Cerro de Pasco Resources
Cerro de Pasco Resources (CDPR) is advancing a large-scale tailings and stockpile reprocessing project in the historic Cerro de Pasco mining district in central Peru, centered on its 100%-owned El Metalurgista concession.
Unlike conventional mining stories, CDPR’s opportunity is above-ground: decades of mined, crushed, and accessible polymetallic material (tailings + stockpiles) that can be reprocessed to recover silver, zinc, copper, lead, and gold while delivering meaningful environmental remediation.
Stock Information
Why Invest
A compelling investment opportunity backed by a high-quality asset base, disciplined capital structure, and multiple near-term catalysts that support long-term value creation.
A uniquely large “above-ground” polymetallic inventory
Most mining stories start with drilling and years of development before there’s anything to process. CDPR is different because Cerro de Pasco already hosts one of the largest known above-ground accumulations of mineralized material globally. The Quiulacocha tailings are estimated at ~75 million tonnes, plus an additional stockpile of similar scale—together approaching ~150 million tonnes of Ag-Zn-Cu-Pb-Au bearing material that has already been mined, crushed, and is accessible. That puts CDPR in a category that looks more like a reprocessing/industrial recovery opportunity than a conventional “dig a new mine” project.
Large silver-equivalent potential with straightforward value drivers
Using historic metallurgical balances, the tailings are estimated to contain ~423 million ounces of silver equivalent, based on assumed prices of US$30 silver, US$3,000 zinc, US$2,000 lead, US$2,500 gold, and US$9,000 copper. Silver and zinc are expected to drive most of the value, with additional contributions from copper, lead, and gold. Importantly for investors, recent drilling and metallurgical test work have helped confirm portions of this inventory—while acknowledging that the project’s figures remain subject to ongoing validation and a future compliant resource estimate.
Pyrite could become a product, not a problem
A typical tailings project focuses only on recovering precious and base metals. CDPR has an extra angle: the tailings contain substantial pyrite, which could potentially be converted into industrial inputs such as sulfuric acid and iron products. If proven technically and economically, that turns something often treated as “waste” into a value-adding feedstock, creating a potential additional revenue stream beyond the main metals.
Built-in ESG: remediation aligned with returns
This project is designed to do two things at once: reduce a major historical environmental liability at Cerro de Pasco and generate economic value through reprocessing. Tailings reprocessing can materially reduce environmental risk (dust, drainage, legacy impacts), which may translate into stronger local support and clearer stakeholder alignment. In simple terms: CDPR’s upside isn’t only about metals, it’s also about delivering a tangible cleanup benefit while building a commercial operation.
“Free option” exposure to critical metals
Gallium and indium have been identified in the tailings. They are not the core investment thesis today, because more metallurgical work is needed to determine recoverability and economics. But if future work supports extraction, these critical metals could represent additional upside layered on top of the primary silver/base-metal opportunity, essentially a “bonus option” rather than something already priced in.
Timeline and Milestones
A clear, execution-driven roadmap highlighting recent achievements and upcoming milestones that advance the company from development toward value realization.
RECENTLY ACCOMPLISHED
- Phase I drilling completed; dataset strengthened for resource and metallurgy
CDPR has completed a 40-hole Phase I drill program across the Quiulacocha tailings, adding modern drill data to a project that has historically relied on processing records and metallurgical balances. The results confirm that metal distribution is broadly consistent with historic trends and provide higher-confidence inputs to ongoing metallurgical test work and the next steps toward a future NI 43-101–compliant resource estimate. The program also identified gallium and indium, which are now being evaluated as potential upside through additional metallurgical validation. - Permitting foundation advanced through expanded environmental and technical work
In parallel, CDPR has materially advanced its environmental baseline and supporting technical studies, expanding the dataset required for permitting and responsible project development. This work is a key de-risking step: it strengthens the project’s regulatory foundation, supports engineering design and impact assessment work, and reinforces CDPR’s focus on environmental stewardship and constructive community engagement. - Strong balance sheet to drive 2026 catalysts without near-term dilution pressure
CDPR completed an institutional financing in late 2025, leaving the Company with approximately C$40 million in cash, with additional warrants currently in the money. This capital position is intended to fund Phase II drilling, metallurgical optimization, engineering, and permitting, and to advance the project through feasibility without near-term financing risk. The financing was backed by a high-quality group of long-term institutional investors, alongside strategic ownership by Eric Sprott (~15%), providing both financial runway and shareholder alignment.
UPCOMING
- Secure rights over the full Quiulacocha tailings footprint
CDPR is working to formalize rights over the surrounding tailings so the El Metalurgista concession framework can cover the entire Quiulacocha footprint. If completed, this would be a meaningful de-risking and scale catalyst, expanding project scope, improving operating flexibility, and increasing long-term optionality. - Phase II drilling to support a NI 43-101 compliant tailings resource
The next drill program is designed to build on Phase I results by tightening spacing and improving confidence in metal distribution and continuity, with the objective of delivering a NI 43-101–compliant mineral resource estimate for the tailings and related material. - Metallurgy and flowsheet optimization to maximize recoveries
CDPR is expanding metallurgical work to optimize recovery across the silver- and zinc-led polymetallic suite using proven modern processing approaches. This includes testing flotation and reagent schemes and evaluating downstream options aimed at improving recoveries and strengthening project economics. - Advance feasibility and development readiness
In parallel, the Company is progressing the remaining engineering, environmental, and permitting work required for a full feasibility study, with the goal of positioning the project for development decisions and potential construction.
