Interview with David Stein, President & CEO of Kuya Silver

Our previous interview: https://www.cruxinvestor.com/posts/kuya-silver-kuya-buy-cheap-sell-high-silver-developer-717

Recording date: 3rd March 2026

Kuya Silver (TSXV:KUYA) is a silver producer operating the Bethania Silver Mine in central Peru, and it is approaching one of the most consequential periods in its short history. The company has production underway, a mill acquisition closing imminently, a fully funded balance sheet, and an exploration programme just getting started. 

Kuya began processing silver concentrate through the Camila toll mill in late 2024. In January 2026, the company announced it would acquire Camila outright for approximately $9 million including planned improvements, closing expected before the end of March. Owning the facility eliminates third-party processing fees, reduces operational risk, provides access to lower-cost hydro-grid power, and creates an opportunity to generate third-party processing revenue from smaller regional miners. The logistics are already in place as Camila sits on the route between the mine and the export port, meaning nothing about the physical operation changes at closing, only the economics.

Following the acquisition and approximately $3 million in additional near-term capital expenditure  covering underground drilling and a new mine ramp, Kuya expects to hold roughly $12–15 million on its balance sheet. With production scaling and costs now more firmly under the company's control, management does not anticipate requiring further equity financing in the near term. That is a meaningful statement for a company of this size.

The growth optionality behind the production story is substantial. Kuya has expanded its land position from the original 45-hectare Bethania mine property to approximately 4,500 hectares. Surface prospecting has already identified six additional silver vein systems within a five-kilometre radius of the mine. Underground drilling is targeting a 50-metre-at-a-time extension of the existing resource, with an estimated one million ounces of silver potentially added per 10 metres drilled. A surface drill rig is expected to be mobilised in Q3 2026, with a second potentially following before year-end. The stated three-year target is 100 million ounces of silver would represent a transformation of the company's resource base and market profile.

Longer term, Kuya's vision is to operate two 350-tonne-per-day processing facilities (Camila and a future permitted plant at Bethania) producing approximately three million ounces of silver per year by 2028. Both facilities are either owned or permitted. The capital to build the Bethania plant is expected to come from operating cash flow rather than equity markets.

The re-rating catalyst is the first profitable quarter, which management expects within one to two reporting periods. At current silver prices, that quarter may land with more force than many investors currently anticipate. Companies of Kuya's profile, once they demonstrate sustained cash generation, have historically attracted a different class of investor and a different valuation framework. That transition appears imminent.

View Kuya Silver's company profile: https://www.cruxinvestor.com/companies/kuya-silver

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