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Salazar Resources Limited: Corporate Overview
Company Profile:
Salazar Resources Limited (TSXV: SRL; OTCQX: SRLZF) is a Canadian junior exploration company focused on discovering and developing high-grade mineral deposits in Ecuador. The company leverages extensive local expertise and strategic partnerships to advance its portfolio of copper, gold, silver, zinc, and lead projects.
Management:
The company is led by a seasoned team with deep roots in Ecuadorian geology and mining, including President & CEO Fredy Salazar and CFO Pablo Acosta. Their on-the-ground experience is critical for navigating the regional landscape and building community relations.
Flagship Project: El Domo-Curipamba (25% Carried Interest)
Status: Advanced-stage project under construction, operated by partner Silvercorp Metals Inc.
Resources: High-grade Volcanogenic Massive Sulphide (VMS) deposit with Proven & Probable reserves of 6.5Mt containing copper, zinc, gold, silver, and lead.
Economics: Strong feasibility study with a pre-production capex of ~$240M, an NPV8% of $259M, and a targeted IRR of 32%. Production is scheduled to begin by late 2026.
Funding: Construction is fully financed by Silvercorp and streaming partners (Wheaton Precious Metals, Trafigura), requiring no capital from Salazar until production.
Exploration Portfolio (100% Owned):
The company holds a pipeline of early-stage exploration properties, including the Santiago and Pijili (copper-gold porphyry) and Tarqui and Quimi projects. The strategy is to farm out these non-core assets to partners who will fund exploration, allowing Salazar to retain significant royalties or equity interests without diluting its treasury.
Financial Status:
Cash Position: As a pre-revenue explorer, the company maintains a tight cash position. Its burn rate provides a runway of approximately 8 months.
Strategy: The carried interest in El Domo shields it from major capital outlays. The primary focus is on conserving cash through farm-out deals and strategic financing to fund operations until El Domo reaches production and generates cash flow.
Strategic Plans:
Short-Term (Next 12-18 months): Support Silvercorp in advancing El Domo construction. Secure farm-out agreements for exploration properties (e.g., Tarqui/Quimi) to generate non-dilutive cash and extend the operational runway.
Long-Term: Transition to a cash-flowing company upon El Domo's production in late 2026. Use royalty and equity revenue to fund further exploration and growth within Ecuador.
ESG (Environmental, Social, & Governance):
Salazar emphasizes strong community engagement, co-founding The Salazar Foundation to support sustainable economic development in Ecuador. The El Domo project design incorporates environmental stewardship, and the company adheres to Canadian regulatory and governance standards.
Investment Summary:
Strengths: Key asset is fully funded and de-risked with a clear path to production. Strong local expertise and valuable exploration portfolio with significant upside potential.
Considerations: Pre-production financial runway is short, necessitating successful partnerships or financing. inherent risks associated with junior mining and operating in a developing jurisdiction.
Salazar offers leveraged exposure to a near-term producer without the associated capital cost, positioning it for a potential re-rating as El Domo approaches production.
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