## Tier One Silver — Bonanza Grades at Curibaya
_Descriptive field note on the position — not investment advice, no price targets._
Tier One Silver is a silver-gold-copper explorer in southern Peru; the flagship Curibaya (held through Magma Minerals S.A.C.) is an epithermal system in which Phase-2 drilling confirms bonanza grades. The name is a high-grade discovery story — the value lies in the grade signature and in the extent of the still-untested structures.
### Thesis
In the analytical frame for explorers, Tier One sits at the higher-risk end: no resource, no production-cost base, no valuation per ounce — value is a function of discovery potential. What fills that frame is grade. In epithermal silver systems it is the proof, and Curibaya delivers it in striking numbers at points: 0.7 m @ 1,015 g/t Ag plus 4.52 g/t Au, and 1.0 m @ 448.2 g/t Ag. What matters is the frame these hits sit in — roughly 6 km of mineralized structures, of which only a portion has been tested. The EIA submission planned for Q3 2026 (up to 220 holes) would materially widen the drill footprint. As a jurisdiction, southern Peru carries real permit and permitting-timing risk that further exposes the early explorer; the silver macro thesis provides the overarching tailwind.
### Catalysts
- Further Phase-2 results (including Cambaya).
- EIA submission Q3 2026 (up to 220 holes) → expansion of drill permitting.
- First tests of more of the ~6 km of structures.
### Risks
- Exploration stage: no resource, continuity still open.
- Peru: EIA timing and permit risk.
- Financing requirement.
### Facts
- **Ticker:** TSXV: TSLV · **Flagship:** Curibaya (southern Peru, via Magma Minerals S.A.C.)
- **Phase-2 highlights:** 0.7 m @ 1,015 g/t Ag + 4.52 g/t Au · 1.0 m @ 448.2 g/t Ag
- **Structure:** ~6 km mineralized structures
- **Permit:** EIA submission Q3 2026 (up to 220 holes)
