Quetzal Copper to Acquire Silverco Mining

Quetzal Copper has signed a binding letter of intent with privately held Silverco Mining to acquire all of Silverco’s outstanding shares. The proposed transaction, effective June 25, 2025, constitutes a reverse takeover under TSX Venture Exchange (TSX-V) policies and would result in Silverco becoming the controlling entity. As part of the deal, Quetzal plans to rebrand as "Silverco Mining Ltd." and list as a Tier 2 mining issuer on the TSX-V.

Silverco owns the Cusi Property, a permitted, past-producing silver-lead-zinc-gold project in Chihuahua. The site includes 95 mineral concessions across 16,073ha and a 1,200tpd mill with approved tailings capacity. Located in the Sierra Madre Occidental belt, Cusi benefits from strong infrastructure and offers exploration upside.

"Our near-term focus is on drilling newly-discovered higher-grade mineralized zones and preparing for a restart of operations in 2026. With two rigs currently turning and a strong treasury, Silverco is well positioned to create meaningful shareholder value and transition Cusi into a positive cash-flowing silver mine," said Mark Ayranto, CEO, Silverco. 

Silverco's management will assume leadership roles in the combined company. Mark Ayranto will serve as CEO and President, bringing extensive mine development experience, including leading Victoria Gold’s Eagle project. Nico Harvey will become Vice President of Project Development, leveraging his technical expertise across gold, copper, and coal operations. 

The closing of the Transaction depends on several conditions being met, including satisfactory due diligence by both Quetzal and Silverco, approval from Quetzal’s shareholders, TSX-V approval for listing the Resulting Issuer’s shares, and other standard requirements for similar deals. The Transaction will not proceed unless these approvals are secured, and there is no guarantee it will be completed as currently proposed or at all.

Quetzal also announced it has secured a CA$500,000 (US$370,000) bridge loan from a third party to support working capital and transaction costs. 

Silverco was incorporated in May 2024 and has raised roughly CA$25 million to date, including a recent CA$13.55 million financing round. As of March 31, 2025, the company reported assets of CA$7.39 million and a net loss of CA$491,703.