(Kitco News) Highlander Silver (TSX: HSLV) President and CEO Daniel Earle says silver remains early in its cycle, supported by structural demand that could push the gold-silver ratio sharply lower. Speaking with Kitco Mining’s Investment Trends, he noted the ratio peaked at “106/107:1” and could be cut in half as the market develops, adding that silver should outperform if global growth reaccelerates in 2026.
Highlander fortified its balance sheet in September with a heavily oversubscribed $95 million financing, backed by the Augusta Group, Lundin Group, and Eric Sprott. Earle said the raise was driven by strategic shareholder input rather than market timing. “We weren’t trying to time it for the top of the market,” he said, adding that Highlander wanted to stay “as investor-friendly as possible” while securing multi-year funding for permitting and early development.
The company plans to begin permitting in early 2026 for a 350-ton-per-day starter operation at Yalán under Peru’s small-scale mining regime. The process is expected to take twelve to eighteen months, followed by roughly nine months of construction, positioning the project for potential 2028 production. Earle said the phased approach fits the regional mining landscape, where dozens of formal operations truck material to established processors, allowing Highlander to generate early benefits for local communities and reduce initial risk.
Highlander is also planning a larger second phase that could include an onsite mill once permits expand and exploration results mature. Earle said the company is evaluating bolt-on acquisitions in the $10 to $20 million range that could support offsite processing in the early years while giving flexibility for long-term growth.
Exploration remains the core of Highlander’s strategy. Recent drilling at Bonita returned some of the company’s strongest intercepts, including twenty-four meters of fifteen and a half grams per tonne gold with seventy-five grams per tonne silver. New geophysics will guide targeting across the ten-kilometer corridor between Bonita and Yalán, alongside ongoing work at the Cerro Colorado and Daniella porphyry targets and deeper replacement potential. A 2026 drilling plan is expected early next year once geophysical data is complete.
Highlander is also tracking potential index inclusion, beginning with SILJ, with further additions possible in 2026. The company has discussed its long-term positioning in previous Kitco Mining interviews, including July’s conversation on sector consolidation and September’s outlook on what Earle called “a true structural bull market for silver.”
Watch the full interview on the Kitco Mining YouTube channel to hear Daniel Earle discuss the silver cycle, Highlander’s financing strategy, Yalán permitting, and the company’s multi-year district exploration plan.
You can also watch Highlander’s September interview with Kitco Mining, where Earle explores the structural drivers behind silver’s momentum, the tightening gold-silver ratio, and why he believes the sector is entering one of its strongest cycles in years.
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