Silver Is Tight. Peru Is Moving. This Newly Listed Restart Story Is Built for the Squeeze.

A past‑producing silver project in central Peru. Fresh high‑grade channel samples. Surface access locked in to 2032. A small‑scale path to scale, plus a valuation still trading well below the Peru silver restart peer group.

On behalf of Titiminas Silver Inc.

On June 25, 2026, silver traded near US$57 an ounce. A year earlier it was around $33. Twelve months and roughly 60% later, the metal that used to be filed away as gold’s quieter sibling is trading higher than a barrel of crude oil. 

JPMorgan now expects silver to average about US$81 an ounce across 2026,1 more than double its 2025 average.2

TITI 1 Silver Is Tight. Peru Is Moving. This Newly Listed Restart Story Is Built for the Squeeze.

That kind of move does not come from coin collectors. It comes from buyers who actually need the metal in something they are building. 

Silver is the most electrically conductive element on the periodic table.3 

That single property is why it sits inside almost every piece of modern infrastructure that matters in 2026: solar panels, electric vehicles, AI servers, advanced semiconductors, grid components, medical devices, and the small modular nuclear reactors now being commissioned to power the next wave of data centers.4

Look at who is on the demand side and the picture sharpens. Solar manufacturers consume hundreds of millions of ounces a year for the conductive paste in photovoltaic cells. Hyperscalers like the ones building out data centers behind Nvidia’s new 800-volt high-voltage direct current architecture are pulling silver into power electronics, contacts, and thermal management at unprecedented density; Goldman Sachs estimates that data center power demand will rise roughly 165% by 2030.5 

Every nuclear reactor commissioned this year uses about 56,000 ounces of silver in its control rods.6 Electric vehicles, brazing alloys, circuit boards, and high-reliability connectors all sit on the same demand curve. None of these buyers can substitute their way out without redesigning hardware at great expense.7

The supply side cannot answer that fast. The Silver Institute is forecasting a 67 million ounce deficit in 2026, the sixth straight annual shortfall,8 with the market still leaning on shrinking above-ground inventories to plug the gap. 

Roughly 70% of new silver comes out of the ground as a byproduct of copper, zinc, and lead mining,9 which means production decisions are made on those metals’ economics, not on silver’s. Recycling is limited. 

China tightened its silver export licenses in January 2026.10 New silver mines take many years to permit, finance, and build. 

Above-ground stockpiles are thinning each year. Physical silver investment is expected to climb roughly 20% to 227 million ounces in 2026, a three-year high.11

Washington noticed. 

The US Department of the Interior added silver to the final 2025 critical minerals list,12 putting it on the same strategic footing as copper, lead, uranium, and the rare earths. 

The metal that used to be marketed as gold’s smaller cousin is now classified beside the inputs that the United States considers essential to national security and economic resilience.

Tight supply. Demand pulled in every direction at once by industries that cannot afford to wait. A government list that quietly says this metal matters. 

The same question keeps surfacing for anyone watching the silver market in 2026: who can actually move new ounces toward the market in a realistic timeframe? Not in ten years. Not from a clean-sheet discovery hole at the bottom of a junior’s map. From something that already exists, that has been mined before, that can be brought back online faster than the consensus expects.

That is the question Titiminas Silver Inc. (TSXV:TITI) was set up to answer.

image7 1 Silver Is Tight. Peru Is Moving. This Newly Listed Restart Story Is Built for the Squeeze.

Titiminas Silver is a newly listed Peru-focused silver developer with an option to acquire the Madre Sierra silver project in central Peru. Madre Sierra is a past-producing system that comes with existing infrastructure, a community agreement that runs through 2032, a historical estimate containing approximately 19.7 million silver-equivalent ounces,13 and a small-scale path already at the heart of the plan.14

"The work we have completed over the past four months is the foundation that converts Madre Sierra from a compelling concept into an executable project. We secured the longest surface access agreement granted by the Yauli community in recent history, completed rehabilitation of Level 4365, and installed the water infrastructure we need to drill."
— Luis Goyzueta, Chairman & CEO, Titiminas Silver Inc.15

That kind of profile tends to re‑rate the hardest when a tight silver market starts pricing real ounces. Titiminas Silver Inc. (TSXV:TITI) is built around exactly that thesis.

