Vancouver – September 13, 2026 -- Salazar Resources Limited (OTCQB: SRLZF) (TSXV: SRL) (FSE: CCG) has spent US$66.2 million on construction of the Curipamba-El Domo polymetallic project in Ecuador through June 30, 2026, with commissioning targeted for July 2027 under a fully funded build.
Salazar holds a 25% carried interest while Silvercorp funds and operates the build
Salazar retains a 25% carried interest in Curipamba-El Domo, located in Ecuador's Bolivar and Los Rios provinces. Silvercorp holds the remaining 75%, operates the project and is funding construction, meaning Salazar pays nothing to reach production but does not control the schedule or budget.
Quarterly spending nearly tripled year-on-year as earthworks advance
Second-quarter 2026 capital expenditure reached US$12.3 million, up from US$4.8 million in the same period a year earlier. Roughly 604,600 cubic metres of earthworks and fill were completed in the quarter across the water channel, processing plant foundation and initial tailings storage dam. Open-pit pre-stripping has started against a planned total of approximately 4.1 million cubic metres, and the temporary camp is operational.
Wheaton Precious Metals has delivered US$87.8 million of a US$175.5 million stream
On July 31, 2026, the operator received the second of four installments under the stream financing agreement with Wheaton Precious Metals, worth US$43.9 million, lifting total proceeds to approximately US$87.8 million. The processing plant foundation is complete and major plant and water treatment equipment has been procured and is shipping to Ecuador, shifting remaining schedule risk toward assembly.
Reserves support a US$573 million after-tax net present value and 45% IRR
Proven and probable reserves stand at 7.13 million tonnes grading 2.55 g/t gold, 47.82 g/t silver, 1.93% copper, 0.26% lead and 2.63% zinc, containing 137.7 thousand tonnes of copper, 584 thousand ounces of gold, 187.7 thousand tonnes of zinc, 18.4 thousand tonnes of lead and 11.0 million ounces of silver. The technical report shows an after-tax NPV of US$573 million at an 8% discount rate (US$705.6 million at 5%), a 45% internal rate of return and a three-year payback, against initial capital of US$283.7 million and sustaining capital of US$72.5 million. Mine life is 11.5 years at a nominal 666,000 tonnes per year, with refined processing lifting copper recoveries by 5.4% and gold recoveries by 6.2% versus the 2021 feasibility study.
CEO cites a completed site tour ahead of the 2027 commissioning target
"We have been following the ongoing construction at El Domo and are very pleased with the progress being made. Senior management of Salazar has just completed a site tour and have seen firsthand how the mine is developing," said President and CEO Fredy Salazar.
The plant contractor previously built the flotation mill at Ecuador's Mirador mine
The construction contract for the processing plant went to the same contractor that built the flotation mill at the Mirador copper-gold mine in Ecuador, giving the build in-country execution history. Salazar also holds a wholly owned exploration portfolio in Ecuador comprising the Monja, Santiago, Pijili, El Tigre and Tarqui-Quimi projects, none of which carry defined reserves.
Salazar remains pre-revenue and exposed to operator and jurisdictional risk
Salazar does not operate El Domo and is dependent on Silvercorp and third-party contractors for the construction schedule, budget and commissioning date. The company is pre-revenue from the asset until commissioning, the July 2027 target is not a commitment, and reserve and economic estimates depend on metal price and cost assumptions tied to a technical report prepared for the operator.