There are certain mining jurisdictions in the world that everyone in the industry knows and respects, and if Mexico doesn’t top the list, it’s certainly very close. Large, high-grade deposits and an environment that facilitates year-round exploration are just two aspects of the Mexico story that make it such an attractive country to operate in.
Pacifica Silver (CSE:PSIL; OTCQB:PAGFF) Chief Executive Officer Todd Anthony knows this as well as anyone, given a career with one of the world’s top mining companies that focused on Mexico. When it came time to set up and lead his own company, it was a natural choice.
Anthony joined Canadian Securities Exchange Magazine early in 2026 for a discussion covering Mexican mining, his uncompromising search to find the right project, and the company’s exploration plans for the year.
Pacifica Silver’s Claudia Project encompasses nine artisanal mines and over 30 kilometres of veins. Tell us why you chose to focus on Mexico, and how did the land package come together?
We acquired our project from a private company with multiple owners over the years. It was consolidated back in the early 1990s by one of the owners. There are some pieces of property that we are looking to add, but the majority were purchased from Durango Gold. That transaction closed in July of 2025.
As for why we chose Mexico, I spent a lot of time in the country during my 13 years with First Majestic Silver. While the company had operations across the country, with varying degrees of risk, much of my time was spent in the state of Durango, which I consider to be one of the safest states to explore and operate in within Mexico. My professional network is also very familiar with Mexico, and so it just made sense.
We were looking for silver and gold projects, and if you are going to focus on silver, Mexico is the largest producing country in the world. You can drill year-round and drilling costs are very low compared to other parts of North America. In Nevada, you can be paying $400 or $500 per metre, and roughly the same for Idaho. In Mexico, we are about $105 per metre, and we don’t have to shut down for the winter, unlike some places in North America where you need to pull rigs off your site and close everything down.
Talk to us about previous exploration at Claudia and how that work shaped your plans.
Before we acquired this project, it had only had about 70 holes drilled into it since the 1990s, and a lot of those were into just one of the principal veins. We have mapped four major structures on the project, and a lot of the exploration we are doing now is to fill in some gaps and learn more about the potential.
As you mentioned, we have over 30 kilometres of veins that have been mapped, and about 90% of those 30 kilometres have never been drill-tested or sampled. We are doing a big sampling program now that will last all of this year and next year, plus mapping.
So, I would say that while we are early on in our exploration, this year will see the biggest drill program ever conducted on this project, as we are planning close to 40,000 metres. Half of that is going to be focused around the Aguilareña vein, which is the main past-producing vein from back in the 1990s. The other half will focus on brand new targets that have never been drilled, and with those it will be a more regional focus to find something big or to fail fast and keep moving around and looking.
Pacifica Silver just closed a $20 million financing. Can you discuss the makeup of the investor base in general terms.
We initially came out with a $10 million offering and demand for it was close to $28 million. The fact that we did not include a warrant and had that level of demand shows the amount of interest in what we are doing. It was great to see that the market was there for us.
We had a lot of support from shareholders who participated in our previous financing. We had three silver-focused corporates participate last time, and they all came in again on this round. Eric Sprott participated again and we also welcomed a few funds that were new to the Pacifica name. Overall, I’d say half of the $20 million was repeat buyers and half was new investors.
A large, high-grade project and two successful capital raises don’t come together without a capable team. Tell us about your background and the strengths of your team.
We have a lot of good people with extensive experience in Mexico, including expertise in all of exploration, development, and production. We have 23 team members at site, including our Vice President of Exploration, Project Manager, field geologists, and administration. The team is very well equipped to operate in Mexico.
I started in the silver industry in 2010 when I joined First Majestic Silver. At that time, the company’s market capitalization was about $200 million, and I believe it has now topped $15 billion. I worked there for 13 years in the Vice President of Corporate Development role, reporting directly to the Chief Executive Officer. I also oversaw the investor relations function.
I stepped away from First Majestic in 2023 with a strong desire to build a company from the ground up and it took me approximately 18 months to find the right project. I reviewed over 70 different projects and there were always one or two insurmountable issues, whether related to grade, metallurgical recovery, or jurisdictional risk. I also didn’t want to put a recycled project into the company and wanted something the market had not seen before.
When I came across Claudia, there were no red flags and the project checked off every critical box: high-grade silver and gold mineralization exposed at surface, over 30 kilometres of mapped vein systems with only a small fraction drill-tested, existing drill permits, a capable local team already in place, location in the state of Durango, and mostly private ownership over the past 50 years. They just needed support with the capital markets, which matched my experience and network. It was a beautiful marriage of two companies and away we went.
As I said earlier, Durango is one of the best, if not the best, states in Mexico to operate in as an exploration or mining company. But don’t take my word for it: according to the Mexico Peace Index in 2025, Durango ranked in the top three out of 32 states, making it one of the country’s safest and most stable states. There is also a long history of exploration and mining in the state, and the Claudia Project is located in the heart of the Sierra Madre Occidental, where all these large deposits of silver and gold are found.
Within three weeks of closing our $10 million financing last September, we had the first rig on site and drilling, which illustrates that our team on the ground is nimble and can move fast.
You mention regenerative mining on your website. What is that and why is it important to highlight?
The regenerative mining concept is sustainable mining. When mines shut down and go into reclamation, the economic driver behind them is often gone. But if we create processes and activities as we are building operations that will continue long after the mine is done, that is the regenerative side. Giving back to society and the environment is key. A lot of that is taking place, but I think there is more that can be done. The concept is still evolving and I highlight it as a priority for our team.
Do you have any closing thoughts on Pacifica’s strategy and long-term future?
Our core objective at Pacifica Silver is unequivocal: drive new high-grade discoveries and significantly increase our silver and gold resource base in ounces. We are built to thrive through market cycles – bullish or bearish – because sustainable value creation stems from a focus on high-grade projects, aggressive exploration, and resource growth in safe jurisdictions.
Mexico stands out as one of the few jurisdictions worldwide where high-grade epithermal silver and gold deposits can realistically advance from initial discovery to production in a compressed timeframe – typically five to nine years for standout projects, compared to averages of 27 years in Canada and nearly 29 years in the United States.
This efficiency, combined with Mexico’s skilled workforce, established mining infrastructure, and exceptional mineral endowment in the Sierra Madre Occidental, makes the country our unequivocal focus at Pacifica Silver.
On the Claudia Project, our strategy is clear and aggressive: drill extensively across numerous high-priority targets over the next 18 to 24 months to either delineate a major discovery or pivot decisively. We are positioned to seize the moment and build something extraordinary.
This story was featured in Canadian Securities Exchange Magazine.
Learn more about Pacifica Silver https://www.pacificasilver.com/.