In short: Issued a Limited Notice to Proceed to Worley, starting bridging engineering at Diablillos — the same firm that wrote the DFS, "so this is continuity rather than a fresh learning curve, which at 4,000 meters in remote Salta counts for something." His read: "this is the step that converts a permitted, DFS-complete project into a costed execution plan," with FID guided around mid-next-year and first production 2029. First Cerro Viejo assays 4 km north of Oculto: DDH 26-047 32.0m at 0.29 g/t Au then 14.0m at 1.50 g/t, DDH 26-037 27.0m at 0.58 g/t, both oxide from near surface, plus 7.0m of 0.53% copper in sulphides below the oxide and similar copper 500m northeast — "a company holding 366 Moz AgEq in reserves does not need Cerro Viejo to work, which is precisely why it is interesting." Cost basis C$0.33, 50% allocated.
Two things happened at AbraSilver, and the less exciting one matters more. The company hired Worley to begin "bridging engineering" at its Diablillos silver-gold project in Argentina. In plain terms, that is the paperwork stage between having a feasibility study and having a buildable, costed plan — and it is the step a company only pays for when it intends to build. Worley wrote the feasibility study too, so nobody is starting from scratch on a site 4,000 metres up in remote Salta.
The second is drilling. First results from a new target 4 km from the main deposit came back shallow and oxidised (the cheapest kind of ore to process), plus copper in two holes 500 metres apart, hinting that a larger copper system sits under the district rather than one lucky hole. Mart's framing is the right one for a company that already has 366 million ounces of silver-equivalent in reserves: it does not need this new target to work, which is exactly what makes free optionality interesting.
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In short: Asked for silver picks, he notes very few companies are pure silver — "I like Abra Silver," owning a few shares in the larger names. Bigger than the C$300–500M cohort he was describing; not a consulting relationship.
Asked for silver ideas, Phillips makes a point first: there are very few companies that are genuinely pure silver plays, because most silver comes out of the ground as a by-product of mining something else. That scarcity is why silver bulls have so little to choose from.
AbraSilver is one of the exceptions — it owns Diablillos, a large silver-gold project in Argentina — and he says plainly that he likes it, holding a few shares among the larger names he follows. He offers no detailed thesis here and has no consulting relationship with it, so this is a favourable mention rather than an argued position.
16:25I only have one company that I'm a large shareholder in. I like Abra Silver and I can't think of the other one that I own a few shares and they're bigger market cap companies for me. They're still small. They're three to 500 million or whatever. Abra Silver, I think, is bigger than that. But I have a small company called Kingsman Resources.
In short: No news this issue; he points back to last issue's updated Diablillos NPV. Held silver-gold developer.
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In short: Diablillos DFS delivered: $3.0bn base-case / $4.8bn bull NPV, fully permitted, RIGI framework secured — one of the most de-risked development-stage silver-gold projects in South America.
AbraSilver is a silver-gold developer whose flagship is Diablillos in Argentina's Salta province. The Definitive Feasibility Study delivered in this issue carries numbers that are not junior-explorer territory: $3.0bn base-case NPV and $4.8bn bull-case NPV. What makes Diablillos unusual beyond the size is that it is fully permitted — Argentina's mining approval process can take years and the project has cleared it — and RIGI-compliant. RIGI is Argentina's large-investment incentive framework that locks in tax, royalty, and foreign-exchange terms for 30 years, eliminating one of the biggest political risk variables that has historically made Argentine resource projects uninvestable for international capital.
The market has not yet awarded ABRA a premium for being one of the few development-stage silver-gold projects in the Western Hemisphere with a DFS, full permits, and a 30-year fiscal lock-in simultaneously. The gap between the asset's stated NPV and ABRA's current market cap is where the thesis lives. Cost basis C$0.33, 50% allocated — Mart is building.
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In short: No company-specific news this issue; held in the Codex portfolio.
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In short: No company-specific news this issue; held in the Codex portfolio.
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