Silver was $33 a year ago. Today it sits near US$57.¹

In late January it touched US$121, the highest nominal print in the metal’s recorded history. The pullback already happened, and the price is climbing again.

JPMorgan now expects an $81 average for 2026, more than double last year’s mean.²

Goldman Sachs is calling for $85 to $100.³ Bank of America has run scenarios up to $309.⁴

Take all of those forecasts with the appropriate skepticism. The signal underneath them is what matters.

Silver is no longer behaving like a quiet sidekick to gold. It is behaving like a strategic industrial input the world is short of.

The Squeeze Is Structural. The Math Is Brutal.

Six straight years of physical deficits. The Silver Institute is forecasting a 67 million ounce shortfall in 2026.⁵

Above-ground stockpiles are being drained to cover it. China tightened silver export licenses in January.

Roughly 70% of new silver comes out of the ground as a byproduct of copper, zinc, and lead mining.⁶ Even at $100 silver, primary supply cannot ramp the way the textbook says it should.⁷

On the demand side, every major industrial growth story of this decade needs silver. Solar panels, electric vehicles, Nvidia’s 800-volt high-voltage data center architecture, and the small modular nuclear reactors going into the AI build-out (about 56,000 ounces of silver per reactor in control rods⁸).

Goldman Sachs expects data center power demand to rise roughly 165% by 2030.⁹ None of these buyers can substitute silver out without redesigning hardware they cannot afford to delay.¹⁰

Washington made it official in 2025: silver is now on the US critical minerals list, alongside copper, lead, uranium, and the rare earths.¹¹ Translation: it is a national security input, not a coin-shop curio.

So here is the question that actually matters: who can put new silver back into the market on a realistic timeline?

Not in ten years. Not from a drill program that hasn’t started.

From something that already exists, that has been mined before, that can be brought back online while the deficit is still on the table.

Enter Titiminas Silver Inc. (TSXV:TITI)

Titiminas Silver Inc. (TSXV:TITI) is a newly listed Peru-focused silver developer. It holds an option on the Madre Sierra silver project in central Peru.

Madre Sierra is a past-producing system in Junin, sitting on 18 mining concessions covering 7,561 hectares. The project also hosts a historical estimate containing approximately 19.7 million silver-equivalent ounces, which management is now working to validate and expand through a newly launched 19,500-metre drill program. 

Surface access to the property is locked in through 2032 by formal agreement with the Yauli rural community.¹²

Permits for small-scale operations up to 350 tonnes per day are in place under Peru’s REINFO regime.¹³

This is not a green-field exploration story. Madre Sierra has hundreds of metres of existing underground development inside the concession block.¹⁴

CMRL ran 400 tonnes of mineralized material from the Titiminas Mine through a processing plant in the first half of 2020 before the operation was suspended.

The infrastructure is already there: access routes, an 80-person camp, mineral hopper, sedimentation ponds, dismount and cargo areas, and prepared underground levels.

The starting line is not a satellite image. It is a mine site.¹⁵

The Drill Program Has Started 

On April 29, 2026, Titiminas Silver Inc. (TSXV:TITI) reported its first channel sampling program. Trench 4633 returned a single 8.20-metre continuous channel sample averaging 7.69 oz/t silver, 10.18% lead, and 18.46% zinc.¹⁶

Peak intervals hit 1.20m at 12.50 oz/t silver and 1.30m at 30.00% zinc. Underground at Decline 4633, sampling returned 0.60m at 14.85 oz/t silver, 19.55% lead, and 30.00% zinc.¹⁷

A new discovery zone, 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.

The same release defined a five-kilometre mineralized contact zone vectoring toward a potential Cu-Mo porphyry target at depth.

These are channel samples, not drill holes. They do not define a resource and do not prove economics.

On June 8, 2026, Titiminas Silver Inc. (TSXV:TITI) launched a fully funded 19,500-metre drill program designed to systematically test those targets, validate and expand the project’s historical 19.7 Moz AgEq inventory, and support a maiden NI 43-101 Mineral Resource Estimate targeted for Q2/Q3 2027.

The program combines 4,000 metres of underground Packsack drilling and 15,500 metres of HQ core drilling across the three principal target zones. Together, they represent the largest exploration program undertaken on the property in decades.

For investors, this is the key catalyst. The historical 19.7 Moz AgEq estimate already provides a benchmark for the scale of the opportunity. The objective of the current drill campaign is to determine how much of that inventory can be converted into a modern NI 43-101 resource while also testing for potential resource growth across the broader mineralized corridor.

In other words, the channel sampling identified the targets. The drill program is now underway to determine the size of the prize.