The Silver Squeeze May Not Be Over. It May Be Moving Into the Restart Names.

image1 1 Silver Is Tight. Peru Is Moving. This Newly Listed Restart Story Is Built for the Squeeze.

A true squeeze is what happens when real metal is tight, buyers need delivery, available inventory shrinks, and the market has to find a price that brings metal out of hiding. The risk of that kind of pressure is rising.

Reuters reported the same setup in February 2026, noting that rising investment demand was expected to keep global silver demand steady and that a sixth straight market deficit was expected.16

If silver supply is tight, and it takes many years to discover, permit, finance, and build a brand new mine, then past‑producing projects with existing access, existing workings, and a smaller first step become more valuable. Madre Sierra, the project at the heart of Titiminas Silver Inc. (TSXV:TITI), checks every one of those boxes.

That setup is what Titiminas aims to capture at Madre Sierra. The company isn’t asking the market to wait ten years for a blind discovery hole. It is working from a past‑producing project, in a mining country, with a small‑scale framework, and a plan to build in stages.17

Silver investors have started asking a different question. The question is no longer simply, where is the metal? Where is the metal that can be moved toward the market in a realistic way?

Why are investors looking at Titiminas Silver?
There are moments in every market when a small, almost invisible opportunity sits in plain sight. Most investors walk right past it. One small newly listed company is sitting on something the market has not priced in yet. Titiminas Silver holds an option on a past-producing silver project in central Peru, the country that holds 21.8% of the world's silver reserves.

Why Peru Is the Place to Look First

Peru has a deep mining culture, a skilled workforce, a long record of building mines, and one of the strongest mineral endowments on earth. EY says Peru holds 21.8% of global silver reserves, citing the most recent USGS data.18 

Peru is the single largest holder of silver reserves, with an estimated 140,000 metric tons,19 and is the third-largest silver producer globally.20

Capital is already moving there. Endeavour Silver completed its Minera Kolpa acquisition in 2025 for US$145 million, adding a Peru silver operation that produced about 2 million ounces of silver and 5.1 million silver‑equivalent ounces in 2024.21 

Highlander Silver acquired Bear Creek’s Corani project in December 2025 in an all-stock deal valued at approximately $140 million, giving Highlander control of one of the largest fully permitted silver deposits globally, with 229 million ounces of silver in proven and probable reserves.22 

Pan American Silver sold its 92.3% interest in the Morococha mine in Junín to Alpayana for US$25 million.23

These deals don’t prove Titiminas Silver Inc. (TSXV:TITI) will succeed. They do prove Peru silver assets still attract capital, and the market is paying attention to projects that turn old mines into new supply.

And the broader Peru silver junior tape has already been moving. 

Over the past 12 months, Peruvian silver junior developers are seeing major price appreciation: +365% for Silver Mountain, +37% for Excellon, +165% for Silver X, and +86% for Kuya Silver, with multiple peers also closing oversubscribed financings during the year.

Past performance is not a guide to future results, but the message from that tape is hard to miss. When Peru silver developers deliver milestones into a tight silver market, capital responds.

The Market Already Repriced This Kind of Story Once

The cleanest public comp for Titiminas Silver (TSXV:TITI) is Silver Mountain Resources, advancing the Reliquias mine in Peru.

In April 2026, Silver Mountain said it was fully funded and on track for a Q3 2026 restart.24 Its May 2024 PEA showed a pre‑tax NPV of $107 million, a pre‑tax IRR of 57%, and a payback of 1.8 years.25

That is the playbook the market understands: take a past‑producing Peru silver project, confirm the geology, do the metallurgy, add the mine plan, raise the money, move toward restart. Titiminas sits earlier in that sequence, and the valuation gap lives in exactly that earlier position. 

The thesis behind Titiminas Silver (TSXV:TITI) is that earlier does not mean less valuable; it means closer to the re-rate.

As of June 25, 2026, Yahoo Finance showed approximate market caps of $195.3 million for Silver Mountain,26 $174.5 million for Silver X,27 $133 million for Kuya Silver,28 $131.8 million for Excellon,29 and $37.3 million for Titiminas Silver Inc. (TSXV:TITI).30

TITI 2 Silver Is Tight. Peru Is Moving. This Newly Listed Restart Story Is Built for the Squeeze.

