$89.3M
USD
Market cap · 2026–06 · week 25
🇨🇦 Canada, Vancouver
Country
Precious Metals
Sector
Developer · Junior / Minor · Argentina
Metal Pilot is under active development and this page may change daily. Much of the content was AI-generated and may be incomplete or inaccurate. Treat all details as a starting point, and verify anything material against the issuer's official disclosures before investing.
Overview:
Argenta Silver Corp. is a development-stage silver company engaged in the acquisition, exploration and development of mineral properties in Argentina. The company's portfolio is centered on the 100%-owned El Quevar silver project in Salta province, a high-grade pure silver asset acquired in October 2024 whose Yaxtché deposit hosts the project's mineral resource. The business model is to advance a high-grade silver project that benefits from substantial existing infrastructure — a fully operational 100-worker camp, existing exploration and test-mining permits, more than 60 kilometres of internal roads and access to power and transport — toward rapid development at relatively low capital cost. The 56,709-hectare property is largely unexplored, with the Yaxtché deposit covering less than 1% of the land package and remaining open along strike, indicating significant exploration upside. Having previously been an oil and gas company in Western Canada, the company pivoted fully to silver. The principal model-linked risks are the project's development stage and dependence on financing, execution and permitting in Argentina, conversion of resources to reserves, and exposure to silver prices.
Strategy:
Strategic direction centers on advancing the El Quevar silver project toward development while expanding its high-grade resource. A core priority is leveraging the project's existing, fully operational infrastructure and permits to pursue a clear, low-capital path to development of the Yaxtché deposit, whose mineral resource is reported above an elevated 250 g/t silver cut-off assuming underground mining, with a portion of oxide mineralization potentially amenable to open-pit mining and a separate recovery route. Because Yaxtché covers less than 1% of the property and remains open to the east and west, the company is positioned to grow the resource through exploration. Capital allocation as a pre-revenue developer is directed toward resource expansion, technical studies and advancing the project, supported by the cost savings inherent in the project's established camp, roads and permits.
Management:
Executive leadership was refreshed when, on April 28, 2025, the company announced the appointment of Joaquin Marias as Chief Executive Officer, who leads the advancement of the El Quevar silver project and the company's Argentine strategy following its transition from an oil and gas company to a silver developer.
Structure:
On October 24, 2024 the company completed the acquisition of a 100% interest in the El Quevar silver project through the purchase of all the issued and outstanding shares of Silex Argentina SA for total cash consideration, and concurrently changed its name from Butte Energy Inc. to Argenta Silver Corp. The company was formerly engaged in oil and gas in Western Canada, having sold its last petroleum and natural gas asset in 2017 and retaining only reclamation obligations on previously abandoned wells. The El Quevar resource is supported by a NI 43-101 Technical Report prepared by Wood Canada Ltd. (qualified person Henry Kim), effective September 30, 2024.
Hedge:
As a development-stage company reporting in Canadian dollars, Argenta Silver maintains no commodity hedge book and is exposed to silver price movements, which directly affect the economics of the El Quevar project; its mineral resource is constrained using a silver price of US$26 per ounce. It is also exposed to foreign-exchange movements among the Canadian dollar, U.S. dollar and Argentine peso given costs incurred in Argentina, exposures it manages operationally rather than through a derivative hedge program.
Source:
Argenta Silver Corp. - MD&A - 2025
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- The tables below list unit codes most often used in the Precious Metals sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
- Resources vs Reserves. Resources are geological estimates that could one day be mined; Reserves are the subset with a feasibility study and plausible positive economics. Measured → Indicated → Inferred describe increasing geological uncertainty; Proven → Probable are reserve labels from Measured/Indicated. Inferred resources are not convertible to reserves under most codes.
- Grade (g/t) is the headline number on gold/silver pages. High-grade is often above 5 g/t; >10 g/t is bonanza territory; below 1 g/t is bulk low-grade. Open-pit cut-offs are typically lower than underground.
- AISC (All-In Sustaining Cost) is direct cash costs + sustaining capex + royalties + corporate overhead + reclamation, per ounce produced. C1 strips sustaining capex and corporate overhead. Both are non-GAAP and defined differently across issuers.
- By-product credits. Polymetallic deposits credit by-product value against the main metal cost; negative AISC after credits does not mean the main metal is sold below cash cost.
