Kingsgate Consolidated Limited has updated its resource and reserve estimates for the Nueva Esperanza silver-gold project in Chile, delivering a 31% increase in ore reserves compared to the previous model.

The updated statement places Nueva Esperanza ore reserves at 51.9 million ounces of silver and 0.26 million ounces of gold, calculated using revised price forecasts of US$35/oz for silver and US$2,500/oz for gold. This compares with the prior reserve position and extends the projected reserve life to over 12 years, assuming an annual processing rate of 2 million tonnes.

Mineral resources at the project also increased, rising 3% to 62.4 million ounces of silver and 1% to 0.36 million ounces of gold based on higher pricing assumptions of US$38.50/oz for silver and US$3,000/oz for gold.

Kingsgate attributed the estimate upgrades to the stronger commodity price outlook combined with lower royalty obligations. The company removed major financial encumbrances earlier in the year through the May 2026 acquisition of royalty and water rights from Inversiones Anglo American Norte SpA. That transaction eliminated a 5% net smelter return royalty over Esperanza, a 3% net smelter return royalty over Arqueros, and future pre-production payments of US$2 million per annum.

“We are delighted to announce a material increase in the Nueva Esperanza Ore Reserves estimate due to a robust outlook for long term silver and gold prices and reduced royalty payments as a consequence of the 2026 Anglo American royalty purchase. The increased Ore Reserves supports a longer reserve life for Nueva Esperanza and underpins the work that we are currently doing to progress development of the project.”

— Jillian Terry, General Manager Technical - Nueva Esperanza

The resource and reserve calculations incorporate data from the company's 1,100-metre metallurgical drilling campaign across the Arqueros, Chimberos, and Teterita deposits. That program represents the first drilling activity at Nueva Esperanza in nine years. Kingsgate expects to conclude the current drilling and associated metallurgical testwork next quarter.

Read the full announcement: Nueva Esperanza Resources and Reserves Update September 2026