Every peer in that table is sitting on a defined NI 43-101 mineral resource and the market is pricing each one accordingly. 

Silver Mountain Reliquias mine carries 28.9 million ounces AgEq measured and indicated (M&I).31 Silver X Mining holds 35.6 Moz AgEq.32 Kuya Silver has 5.85 Moz AgEq.33 Excellon holds 12 Moz.34 The peer group average EV works out to $13.45 (US$9.80) per silver-equivalent ounce. 

Titiminas does not yet have a current NI 43-101 resource estimate. However, the company reports a historical estimate containing approximately 19.7 million silver-equivalent ounces, and its newly launched 19,500-metre drill program is specifically designed to validate and expand that inventory ahead of a maiden resource estimate targeted for 2027.

That single fact explains most of the valuation gap and it is exactly what the drill program that commenced June 8, 2026 is designed to change.

The peer group is further along the curve, which is why it is worth more.

Nobody is suggesting Titiminas Silver (TSXV:TITI) should trade at the same value today. The relevant point is that the market has already shown what it is willing to pay for Peru silver restarts as milestones get checked off.

Why are investors looking at Titiminas Silver?
There are moments in every market when a small, almost invisible opportunity sits in plain sight. Most investors walk right past it. One small newly listed company is sitting on something the market has not priced in yet. Titiminas Silver holds an option on a past-producing silver project in central Peru, the country that holds 21.8% of the world's silver reserves.

The Peru Silver Restart Comp Table

TITI chart 2 Silver Is Tight. Peru Is Moving. This Newly Listed Restart Story Is Built for the Squeeze.

Silver X reported first‑quarter 2026 production growth, with March reaching nominal plant capacity and silver output up 10% quarter‑over‑quarter.35 Kuya Silver said Bethania exited Q1 2026 at 100 tpd with a plan to reach 350 tpd by year‑end.36 Excellon is advancing the restart of the fully‑permitted past‑producing Mallay Mine following its February 2026 mineral resource estimate.37

There is the peer ladder. Titiminas Silver Inc. (TSXV:TITI) sits on the lower rung today.

There is one more lens worth applying. The company has benchmarks against a wider basket of advanced silver explorers and early-stage developers across the Americas, including Highlander, Unico, Blackrock, Andean, Silver Storm, Aftermath, Southern Silver, Capitan, Silver Mountain, Kootenay, and Argenta. 

The adjusted average enterprise value to measured-and-indicated resources for that group works out to approximately US$6.94 per silver-equivalent ounce.38 

Titiminas Silver (TSXV:TITI) has not yet defined a current NI 43-101 compliant resource at Marán. However, the company reports a historical estimate containing approximately 19.7 million silver-equivalent ounces (AgEq), providing investors with a useful benchmark for comparing the project against other Peruvian silver peers. 

The Drill Program That Could Change Everything

The historical 19.7 Moz AgEq estimate is one reason investors are paying attention. The newly launched 19,500-metre drill program may be the catalyst that determines how much of that potential can be converted into a modern NI 43-101 resource.39

Titiminas Silver (TSXV:TITI) is combining 4,000 metres of underground Packsack drilling and 15,500 metres of HQ core drilling across three target areas: Madre Sierra, Madre Sierra Norte, and the Titiminas CRD. Together, the targets span an approximately 5-kilometre mineralized corridor that has already returned high-grade channel sampling and hosts the project’s historical resource base.

Management’s objective is clear: validate and expand the historical inventory, deliver a maiden NI 43-101 Mineral Resource Estimate targeted for Q2/Q3 2027, and generate the technical foundation for future economic studies and a potential restart decision.

For investors, the drill program represents more than routine exploration. It is the key step that could transform a historical estimate into a current resource and begin closing the valuation gap between Titiminas Silver (TSXV:TITI) and its more advanced Peru silver peers.

