Sinda Closes 1Q26 as Public Company with US$331 Million in Hand

Sinda Ltd. raised approximately US$331 million through its NYSE initial public offering and a concurrent placement with Fresnillo plc, providing capital to advance its silver-gold discovery in Guanajuato, Mexico. The company reported a 2Q26 net loss of US$16.6 million tied to planned exploration spending, completed a 60,810m Phase 1 drilling program, and is preparing a US$98 million underground exploration decline for construction in the 2H26. 

Sinda posted a net loss of US$16.6 million for the quarter ended June 30, 2026, as the newly listed silver-gold explorer poured planned capital into an aggressive drilling campaign at its Guanajuato Sur project in central Mexico. The loss, up from US$2.2 million a year earlier, reflects the company's decision to accelerate exploration ahead of and immediately following its June 26 debut on the New York Stock Exchange, rather than any operational setback.

The company closed the quarter with roughly US$204.3 million in cash, a figure that swelled to a combined US$320.7 million in post-IPO liquidity once July proceeds from an underwriters' overallotment exercise and a concurrent placement with Fresnillo plc were added in. Management says that it is sufficient to fund exploration and development for the next two to three years without additional debt.

IPO Proceeds Reach US$331 Million

Sinda's NYSE listing raised roughly US$213 million at US$12.00 per share, and underwriters subsequently exercised an overallotment option for a further US$23 million. Separately, Fresnillo bought a 5% equity stake through a concurrent placement that closed July 27 for approximately US$95.3 million, matching the IPO price with no discount. Combined, the offering and placement generated about US$331.3 million in gross proceeds, one of the larger capital raises by a Mexican silver junior in recent memory. 

The listing followed Sinda's June SEC filing, which had originally targeted a more modest US$100 million and was later upsized amid strong investor demand, according to Mexico Business News. Franco-Nevada Corp. also anchored the deal alongside Fresnillo, a combination Mexico Business News reported underscored confidence in a project SRK Consulting estimates hosts 369 million silver-equivalent ounces of inferred resources.

Drilling Wraps Phase 1, Moves to Phase 2

Operationally, Sinda completed a 60,810m Phase 1 surface drilling program using up to 15 rigs, at an average cost of about US$247 per meter. Roughly 55% of that footage targeted infill drilling at the Dolores vein system, confirming high-grade continuity, while the remainder tested step-out targets across five areas, including the emerging Don Diego corridor. 

The company is now scaling up to 18 rigs for Phase 2, which is slated to add another 122,000m of drilling through the end of 2027, an effort aimed at testing the roughly 62% of known veins across its more than 6,200ha land package that remain undrilled.

The Don Diego area produced some of the quarter's most notable assays, including one interval grading over 3,200gpt silver-equivalent across half a meter, and a separate hole returning 4,137 g/t AgEq over 0.8m after quarter-end. Sinda says the results point to a possible structural link between its Caracol and Agaves zones, though the area remains excluded from the current resource estimate pending further drilling.

Beyond surface work, Sinda is preparing to break ground on a roughly 9km underground exploration decline, budgeted at approximately US$98 million over three and a half years, with construction targeted for the 2H26 following a contractor selection process. Underground drilling, about 223,000m across 557 planned holes, budgeted at US$44 million, is expected to begin later this year as decline access opens up. An updated Mineral Resource Estimate is targeted for year-end 2026.

Sinda Executive Chairman Daniel Muñiz Quintanilla framed the quarter as validation of a strategy built around district-scale exploration, calling Sinda's find "one of the most important silver-gold discoveries in Mexico, if not the world." 

Sinda CFO Luis Barreto said the company's zero-debt balance sheet, combined with IPO and placement proceeds, gives Sinda room to "methodically de-risk" the project without near-term financing pressure. With only 26% of its resource footprint and 38% of known veins drilled so far, management is betting the next 18 months of exploration will substantially expand what is already one of the larger undeveloped silver discoveries to reach the public markets this year.

Miners Set Aggressive Drill Programs Across Key Projects in Mexico

Several mining companies are preparing drilling and exploration programs for 2026 across Mexico. Torex Gold plans a record US$77 million exploration and drilling budget, its largest annual investment, with US$43 million allocated to the Morelos Property targeting ELG Underground, the Media Luna cluster, and regional areas such as Atzcala and El Naranjo, while US$18 million at Los Reyes will fund a 20,000m program and preliminary economic studies.

Defiance Silver has also launched a new drilling campaign in Zacatecas, consisting of at least 10,000m of oriented core drilling aimed at advancing a new mineral resource estimate for the San Acacio deposit and testing additional high-grade silver targets following the Lucita discovery. Meanwhile, GR Silver Mining received a five-year drilling permit from SEMARNAT for its San Marcial Area at the Plomosas Silver project in Sinaloa, authorizing unlimited drilling from 46 new sites. The permit provides flexibility to expand known mineralization and supports longer-term resource growth through step-out and exploration drilling.