Highlander Silver (HSLV) reported post‑combination progress and operational starts at Corani and Mercedes. As of March 31 the company held approximately US$100 million cash and no debt, and forecasts a year‑end cash balance of ~US$60 million. Exploration drilling at Corani has commenced and site works and a staged feasibility update are underway.
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Positive
US$100M cash position as of March 31 with no debt
Forecast year‑end cash of US$60M, indicating strong liquidity runway
First-ever airborne magnetic survey (620 line km) and expanded IP to 96 km
First Corani drilling in over a decade with four rigs planned
Mercedes produced 30 koz gold in 2025 and contributed positive cash in month one
Negative
Forecast cash decline of approximately 40% (US$100M to US$60M) by year‑end
Significant near‑term capital requirements: long‑lead equipment, substation, powerline, roads
News Market Reaction – HSLV
+1.70%
2 alerts
+1.70%News Effect
+3.2%Peak Tracked
+$21MValuation Impact
$1.26BMarket Cap
0.0xRel. Volume
On the day this news was published, HSLV gained 1.70%, reflecting a mild positive market reaction.
Argus tracked a peak move of +3.2% during that session.
Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility.
This price movement added approximately $21M to the company's valuation, bringing the market cap to $1.26B at that time.
VolumeVolume 100,613 is well below the 20-day average of 316,437, suggesting limited pre-news positioning.low
TechnicalShares at $5.88 are trading above the 200-day MA of $5.68 and about 15.64% below the 52-week high.
Peers on Argus
No peers in the provided Silver industry list showed momentum scanner activity, ...
No peers in the provided Silver industry list showed momentum scanner activity, indicating the -1.01% move in HSLV appears stock-specific rather than sector-driven.
Market Pulse Summary
This announcement outlines a well-funded portfolio with approximately US$100 million in cash, no deb...
Analysis
This announcement outlines a well-funded portfolio with approximately US$100 million in cash, no debt, and active drilling and feasibility work at Corani alongside a restructuring-driven turnaround plan at Mercedes, which produced 30 koz of gold in 2025. Key metrics to watch include adherence to the staged-development timeline, delivery of the updated feasibility study, progress on mine optimization, and whether management maintains the projected US$60 million year-end cash balance while executing these programs.
Key Terms
infill drilling, feasibility study, open pit mine, underground mines, +3 more
7 terms
infill drillingtechnical
"rigs targeting high-impact exploration, resource growth, infill and oxide drilling..."
Infill drilling is the targeted drilling of additional holes inside an area where mineral deposits have already been found, done to fill gaps in knowledge about how much rock or metal is really there and how continuous it is. For investors this matters because better, denser data reduces uncertainty about a project’s size and value, similar to taking more detailed photos of a landscape to judge how much land you actually own and how usable it is.
feasibility studytechnical
"Updated Feasibility Study based on staged-development approach completed by the end of Q3/26..."
A feasibility study is an assessment that evaluates whether a proposed project or idea is practical and likely to succeed before investing significant time and resources. It considers factors like costs, potential benefits, and challenges, helping stakeholders decide if moving forward makes sense. Think of it as a detailed plan that gauges if a new venture is worth pursuing.
open pit minetechnical
"Quellaveco open pit mine in Peru, with prior experience at other major open pit mines..."
An open pit mine is a large, man-made hole dug into the ground to extract minerals and metals that lie close to the surface, similar to a massive quarry. For investors it matters because open pit mines generally allow higher production volumes and lower per‑unit extraction costs than underground mines, but they also carry big upfront construction costs, visible environmental and permitting risks, and a finite life tied to the amount of recoverable material.
underground minestechnical
"held senior roles with leading companies operating major underground mines globally..."
Underground mines are places where minerals, metals or coal are removed from seams or deposits deep beneath the Earth’s surface using shafts, tunnels and controlled extraction methods, like working in a multi-level basement rather than an open pit. For investors, underground operations matter because they typically have higher development and safety costs, different production risks and longer timelines, which affect a mine’s profitability, cash flow predictability and regulatory exposure.
working capitalfinancial
"Restored working capital, settled overdue payables and in the process of settling..."
Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.
free cash flowfinancial
"we expect the Mercedes mine to generate free cash flow net of the critical investments..."
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
tailings management facilitiestechnical
"Tailings Management Facilities expansion to support mine life extensions"
Tailings management facilities are engineered sites—such as lined ponds, stacked pads, or dams—where the leftover mix of ground rock, processing chemicals and water from mining is stored and treated. They matter to investors because their design, maintenance and closure determine a mine’s ongoing costs, regulatory compliance and environmental liability; a failure is like a burst dam that can trigger big cleanup bills, fines, production halts and reputational damage.
AI-generated analysis. Not financial advice.
TORONTO, April 07, 2026 (GLOBE NEWSWIRE) -- Highlander Silver Corp. (TSX, NYSE American: HSLV) (“Highlander Silver” or the “Company”) is pleased to provide a portfolio update following the successful completion of its combination with Bear Creek Mining (see press release dated February 26, 2026).
Daniel Earle, President and CEO of Highlander Silver, commented:
“Highlander Silver is well positioned to fast-track project advancement across its portfolio of high-quality silver assets. This includes a focus on high-impact exploration, project optimization, and site preparation for development of Corani, the largest fully permitted primary silver project in the world, as well as permitting at San Luis, one of the highest M&I resource grade projects in both the gold and silver sectors.
As of March 31, the Company had an unaudited cash balance of approximately US$100 million and no debt. The Mercedes gold-silver mine also made a positive cash contribution in its first month of operations following restructuring under our stewardship. We provide a summary of our baseline plans below and forecast a year-end cash balance of approximately US$60 million. This reflects a disciplined approach to spending that delivers on our core objectives while preserving flexibility to scale up our exploration programs later in the year.”
Corani Silver Project – Puno, Peru
Personnel
Carlos Ojeda appointed Vice President & General Manager — Mr. Ojeda has held increasingly senior roles leading teams of up to 500 people in engineering, construction, ramp-up and optimization at Anglo American’s major Quellaveco open pit mine in Peru, with prior experience at other major open pit mines in the country, including Antamina, Mina Justa and Constancia
Exploration
The Company will provide a standalone exploration update later this quarter that includes early results from the exploration programs listed below:
First-ever airborne magnetic survey totaling 620 line km, covering the majority of the land package completed
54 km of planned 60 km induced polarization survey completed, with program expanded to 96 km to cover additional potential extensions interpreted from results
First exploration drilling program in over a decade is now underway with the first of four planned rigs targeting high-impact exploration, resource growth, infill and oxide drilling, as well as technical drilling to support optimization studies
Site Preparation and De-risking
Earthworks for internal roads and platforms commenced
Camp and facility improvements underway
Long-lead-time equipment orders will be placed in late Q2/26
Substation construction underway, with powerline to commence in late Q2/26
Access road rehabilitation underway, with new road construction to commence in late Q2/26
Studies, Consultants and Contractors
Updated Feasibility Study based on staged-development approach completed by the end of Q3/26 aiming to maximize returns on a per share basis while mitigating capital expenditure, funding, timeline and execution risks
Respected international and specialist-Peruvian consultants and contractors appointed for the majority of the main work packages, with further appointments to follow:
Resource, reserves and mine planning — MINSYS Mining Systems
Processing plant and infrastructure — Ausenco Engineering
Contractors — ApuCorp, Xplomine and CumbrEx
Mercedes Gold-Silver Mine – Sonora, Mexico
Personnel
Orlando Chumpitaz appointed Vice President & General Manager — Mr. Chumpitaz has held senior roles with leading companies operating major underground mines globally, including Senior Mine Manager for Lundin Gold at its 5,000 tpd Fruta del Norte gold mine in Ecuador, Project Manager for Endeavour Mining at its 6,000 tpd Mana Mine in Burkina Faso, General Manager for Minera Volcan at its 5,500 tpd Animon mine in Peru, and Operations Director for Fortuna Mining at its 3,000 tpd San Jose mine in Mexico
Restructuring
Extinguished excessive gold stream and settled debt such that we expect the Mercedes mine to generate free cash flow net of the critical investments detailed below