"The start of drilling at Madre Sierra marks a defining milestone for Titiminas. We have two programs running simultaneously: a 4,000-metre Packsack program within the existing underground workings, and a 15,500-metre HQ core drill program that will systematically test our three target zones. Together, they are designed to deliver a maiden resource estimate and put us firmly on the path to a Final Investment Decision by the end of 2027."
— Titiminas Silver Chairman and CEO Luis Goyzueta

TITI on the TSXV:  How the Public Vehicle Was Built

The company became public after completing its business combination on April 8, 2026, and began trading on the TSX Venture Exchange under the symbol TITI on April 15, 2026.40

Capital markets support has been a key strength for Titiminas. Through a combination of brokered and non-brokered financings, the company has raised approximately $19.7 million in gross proceeds.41 

The financing effort was led by Canaccord Genuity and supported by Medalist Capital Advisors and Beacon Securities, while renowned mining investor Eric Sprott participated as a shareholder.42 The strong backing provides the company with the capital needed to execute its exploration and development plans. 

In its May 5, 2026 release, Titiminas Silver Inc. (TSXV:TITI) confirmed it holds an option to acquire 100% of Madre Sierra, now described as 18 mining concessions covering 7,561 hectares following a corporate reorganization across three Peruvian companies.43

The terms of the option are also disclosed. Per the Titiminas Silver (TSXV:TITI) investor presentation, total consideration to acquire 100% of Madre Sierra is US$4.42 million in combined cash and shares across the option period, with a portion already paid; share payments are settled at the 20-day VWAP. 

The vendors retain three 1% net smelter return royalty (3% aggregate), and Titiminas has committed to a minimum US$3.0 million property work spend within 36 months of listing. That structure aligns vendor and shareholder incentives around the same outcome the equity market cares about: real work on the ground, on a defined timeline.44

The plan is simple. Take a past‑producing silver project in Peru. Use existing infrastructure and community support. Complete a 19,500-metre drill program designed to validate and expand the project’s historical resource base.45 Then use that data to deliver a maiden NI 43-101 resource estimate and advance the project toward a staged restart. 

8 Reasons

Investors Should Be Paying Attention to Titiminas Right Now

1

Silver is in a shortage market. The Silver Institute expects another deficit in 2026, the sixth in a row, and the backdrop favours new sources of supply like Titiminas Silver.46

2

Peru is one of the world’s key silver countries. EY puts Peru’s share of global silver reserves at 21.8%.47 The Titiminas Silver Inc. (TSXV:TITI) presentation cites Peru as a top silver reserve and production nation.48

3

Madre Sierra is past producing. The NI 43‑101 technical report notes that several areas have seen historical mining, and that CMRL sent 400 tonnes of mineral from the Titiminas Mine to a processing plant in the first half of 2020 before suspending work due to Covid; that record gives Titiminas Silver a tangible production baseline to work from.49

4

Infrastructure is already there. The Titiminas Silver (TSXV:TITI) presentation shows entrance control and access routes, an 80‑person camp, mineral hopper and sedimentation ponds, cargo areas, and mine access features.50

5

Surface access now runs through 2032. On April 21, 2026, the Yauli community approved a six‑year surface access agreement, well beyond the typical two‑year framework.51

6

The small‑scale path is central to the plan. Titiminas Silver (TSXV:TITI) plans to build a modular plant with initial 350 tonnes per day capacity under Peru’s small‑miner regime, then evaluate expansion as construction advances.52

7

Fresh channel sampling is high‑grade. On April 29, 2026, Trench 4633 returned a single 8.20‑metre continuous channel sample averaging 7.69 oz/t silver, 10.18% lead, and 18.46% zinc. A new discovery at Madre Sierra Norte returned grab and channel results including 0.40m at 73.99 oz/t silver, 0.40m at 14.53% copper, and 0.40m at 18.92 g/t gold with strong base‑metal credits. These are channel and grab samples, not drill results, but they put fresh data behind the Titiminas Silver Inc. (TSXV:TITI) restart story.53

8

A fully funded 19,500-metre drill program is underway.  On June 8, 2026, Titiminas Silver Inc. (TSXV:TITI) launched a 19,500-metre drill program across Madre Sierra, Madre Sierra Norte and the Titiminas CRD. The objective is to validate and expand the historical 19.7 Moz AgEq inventory and support a maiden NI 43-101 resource estimate targeted for Q2/Q3 2027.54

