Cerro de Pasco Resources Inc. (TSXV:CDPR) HOLD
Cerro de Pasco Resources wants to reprocess ~75Mt of surface mining waste in Peru for silver, zinc, lead and copper — pilot tests recovered ~94% of the silver. But it is pre-resource, no compliant NI 43-101 yet, and silver is down 26% in 8 weeks. So the call is HOLD on every horizon (analysis Stopped). Bear C$0.40, bull C$1.10.
Re-presenting the Donatien Investment report on Cerro de Pasco Resources (TSXV:CDPR), dated 20 July 2026, at C$0.58. HOLD on all three horizons — analysis Stopped (no BUY in any horizon).
Reprocessing a century of mining waste
Cerro de Pasco Resources aims to reprocess the vast Quiulacocha tailings and Excelsior stockpile — a century of mining waste at the Cerro de Pasco complex in central Peru — to recover silver, zinc, lead and copper. The core idea is elegant: the metal is already mined, crushed and sitting on surface, so recovery could be cheaper and faster than a conventional mine, with no hard rock to drill and blast. What sets it apart is the sheer company-estimated scale — around seventy-five million tonnes of tailings — and a strong early metallurgical result, roughly ninety-four per cent silver recovery in pilot tests, backed by state site access and a community agreement. Business quality is a middling sixty.
Pre-resource: no compliant study yet
Now the crucial caveat, and it is why this cannot yet be more than a hold. There is no compliant NI 43-101 mineral resource on Quiulacocha — we verified that against the company's own site and disclosure. The large four-hundred-and-thirty-million-ounce silver-equivalent figure that circulates is historical and non-compliant, so it cannot be relied on for valuation. That makes Cerro de Pasco a pre-resource developer: the whole thesis hinges on a maiden, independently-verified resource landing well, which is the key catalyst to watch. The valuation pillar scores forty-two, reflecting how much is still unproven.
HOLD: silver tape + pre-resource risk
So the call is hold on every horizon, and with no buy anywhere the analysis status is Stopped. Two things weigh near-term. Silver itself is in a live downtrend — the metal is down about twenty-six per cent in eight weeks, below a falling fifty-day average — which compresses junior-developer multiples regardless of asset quality. And the pre-resource risk is real: a maiden resource could disappoint or slip, and a dilutive raise could land at a discount. The bull case is about one dollar ten if a resource confirms the surface-metal thesis and silver recovers; the bear case is near forty cents. One to watch for the maiden resource, not to chase.
What could go wrong
Live silver downtrend pressures all silver juniors. Pre-resource: maiden study could disappoint/slip. Dilution risk; bear C$0.40 (no BUY, Stopped).
Risk vs Reward
Against the current C$0.58, the report frames a bull case at C$1.1 (+90%), a base case at C$0.75 (+29%) and a bear case at C$0.4 (-31%). See the full report for the probability weight behind each path.
The verdict
Cerro de Pasco Resources wants to reprocess ~75Mt of surface mining waste in Peru for silver, zinc, lead and copper — pilot tests recovered ~94% of the silver. But it is pre-resource, no compliant NI 43-101 yet, and silver is down 26% in 8 weeks. So the call is HOLD on every horizon (analysis Stopped). Bear C$0.40, bull C$1.10.
Read the full report on donatien.ca →