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Troy oz
Troy ounce (31.1035 g)
Precious metals: gold, silver, platinum, palladium. 1 troy oz = 31.1035 g — different from the everyday avoirdupois ounce (28.35 g).
koz
Thousand troy ounces
Precious-metal production and reserves at sub-Moz scale (e.g. annual mine output of 50 – 500 koz Au).
Moz
Million troy ounces
Standard precious-metal contained reporting at deposit and corporate scale (e.g. headline gold or silver reserves in Moz Au or Moz Ag).
Carat (ct)
Carat (0.2 g)
Diamond / gemstone mass for small deposits.
kct
Thousand carats
Diamond contained at intermediate scale.
Mct
Million carats
Standard diamond resource and reserve reporting.
kg
Kilogram
Contained mass at bench or lab scale.
Mkg
Million kilograms (10⁶ kg)
Same mass order as kt; used for lithium and other battery-metal mass disclosures.
kt
Thousand metric tonnes
Base metals (Cu, Zn, Ni, Pb, Sn), fertilizers (K₂O, P₂O₅) and many bulk contained figures. 1 kt = 10³ t = 10⁶ kg.
t
Metric tonne (1,000 kg)
Single-tonne or plant-scale contained disclosures. Not the same as the U.S. short ton (907 kg).
Mt
Million metric tonnes (10⁶ t)
Iron ore, coal, large porphyry and spodumene tonnage. The metric Mt is unrelated to the oilfield M = 1,000 convention.
kgU (UF₆)
Kilograms uranium (as UF₆)
Conversion / fuel-cycle contracts. The storage shape (UF₆ not U₃O₈) matters for fuel-cycle buyers.
lb
Avoirdupois pound (0.45359 kg)
U.S. uranium (lb U₃O₈), some base-metal concentrates. Standard pound, not troy.
klb
Thousand pounds
Intermediate U.S. / Canadian contained scale.
Mlb
Million pounds
Standard contained-uranium scale (Mlb U₃O₈) and large copper / molybdenum by-product totals.
Blb
Billion pounds
Very large copper or bulk contained.
GJ
Gigajoule (10⁹ J)
Thermal coal energy content; LNG energy reporting; 1 GJ ≈ 0.948 MMBtu.
MW
MW
See project resource documentation.
GWh
GWh
See project resource documentation.
TBtu
TBtu
See project resource documentation.
Count
Count
See project resource documentation.
Other
Other / nonstandard
Verbatim source label; pair with commodity and original_classification when the unit is not yet mapped.
- Compound product names (LCE, U₃O₈, V₂O₅, Li₂O) belong on the commodity field, not inside contained_unit. Example: "kt LCE" → unit kt with commodity LCE; "Mlb U₃O₈" → unit mlb with commodity U3O8.
- In oilfield shorthand, M often means thousand and MM means million (e.g. mcf = thousand cubic feet; mmcf = million cubic feet). Metric codes (Mt, Moz, Mlb) always use M = million — context decides.
- The schema may also carry cpht on resource rows for diamond recovered grade; the same symbol is listed under Grade units.
- This tab highlights sector-typical units; the schema and importers still accept the full contained_unit enum from the domain package.
Percent (%)
Percent (%)
Generic grade when the payable element is obvious from the commodity column (e.g. Fe % in iron ore, Cu % in copper-only deposits). Use a specific unit (pctli2o, pctu3o8) when there is any ambiguity.
g/t
Grams per tonne (g/t)
Standard precious-metal and PGM grade unit in hard-rock deposits. 1 g/t ≈ 0.029 oz/short ton.
ppm
Parts per million (mg/kg)
Trace elements and very low-grade rare earths / uranium. 10,000 ppm = 1 %. The commodity column carries the compound (e.g. V₂O₅, U₃O₈, REEs).
oz/st
Ounces per short ton (oz/st)
Legacy U.S. / Canadian gold and silver reporting. 1 oz/st ≈ 34.286 g/t.
kg/t
Kilograms per tonne (kg/t)
High-grade base metals (Cu, Ni, Zn at deposit scale), chromite, manganese. 1 kg/t = 0.1 %.
g/m³
Grams per cubic metre (g/m³)
Alluvial gold, marine placers.
Other
Other / nonstandard
Source-specific grade; document the basis in original_classification or notes.