The Valuation Gap Is the Whole Point

As of June 25, 2026, here is what the Peru silver restart peer group looks like by approximate market cap:

Silver Mountain Resources (TSX:AGMR): $195.3 million.¹⁹

Silver X Mining (TSXV:AGX): $174.5 million.²⁰

Kuya Silver (CSE:KUYA): $133 million.²¹

Excellon Resources (TSXV:EXN): $131 million.²²

Titiminas Silver (TSXV:TITI): $37.3 million.²³

Yes, those peers are further along the development curve. That is the point.

The market has already shown what it is willing to pay for past-producing Peru silver projects as restart milestones get hit.

Titiminas Silver Inc. (TSXV:TITI) is sitting at roughly a quarter the market cap of the cheapest peer above it, with a stack of catalysts now actively running.

The reason for that gap is straightforward. Every one of those peers already has a defined NI 43-101 resource and is being valued accordingly. Titiminas Silver reports a historical estimate containing approximately 19.7 million silver-equivalent ounces and has now launched a fully funded 19,500-metre drill program designed to validate and expand that inventory ahead of a maiden resource estimate targeted for 2027.

Titiminas Silver Inc. (TSXV:TITI)  has also benchmarked itself against a broader group of silver developers and explorers across the Americas, where the adjusted average enterprise value to measured and indicated resources works out to approximately US$6.94 per silver-equivalent ounce. The drill program is designed to move Madre Sierra into that resource-defined category.

Six Weeks Public. Six Catalysts Already Hit.

Most newly listed juniors go silent for three to six months after their RTO. Titiminas Silver (TSXV:TITI) has done the opposite.²⁴

Since completing its business combination on April 8, 2026 and beginning to trade as TITI on April 15, the company has:

Closed a $3.075 million non-brokered financing at $1.75.²⁵ Together with the previously completed Canaccord Genuity-led brokered financing, Titiminas has raised approximately $19.69 million in gross proceeds. 

The financing syndicate included Canaccord Genuity, Medalist Capital Advisors and Beacon Securities, while renowned mining investor Eric Sprott participated as a shareholder,²⁶ providing both capital and market validation for the company’s exploration plans.

Locked in a six-year surface access agreement with the Yauli community through 2032, three times the typical two-year cycle.²⁷

Brought Level 4365 operational, collected more than 600 new samples, sent metallurgical composites to the lab, and installed drill water infrastructure.²⁸

Secured community acceptance from Jajachaca, unlocking the historic Janchiscocha molybdenum mine for the first systematic modern exploration program at the site.²⁹

Released the first high-grade channel sampling results and identified the new Madre Sierra Norte vein system.

Approved a corporate reorganization to position the project for permitting and operating efficiency under the Peruvian framework.

And the catalyst calendar is just getting going.

Drill program execution. Assay updates.

Metallurgical results. Janchiscocha exploration.

Mine rehabilitation milestones.

A PEA-plus / PFS and Final Investment Decision are targeted within roughly 18 months of the RTO listing, a defined window through late 2027 against which the market can score execution.³⁰

People Who Have Done This Before

Chairman & CEO Luis Goyzueta brings 28 years in Peru and Latin America. He has founded and was the founder of several successful Peruvian mining companies. 

VP Exploration Helmut Herrera was on the discovery teams for Salares Norte (Chile), Chucapaca (Peru), and the Zafranal copper-molybdenum project.

CFO Chris Richards has more than 20 years in mining finance and currently serves as CFO of Arras Minerals and Silver Bull Resources.

Director Veljko Brcic was previously SVP Corporate Development at Vizsla Silver, where he led the carve-outs of Vizsla Copper and Vizsla Royalty.

The Window is Right Now

Silver is in deficit. Silver is on the US critical minerals list.

Silver is up 147% in twelve months and forecast by every major bank to average higher than it did in 2025.

Past-producing Peru silver restarts have already shown what they can re-rate to in this market. The cheapest comparable peer to Titiminas Silver Inc. (TSXV:TITI) trades at roughly three times its current market cap.

Titiminas Silver has the past-producing project, the infrastructure, and the community agreement through 2032. It has the fresh, high-grade channel hits and the 350 tpd small-scale path to production.

It has the team that has built and sold mines in Peru before. And it has the catalyst stack already running into year-end.

Most of all, it has the lowest market cap in its peer group while the silver market sits in its sixth straight year of deficit.

Most investors are going to find this story when it has already moved. The ones reading this page are getting it before the rest of the market does.

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*All figures in Canadian dollars unless otherwise stated.

Disclaimer