Madre Sierra: The Past‑Producing Mine at the Center of the Story

Madre Sierra sits in the Ricran and Yauli districts of Junín, Peru, in the Cordillera Occidental at 4,100 to 4,700 metres above sea level. The NI 43‑101 describes road access from Lima through La Oroya and Jauja, with skilled mine labour and supplies available locally. For Titiminas Silver Inc. (TSXV:TITI), that location simplifies the logistics that often slow a remote restart.55

The QP report says mineralization at Madre Sierra is typical of polymetallic veins and carbonate replacement deposits found in the Central Andes of Peru, with high‑grade mineralization localized in receptive carbonate units near contact with the dacite stock.56

image6 2 e1781646298366 Silver Is Tight. Peru Is Moving. This Newly Listed Restart Story Is Built for the Squeeze.

The system carries silver, lead, zinc, copper, gold, and molybdenum signatures across different zones.

The company organizes the property into four areas: Madre Sierra (the silver core), Janchiscocha (a historic molybdenum option), Maran Skarn (polymetallic zone), and a Cu‑Mo porphyry target at depth.57

image5 2 Silver Is Tight. Peru Is Moving. This Newly Listed Restart Story Is Built for the Squeeze.

The job for Titiminas Silver Inc. (TSXV:TITI) is straightforward: prove up the silver restart path first, and let the other targets become upside, not distraction.

The Channel Sample That Put the CRD Back on the Map

The April 29 release is the technical headline so far. Titiminas Silver (TSXV:TITI) confirmed high‑grade silver, lead, and zinc mineralization in the past‑producing Titiminas CRD, a carbonate replacement deposit with over 500 metres of existing underground development inside the Madre Sierra concession block.58

The headline number was Trench 4633: a single 8.20‑metre continuous channel sample averaging 7.69 oz/t silver, 10.18% lead, and 18.46% zinc, with peak intervals of 1.2m at 12.5 oz/t silver and 1.30m at 30.00% zinc (upper detection limit). Underground at Decline 4633, sampling returned 0.60m at 14.85 oz/t silver, 19.55% lead, and 30.00% zinc.59

These are channel samples. They are not drill holes. They do not define a mineral resource and they do not prove mine economics. They do, however, confirm fresh, modern data showing strong mineralization in an area with hundreds of metres of existing underground development, which is the kind of starting point that gives Titiminas Silver Inc. (TSXV:TITI) a clear exploration model to build out from.

The same release identified the new Madre Sierra Norte vein system, a silver‑copper‑gold zone exposed at surface and in historical workings. Together with Titiminas CRD and Janchiscocha to the north, the company defined a 5‑kilometre mineralized contact zone vectoring toward a large Cu‑Mo porphyry target.60

image2 3 Silver Is Tight. Peru Is Moving. This Newly Listed Restart Story Is Built for the Squeeze.

The Plan: Start Small, Then Earn the Right to Scale

The strongest part of the Titiminas Silver Inc. (TSXV:TITI) story isn’t that management is talking about becoming huge. It’s that the first step is intentionally small.

Management plans to build a modular plant with initial 350 tpd capacity under Peru’s small‑miner regime, then evaluate a 2‑3x expansion within 18‑24 months of restart.61

Kuya Silver is the live example. Bethania exited Q1 2026 at 100 tpd with a plan to reach 350 tpd by year‑end.62 That doesn’t mean Titiminas Silver (TSXV:TITI) can copy Kuya, since every mine is different, but the model is one investors can already see working in the same country.

The Property Is Bigger Than One Silver Mine

On April 24, 2026, Titiminas Silver Inc. (TSXV:TITI) announced that the Jajachaca Community General Assembly granted access to community lands within the company’s concessions, unlocking the historic Janchiscocha molybdenum mine for what the company called the first systematic modern exploration program at the site.63

Historical records from a 1940 Peruvian government report describe molybdenite grades of 0.7 to 1.2% and over 2 kilometres of historical underground workings at Janchiscocha.64 The company is not treating those grades as current; a qualified person has not done sufficient work to verify, classify, or rely on them, and investors should not rely on the historical grade information as current.

