets environment with silver prices ranging from $17 to $22 per ounce. The company's fortunes improved dramatically when silver began its ascent from the mid-$20s through the fall, reaching the mid-$70s and peaking in early winter. This price movement enabled the company to raise approximately $6.5 million in late 2025 to fund the current drilling program.

While silver has subsequently retreated to approximately $70 (down from a peak of $117), the improved pricing environment relative to historical levels has created financing windows. Dembicki emphasises the volatile nature of silver markets and silver investors, recounting advice from Chairman Ivan Bebek: "Silver investors can be crazy, man." The company maintains readiness to capitalise on favourable market conditions whenever silver sentiment improves, as the metal can move from $70 to $80 overnight, triggering renewed investor interest.

Discovery-Focused Philosophy

The company's strategy focuses on demonstrating the presence of a significant mineralised system through systematic drilling and resource definition, at which point a strategic partner or acquirer could advance the project through feasibility, development, and production. This approach is modelled after companies like Vizsla Silver, which pursued aggressive drilling campaigns in Mexico with similar (or lower) initial grade results to build investor conviction and ultimately achieve resource definition. The company anticipates that results from the current program will determine market appetite for additional financing to continue the drilling campaign and build toward a resource estimate.

The Investment Thesis for Tier One Silver

• Exceptional Starting Grade: Rock sampling results up to 298,000 g/ton silver and nearly 1 kg/ton gold across 80+ samples provide rare entry point with grade already established, requiring only volume buildup through drilling
• Optionality Through Dual Targets: Primary precious metals (silver-gold veins) system combined with potential large porphyry copper system at depth offers multiple pathways to value creation in proven mining district
• Strategic Location in Established Jurisdiction: 100%-owned property in southern Peru's copper-silver belt surrounded by major global producers, with centuries of mining history, skilled workforce, and strong community relationships
• Systematic De-Risking Underway: Independent consultants validated geological model, second-phase drilling testing higher-elevation/less-eroded thesis with rapid lab turnaround (3-4 weeks) enabling quick iteration
• Multiple High-Quality Targets: Six kilometers of vein corridors with extensive surface mineralisation across 14,000-17,000 hectares provides multi-year drilling inventory without requiring property expansion
• Silver Price Leverage with Discovery Upside: Early-stage exploration company fully exposed to silver price volatility while pursuing discovery-stage returns rather than producer margins
• Clear Path to Liquidity Event: Management focused on discovery and resource definition rather than development, positioning for strategic transaction once system scale demonstrated
• Underexplored Property with Consolidation Value: Opportunistic acquisition and consolidation of three parcels created 100%-owned package in area that had never been systematically explored despite being in major mining district
• Favorable Operational Environment: Peru's hands-off regulatory approach, fast permitting, rapid lab turnaround, and single community relationship reduce execution risk relative to other jurisdictions

Macro Thematic Analysis

The silver market stands at a unique inflection point, driven by converging industrial and monetary demand. Unlike gold, silver maintains significant industrial applications (solar panels, electronics, EVs) while retaining monetary metal characteristics, creating what Peter Dembicki describes as:

"that volatile torquey nature to the metal, that low barrier to entry that provides a tremendous amount of volatility, but it also allows you to double or triple in price in a very short period of time." 

The energy transition alone demands substantial silver for photovoltaic cells, with solar installation growth potentially absorbing increasing percentages of annual mine supply. Simultaneously, monetary debasement concerns and inflation hedging drive investment demand, evidenced by silver's recent surge from the mid-$20s to over $100 per ounce before settling around $70. Supply constraints persist as most silver comes as a byproduct from base metal mines facing declining ore grades. Early-stage, high-grade primary silver projects like Tier One Silver's Curibaya therefore represent scarce leverage to both industrial transformation and monetary uncertainty. 

TL;DR: Executive Summary

Tier One Silver offers investors exposure to an early-stage, high-grade silver-gold discovery in Peru's established mining belt, with rock samples up to 298,000 g/ton silver across a 100%-owned 14,000-hectare property surrounded by major copper-silver producers. Led by an experienced technical team including executives from Bear Creek Mining, BHP, and Newmont, the company is systematically testing a geological model suggesting less-eroded, higher-grade mineralisation at elevated terrain, with potential large porphyry copper system at depth providing additional optionality. Having raised ~$6.5 million during silver's recent price strength, Tier One is drilling shallow targets with rapid lab turnaround (3-4 weeks) to build conviction in a multi-year discovery story, with management focused on resource definition.

FAQs (AI Generated)