Btu/lb
BTU per pound (Btu/lb)
Natural-gas and thermal-coal heating value. Coal rank proxy (sub-bituminous ~8,000 Btu/lb; bituminous 11,000 – 14,000; anthracite >14,000).
- Use pctli2o and pctu3o8 when the source reports % Li₂O or % U₃O₈ explicitly; reserve generic percent for deposits where the payable metal is obvious from context.
- For ppm grades, the commodity column carries the element or compound (for example vanadium as V₂O₅) so the grade row stays unambiguous.
- Grade-on-grade conversions: 1 g/t ≈ 0.029 oz/short ton; 10,000 ppm = 1%; 10 kg/t = 1%; 1% U₃O₈ ≈ 0.848% U metal; 1% Li₂O ≈ 0.464% Li metal.
Metric tonne (t)
Metric tonne (1,000 kg)
Ore, waste, and plant throughput mass. Not the same as the U.S. short ton.
Thousand tonnes (kt)
Thousand metric tonnes
Base-metal deposits, coal seams at mine scale, fertilizers.
Million tonnes (Mt)
Million metric tonnes
Iron ore, coal, large porphyry tonnage. Metric Mt is always 10⁶ t (M = million in metric).
Pound (lb)
Pound (0.45359 kg)
Legacy small-scale or in-situ uranium tonnage.
Short ton (st)
Short ton (2,000 lb = 907.185 kg)
Legacy U.S. / Canadian coal and gold tonnage. A short ton is ~7.4 % less than a metric tonne — do not mix the two.
Million short tons (Mst)
Million short tons
Large U.S. coal-basin resources.
Cubic metre (m³)
Cubic metre (m³)
Brine cells, small heap-leach volumes.
Million cubic metres (Mm³)
Million cubic metres (Mm³)
Salar brine volumes, reservoir void space.
Cubic kilometre (km³)
Cubic kilometre (km³)
Basin-scale brine or aquifer models.
Acre-foot (ac-ft)
Acre-foot (~1,233 m³)
U.S. / South American brine and water-resource reporting.
- Tonnage and brine/reservoir volumes describe the orebody or fluid cell, not contained metal; contained metal is the product of tonnage × grade (with unit-aware conversions where needed).
- Brine and ISR deposits often report m³, Mm³, km³, or acre-feet instead of rock mass when the disclosure is volumetric.
- A short ton (US) is ~907 kg — about 7.4% less than a metric tonne. Legacy U.S. filings that report "Mt" of coal often mean Mst (million short tons).
- The conversions below appear regardless of sector — they are the ones readers most often need when reading a filing next to a table screenshot.
- Troy oz → Grams — × 31.1035 — precious-metal reserves use troy ounces.
- Avoirdupois oz → Grams — × 28.3495 — the everyday ounce; different unit from troy oz.
- Pound (lb) → Kilograms — × 0.45359 — avoirdupois pound.
- Short ton (st) → Metric tonnes (t) — × 0.90718 — a short ton is ~7.4% less than a metric tonne.
- g/t → oz / short ton — × 0.02917 — precious-metal grade conversion.
- ppm → % — × 10⁻⁴ — 10,000 ppm = 1%.
- kg / t → % — × 0.1 — 10 kg/t = 1%.
- Acre-foot → Cubic metres (m³) — × 1,233.5 — brine and water disclosures.
- Mining, battery-metal, energy-metal, REE and fertilizer disclosures use compound oxides and chemistry-specific units.
- % U₃O₈ → % U metal — × 0.848 — conventional uranium chemistry.
- % Li₂O → % Li metal — × 0.464 — hard-rock lithium.
- % Li₂O → g/t LCE — × 24,730 — % Li₂O × 24,730 ≈ g/t LCE.
- % V₂O₅ → % V metal — × 0.560 — vanadium.
- Spodumene at 6% Li₂O → LCE (t / t) — × 0.148 — one tonne of 6% spodumene ≈ 0.148 t LCE.
- Carats (ct) → Grams — × 0.2 — diamond mass.
- TREO % → Nd-Pr equivalent — Basket-specific — most REE value sits in Nd / Pr / Dy / Tb.
- A 1 Moz gold deposit at 1 g/t sits in ≈ 31.1 Mt of ore.
- A 1 Mt salar brine cell at 700 mg/L Li carries ≈ 700 t Li-metal ≈ 3,720 t LCE.