Restored working capital, settled overdue payables and in the process of settling minor unpaid taxes and establishing bonding program
Settled union agreements
Recapitalization
Mercedes produced 30 koz of gold in 2025. Significant improvement across worker safety, production and operating costs are expected in the coming years with a rejuvenated workforce operating under the proven leadership of Mr. Chumpitaz, and the following programs planned:
Infill and definition drilling to support an improved reserve model
Accelerated mine development to improve access and enhance operational productivity
Upgrading critical infrastructure including ventilation, electrical systems, surface water management and underground pumping capacity
Geotechnical drilling and implementation of support systems to improve safety and reduce dilution
Cost assessment and right-sizing mine contractor deployment to enhance productivity
Tailings Management Facilities expansion to support mine life extensions
Resumption of greenfield and brownfield exploration campaigns across extensive land package in geologically favorable and prospective areas
Highlander Silver is a high-quality silver-growth company developing a portfolio of advanced-stage assets in Peru which includes the Corani silver project, the largest fully-permitted silver deposit in the world, and the bonanza-grade San Luis gold-silver project, which ranks among the 10 highest-grade projects globally in both gold and silver categories.1 The Company also operates the Mercedes gold-silver mine in Mexico. Highlander Silver's major shareholders include the Augusta Group, Lundin family, and Eric Sprott.
Forward-lookingstatements
Certain information contained in this news release constitutes “forward-looking information” under Canadian securities legislation. This includes, but is not limited to, forecasting a year-end cash balance of approximately US$60 million; the Company will provide a standalone exploration update later this quarter that includes early results from the exploration programs; Long lead time equipment orders to be placed in late Q2/26; powerline to commence in late Q2/26; new road construction to commence in late Q2/26; Updated Feasibility Study based on staged-development approach completed by the end of Q3/26; we expect the Mercedes mine to generate free cash flow net of the critical investments; significant improvement across worker safety, production and operating costs are expected in the coming years with a rejuvenated workforce operating under the proven leadership of Mr. Chumpitaz; and the Mercedes recapitalization program. Such forward looking information or statements can be identified by the use of words such as “ramp up”, “attempting”, “intends”, “believes”, “plans”, “suggests”, “targets” or “prospects” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “will” be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental or stock exchange approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this news release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.
1S&P Global rankings including the Corani silver project and San Luis gold-silver project.
FAQ
What cash position did Highlander Silver (HSLV) report on March 31, 2026?
The company reported approximately US$100 million in cash and no debt. According to the company, this balance supports Corani and Mercedes workstreams while preserving optionality to scale exploration later in 2026.
How much cash does Highlander Silver (HSLV) forecast for year‑end 2026?
Highlander Silver forecasts a year‑end cash balance of about US$60 million. According to the company, this reflects planned spending on Corani site preparation, studies and Mercedes recapitalization while retaining flexibility for later exploration.
Has drilling started at the Corani silver project (HSLV) and what is planned?
Yes. Corani drilling has commenced with the first of four planned rigs targeting resource growth, infill, oxide and technical holes. According to the company, programs support both exploration upside and optimization studies.
What exploration surveys has Highlander Silver (HSLV) completed at Corani?
The company completed a 620 line km airborne magnetic survey and expanded an induced polarization program to 96 km. According to the company, results informed additional IP coverage and drilling targets.
What operational changes occurred at the Mercedes mine under Highlander Silver (HSLV)?
Mercedes produced 30 koz gold in 2025 and delivered a positive cash contribution in its first month of operations. According to the company, restructuring extinguished an excessive stream and settled debt to restore working capital.
When will Highlander Silver (HSLV) update the Corani feasibility study and what is its focus?
An updated feasibility study is targeted by end of Q3 2026, using a staged‑development approach. According to the company, the study aims to maximize per‑share returns while mitigating capex, funding and execution risks.
