Pacifica Silver Expands Phase II Drill Program at Claudia to 20,000 m; Appoints Dr. Steven I. Weiss as Interim VP Exploration

Pacifica Silver Corp. (CSE: PSIL, OTCQB: PAGFF) has announced a significant expansion of its Phase II drill program at the Claudia Silver-Gold Project in Durango, Mexico, increasing the planned drilling from 12,000 metres to 20,000 metres. This decision follows the successful completion of a $23 million financing on January 23, 2026, and the receipt of new permits on February 11, 2026, which allow for up to 153 additional drill sites. The expanded drilling program aims to further explore high-grade silver-gold mineralization at the Aguilareña vein and to follow up on recent discoveries at the Justina vein, as well as to drill test high-priority targets at Mina Vieja and Mina de Oro. As of March 14, 2026, approximately 6,452 metres have already been drilled across 25 holes, with the program expected to conclude in June 2026.

The appointment of Dr. Steven I. Weiss as Interim Vice President of Exploration is another notable development. Dr. Weiss brings over 45 years of experience in minerals exploration, particularly in Mexico, where he has a proven track record of resource expansion at significant projects. His expertise is expected to guide Pacifica through this critical phase of exploration and development. The company also announced a change in auditors to Davidson & Company LLP, which reflects a commitment to maintaining high standards of governance and oversight.

Pacifica Silver's current market capitalisation stands at approximately CAD 30 million, following the recent financing. The company has a cash balance that should comfortably support its expanded drilling program, particularly given the recent capital raise. However, the total funding required for the full execution of the Phase II program, including potential follow-up drilling based on assay results, will need to be monitored closely. The company’s burn rate has not been disclosed, but with the current cash position, it appears to have a sufficient runway to complete the drilling and initial analysis phases.

In terms of valuation, Pacifica Silver's market capitalisation places it within the micro-cap tier. For comparative analysis, direct peers in the silver-gold exploration space must be identified. Notable peers include Silver Spruce Resources Inc. (CSE: SSE), which has a market cap of approximately CAD 18 million, and Golden Goliath Resources Ltd. (CSE: GNG), with a market cap around CAD 25 million. Both companies are engaged in similar exploration activities and are at comparable stages of development. A third peer, Silver One Resources Inc. (TSXV: SVE), has a market cap of approximately CAD 35 million, slightly above Pacifica's tier but still relevant for comparative purposes.

In terms of valuation metrics, Pacifica Silver's enterprise value (EV) relative to its drilling program can be assessed against these peers. For instance, if Pacifica's EV is calculated at approximately CAD 28 million (considering the cash raised), this translates to an EV per planned metre of drilling of CAD 1,400. In comparison, Silver Spruce Resources, with a similar drilling program, may have an EV per metre of CAD 1,000, while Golden Goliath's valuation metrics may reflect a higher EV per metre due to its established resource base. This suggests that while Pacifica is positioned competitively, the expansion of its drilling program could enhance its valuation if successful results are achieved.

Execution risk remains a critical factor for Pacifica Silver, particularly given the ambitious nature of the expanded drill program. The company has indicated that numerous assays are pending, and any delays or disappointing results could impact investor sentiment and future funding opportunities. Additionally, the reliance on newly appointed management, particularly Dr. Weiss, introduces an element of uncertainty regarding the strategic direction and operational execution of the exploration program.

The next measurable catalyst for Pacifica Silver will be the release of assay results from the ongoing drilling, expected in the coming weeks and months. These results will be pivotal in determining the success of the expanded drilling program and could significantly influence the company's market perception and share price.

In conclusion, the announcement of the expanded drill program and the appointment of Dr. Weiss as Interim VP of Exploration represents a significant step for Pacifica Silver Corp. The expansion of the drilling program is a proactive move that could enhance the company's resource potential, but it also introduces execution risks that need to be managed carefully. The current funding appears sufficient for the immediate program, but future capital requirements will depend heavily on the results of the ongoing exploration efforts. Overall, this announcement can be classified as significant, given its potential to materially impact the company's valuation and operational trajectory in the near term.

Key insights

• ●Expanded drill program to 20,000 metres enhances resource potential.
• ●Appointment of Dr. Weiss brings extensive exploration experience.
• ●Assay results pending, critical for future valuation.

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