Projects
CDPR’s flagship asset is the 100%-owned El Metalurgista concession in the historic Cerro de Pasco mining district of central Peru.
The project is unusual because it is centered on already-mined, above-ground material - the Quiulacocha tailings and Excelsior stockpiles, rather than a conventional “dig a new mine” model.
Together, these represent one of the largest known above-ground polymetallic accumulations globally, with an estimated ~75 Mt of tailings plus a stockpile of similar scale, or roughly ~150 Mt of accessible Ag-Zn-Cu-Pb-Au bearing material.
The value mix is led by silver and zinc, with meaningful copper, lead, and gold contributions, plus additional optionality from indium and potentially gallium (subject to metallurgical validation).
The project is in an advanced technical and resource-definition stage, with drilling, metallurgy, geotechnical/hydrogeological work, environmental baselines, and logistics studies completed or underway to support NI 43-101 resource definition and a full feasibility study.
A portion of the Excelsior stockpile is already defined as a NI 43-101 inferred resource of approximately 30.1 Mt grading ~44 g/t Ag, 0.6% Pb, and 1.5% Zn, containing ~42.9 Moz Ag, 184 kt Pb, and 437 kt Zn (only a subset of the total stockpile, with more drilling required).
For the Quiulacocha tailings, CDPR references a large indicative AgEq inventory based on historic metallurgical balances (often cited as ~423 Moz AgEq), but this is not NI 43-101 compliant and is provided only to illustrate potential scale.
Recent Quiulacocha drilling has returned preliminary average grades of ~4.3 oz AgEq/tonne (rising to ~5.5 oz/tonne including Ga and In), pending ongoing metallurgical validation. Key near-term milestones include advancing Phase II drilling, completing metallurgical optimization and flowsheet finalization, and progressing the remaining workstreams to deliver a NI 43-101 compliant Quiulacocha resource and feasibility study.
A major structural advantage is that the material is already stockpiled above ground—minimizing conventional mining requirements and supporting a potentially low handling cost profile (estimated ~US$1/t or less, subject to final engineering).
People
CDPR is led by an experienced board and management team, including:
Guy Goulet — Chief Executive Officer and Director
Experience: 35+ years in metals mining, including mine restarts, project development, engineering, operations, and financing across Canada, North Africa, and Latin America. Secured over C$400M in financing.
Co-founded (2008); CEO (2008–2017) Maya Gold & Silver (now Aya Gold & Silver):
- Led the revitalization of the Zgounder silver mine (Morocco), transforming it from a marginal operation into one of the country’s leading silver producers
- Oversaw infrastructure development, operational stability, and production ramp-up
H₂O Innovation Inc.: Co-founded; led (2000–2008)
- Built the company into an international player in membrane filtration, advanced water treatment, and wastewater reuse
- Worked with Hydro-Québec and Group STAS on pioneering lithium metal production from high-purity lithium carbonate
Earlier leadership: CEO and board roles at five publicly listed Canadian mining companies (1995–2000)
- Notably led the successful restart of the Wrightbar gold mine (Val d’Or, Québec)
Steven Zadka — Founder & Executive Chairman
Established CDPR in 2012 to advance the sustainable transformation of the Cerro de Pasco mining region.
Experience: 15+ years focused on the metals and mining sector, with expertise in modernizing complex mineral assets through sustainable development.
Prior finance background: Held senior roles at investment firms including Sunrise Securities LLC, INTE Securities LLC, Adar Capital Advisors, and Casimir Capital LP.
Focus areas: metals & mining finance, cross-border M&A, and resource project development across the Americas.
Manuel Rodriguez Mariategui — President and Director
Experience: 40+ years of senior leadership in Peru’s metals and resource sectors
Governance & operational track record: Served 10+ years as Chairman of Austria Duvaz, helping modernize infrastructure and embed long-term environmental sustainability into operations
Other leadership roles:
CEO, Minera Valor
Executive Director, a prominent aquaculture enterprise
President, Investment & Risk Committee, Inversiones Don Lizandro
Dr. Bernhard Dold — Chief Technology Officer (CTO)
Expertise: Globally recognized specialist in environmental geochemistry, acid mine drainage, metal mobility in tailings, and mine remediation
Publications: Author of 100+ scientific papers advancing understanding of tailings geochemistry, metal leaching, and sustainable mining practices
Notable research contributions: Published influential studies on arsenic/antimony speciation in tailings and on sulfide oxidation/acid mine drainage processes (peer-reviewed journals)
The Opportunity
CDPR’s current valuation reflects the exceptional scale of its Cerro de Pasco tailings and stockpiles, but it does not yet fully credit the value that comes with formal de-risking. The market is still largely pricing the opportunity on historical scale and concept, rather than bankable inputs such as verified recoveries, defined capex/opex, and feasibility-level economics—meaning key tailings advantages (no conventional mining cycle, predictable feed, and embedded remediation benefits) are not yet fully reflected.
The re-rating path is milestone-driven. Near-term catalysts include securing rights over the full Quiulacocha tailings footprint, completing Phase II drilling to deliver a NI 43-101 resource, and advancing metallurgical validation to finalize the flowsheet and recovery assumptions.
As CDPR moves toward feasibility-level economics and achieves permitting progress, project risk should compress and the investor base can broaden. With the core case de-risked, incremental upside may emerge from Excelsior expansion, recovery optimization, and potential non-dilutive funding or strategic/offtake discussions—none assumed today, but supportive of added optionality over time.