For Titiminas Silver (TSXV:TITI), Janchiscocha is upside optionality rather than the core silver thesis. Combined with the Maran Skarn zone and the porphyry target, the project gives shareholders one story they can explain in plain language, plus several layers of additional value if the technical work supports them.65

The Team: Peru Relationships, Mine‑Building Memory, and Capital Markets

Junior mining is a people business. A good project in the wrong hands can sit still for years; a hard project in the right hands can move faster than expected. The leadership group at Titiminas Silver (TSXV:TITI) tilts toward the second category.

image9 Silver Is Tight. Peru Is Moving. This Newly Listed Restart Story Is Built for the Squeeze.Luis GoyzuetaChairman and CEO

Brings 28 years of natural resources experience in Peru and Latin America. He was the founder of several successful Peruvian mining companies.
image8 1 Silver Is Tight. Peru Is Moving. This Newly Listed Restart Story Is Built for the Squeeze.Helmut HerreraVP Exploration

Has more than 20 years of exploration experience and was involved in major discoveries including Salares Norte (Chile), Chucapaca (Peru), and the Zafranal copper‑molybdenum project (Peru).
image4 2 Silver Is Tight. Peru Is Moving. This Newly Listed Restart Story Is Built for the Squeeze.Chris RichardsCFO

Has more than 20 years in mining finance, including senior roles at public mining and resource companies. Director Veljko Brcic previously served as SVP Corporate Development at Vizsla Silver, where he led major option agreements and helped with the carve‑outs of Vizsla Copper and Vizsla Royalty.

The Catalyst Calendar Is Already Running

Many junior stories go quiet after listing. Titiminas Silver Inc. (TSXV:TITI) has done the opposite.

In April and May 2026, the company completed its business combination, began trading under TITI, closed the final piece of its financing, extended the Yauli agreement through 2032, brought Level 4365 online, disclosed more than 600 samples across the project, secured Jajachaca community acceptance, released high‑grade channel sampling from Titiminas CRD, and approved a corporate reorganization to position the project for permitting, operating, and tax efficiency under the Peruvian framework.66,67,68,69,70,71

Then, on June 8, Titiminas Silver Inc. (TSXV:TITI) launched what may be its most important catalyst yet: a 19,500-metre drill program designed to systematically test mineralization across the approximately 5-kilometre Madre Sierra corridor, validate and expand the project’s historical resource base, and support the delivery of a maiden NI 43-101 Mineral Resource Estimate targeted for Q2/Q3 2027. 

The program will test three key target areas, including Madre Sierra, Madre Sierra Norte and the Titiminas CRD, while also providing data for future economic studies and a potential restart decision. 

The next catalysts are clear: ongoing drill results, assay updates, metallurgical results, more channel sampling, drill program execution, mine rehabilitation milestones, Janchiscocha exploration, future resource and study work, and possible small‑scale restart decisions.

None are guaranteed, but the cadence is unusually active for a company this newly listed.

Management has also publicly framed a longer-arc target on the technical track: a PEA-plus / PFS and Final Investment Decision are intended to be completed in approximately 18 months from the RTO listing.72 

That gives investors a defined window, roughly through late 2027, over which to evaluate execution against the staged-restart plan.

The Setup Is Right in Front of the Market

Silver is in deficit. Silver is on the US critical minerals list. Peru remains one of the most important silver countries in the world. And past‑producing Peru silver restarts have already attracted real investor capital and higher market caps.

Titiminas Silver Inc. (TSXV:TITI) is newly public, funded from its April financings, and already releasing operational and technical updates at a pace many newly listed juniors don’t match. It has a past‑producing silver project. It has existing infrastructure. It has a Yauli agreement through 2032. It has fresh, high‑grade channel sampling. It has a historical 19.7 Moz AgEq inventory. It has approximately $19.7 million raised and a fully funded 19,500-metre drill program underway. It has backing from Canaccord-led financings and participation from renowned mining investor Eric Sprott. And it has a stack of project‑level catalysts still ahead.

That is why Titiminas Silver Inc. (TSXV:TITI) is worth watching now, before the market has the benefit of years of history to lean on. The first chapter of this story is being written today.

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*All figures in Canadian dollars unless otherwise stated

Why are investors looking at Titiminas Silver?
There are moments in every market when a small, almost invisible opportunity sits in plain sight. Most investors walk right past it. One small newly listed company is sitting on something the market has not priced in yet. Titiminas Silver holds an option on a past-producing silver project in central Peru, the country that holds 21.8% of the world's silver reserves.

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