- AISC (All-In Sustaining Cost, gold / silver) — direct cash costs + sustaining capex + corporate G&A + royalties + reclamation. Non-GAAP, company-specific (World Gold Council).
- C1 Cash Cost (Cu / Ni / Zn / Pb) — direct mining + processing + transport + by-product credits; excludes royalties and D&A.
- C2 / C3 Cash Cost — C1 + depreciation (C2) or + corporate / indirect costs (C3).
- Cash Operating Cost (uranium, lithium chemicals) — direct cash conversion cost.
- All cost metrics are non-GAAP and defined differently across companies; the same metric label may mean different things at different issuers.
- WI (×x%) — Working interest: disclosed gross value multiplied by ownership %. Applies to mining / O&G / processing-facility rows whose reporting_basis is gross or unset.
- Royalty (×r%) — Royalty / stream rate: gross property value multiplied by the headline interest rate (NSR %, stream %, …). Applies to royalty / stream rows on gross or unset reporting_basis with interest_rate set.
- Net (×1.0) — Disclosure is already net of royalties (reporting_basis = company_net_after_royalty). No further adjustment.
- Gross WI (×1.0) — Disclosure is already on a working-interest basis (reporting_basis = company_gross_wi). No further adjustment.
- Fully owned WI rows render as plain WI (no parenthetical). See METALPILOT Part 2 §3 (Ownership and reporting-basis attribution) and pkg/calc/attribution.go (EffectiveOwnershipMultiplier / EffectiveOwnershipAttribution).
- "M" can mean thousand or million depending on context. Oilfield convention uses M = thousand and MM = million (MMcf, MMbbl, MSTB). Metric codes (Mt, Moz, Mlb) always use M = million.
- Troy ounce ≠ avoirdupois ounce. 1 troy oz = 31.1035 g; the everyday ounce is 28.3495 g. Precious-metal reserves are always troy.
- Short ton ≠ metric tonne. A short ton (US) = 907 kg; a metric tonne = 1,000 kg. Reading legacy "1 Mt" coal as metric when it was short tons over-states tonnage by ~10%.
- Gross vs net. Gross is usually the 100% property number; net is usually working-interest share before royalties. Check reporting_basis.
- Inferred / Contingent / Prospective volumes are not bookable reserves and do not feed Portfolio economic figures.
- CIM — Canadian Institute of Mining, Metallurgy and Petroleum. Defines resource/reserve categories in NI 43-101 reports.
- NI 43-101 — Canadian Securities Administrators' National Instrument. Mandatory for TSX/TSXV; requires Qualified Person sign-off.
- JORC 2012 — Australasian Joint Ore Reserves Committee. Mandatory for ASX listings.
- SAMREC — South African Mineral Resource Committee. Mandatory for JSE listings; CRIRSCO-aligned.
- PERC — Pan-European Reserves and Resources Reporting Committee. LSE/AIM/European listings; CRIRSCO-aligned.
- SEC S-K 1300 — U.S. SEC Regulation S-K Subpart 1300 (2021). CRIRSCO-aligned; requires QP.
- CRIRSCO Template — Umbrella standard from which national codes derive.
- Measured — highest geological confidence; supports detailed mine planning and final economic evaluation.
- Indicated — reasonable geological confidence; drilling and sampling at appropriate spacings.
- Inferred — lowest confidence; based on limited geological evidence. Cannot be converted to reserves or used as the basis of an economic study under most codes.
- Measured + Indicated (M+I) — common sub-total in resource tables.
- Proven — Reserve derived from Measured Resource at bankable feasibility level.
- Probable — Reserve derived from Indicated Resource (or sometimes Measured) at feasibility or pre-feasibility level.
- Proven + Probable (P+P) — primary reserve disclosure metric for most mining filings.
- Reserves apply all modifying factors (mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social, governmental); resources do not.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Silver
1 / 5
0–1 Moz Ag
0–25 Moz Ag
0–50 g/t Ag
2 / 5
1–3 Moz Ag
25–75 Moz Ag
50–100 g/t Ag
3 / 5
3–7 Moz Ag
75–150 Moz Ag
100–200 g/t Ag
4 / 5
7–12 Moz Ag
150–225 Moz Ag
200–300 g/t Ag
5 / 5
≥ 12 Moz Ag
≥ 225 Moz Ag
≥ 300 g/t Ag
Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.