The playbook — silver · August 30, 2026
Santo Domingo gets a new resource number — smaller than the old one
Silver Hammer and Stroud publish an updated silver-gold count: about 20 million ounces of silver-equivalent, down from a 2017 figure.
Silver Hammer and Stroud Resources put out a fresh count of what’s in the ground at Santo Domingo, a silver-gold project in Jalisco State, Mexico. This isn’t new drilling — it’s an updated mineral resource estimate, a formal tally of metal already found. The headline number: about 5.66 million tonnes grading 79 grams of silver per tonne and 0.42 grams of gold per tonne in the Measured and Indicated categories — the more confident bins. That works out to 14.3 million ounces of silver, 76,000 ounces of gold, and roughly 20 million ounces of silver-equivalent (a way of adding the gold into one number using a 68.85-to-1 silver-to-gold ratio). Another 3.9 million tonnes sit in the lower-confidence Inferred category, worth about 11 million ounces silver-equivalent. Three veins make up the deposit; one called La Raya holds most of the tonnes and the best grades — 81 grams silver per tonne.
Here’s the part management states plainly: this replaces Stroud’s 2017 estimate, which cited 39 million ounces of silver. The new figure of 14.3 million ounces of silver is a re-basing, not growth — the company attributes the drop to a ‘more rigorous’ method. A tighter model is more believable, but it describes a smaller deposit than readers were once told. An independent qualified person, Simon Mortimer of Atticus Geoscience, prepared the estimate, and the cut-off — the minimum grade worth mining — is a break-even underground figure of US$90.0 per tonne. Recoveries look healthy: up to 86% of the silver and 95% of the gold. On the people side, CEO Peter Ball brings decades in mining and capital markets but no verified deposit-to-production exit; Stroud has run under an ‘Interim’ CEO since 2019.
A few honest caveats. Because this is a resource statement, there are no drill intercepts, true widths, or gram-meters to check — different math than a fresh hole. The silver-equivalent number leans on metal-price and recovery assumptions not fully shown in the released text, and the disclosure did not include QA/QC (the lab-check protocols). The resource is also tied to a proposed merger of three companies — Silver Hammer, Stroud, and private SilverMark — with shareholder votes set for September 28, 2026. After that, the stated plan is to move Santo Domingo toward a Preliminary Economic Assessment, the first real test of whether the numbers make money. No date is given for it.