Colombian Mining & Exploration
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Outcrop Silver (TSX: OCG)

Outcrop Silver (TSX: OCG) is building one of Colombia’s few primary silver stories at Santa Ana in Tolima, a high-grade vein district mined since the 1500s. For anyone following Outcrop Silver stock, late 2026 brought a larger resource, an approved mine work plan for a small pilot operation and a PEA now under way.

Tickers: TSX: OCG | OTCQX: OCGSF | FSE: MRG · Headquarters: Vancouver, Canada · Data as of: Nov 4, 2026

Outcrop Silver at a glance

ProjectDepartmentCommodityStageOwnership
Santa AnaTolimasilver, goldresource defined100%
Market capRefresh at publication (no dated figure from a reliable source found for Nov 2026)
CashAbout C$15 million plus about C$8 million of in-the-money warrants, at Aug 1, 2026 (as reported by Crux Investor, Sept 19, 2026)
Major shareholdersEric Sprott about 20%; Jupiter Asset Management about 9% (as reported by Crux Investor, Sept 19, 2026)
FlagshipSanta Ana silver-gold project, Falan, Tolima (100%)
Mineral resource57.8 Moz AgEq combined Indicated and Inferred (NI 43-101, effective Sept 10, 2026)
2026 drilling35,000 m program with four diamond rigs
Listing historyGraduated from TSXV to TSX on Nov 18, 2025

About Outcrop Silver

Outcrop Silver & Gold is a Vancouver-based explorer whose only flagship is the 100%-owned Santa Ana silver-gold project near Falan, in the Mariquita district of Tolima. The property covers more than 28,000 hectares along a 17 km mineralized corridor. The company has identified 13 major vein systems and says it has found new high-grade veins regularly since drilling began in 2019.

The company graduated from the TSX Venture Exchange to the senior Toronto Stock Exchange on November 18, 2025, keeping the OCG symbol. It also trades on the OTCQX in the United States and in Frankfurt.

Leadership changed in April 2026. Rob Bruggeman, a CFA and former chair and interim CEO of AbraSilver Resource, became CEO, and founder-era CEO Ian Harris moved to Chair. A Colombia-based VP Exploration, Carlos Torres, followed in May.

The strategy now has two tracks. One is resource growth from a 35,000 m drill program with four rigs. The other is a staged path to production: a small pilot mine and plant called Project Argentum, targeted for 2027, and a PEA (preliminary economic assessment, an early-stage economic study) on a larger underground mine.

Outcrop Silver’s Colombian projects

Santa Ana

Santa Ana sits near the town of Falan in northern Tolima, in the historic Mariquita silver district. Colonial records date mining here to 1585, and work continued into the early 20th century. Most of the old workings are now flooded or collapsed. The veins are hosted in old metamorphic rocks (schist, quartzite and gneiss) and carry silver minerals, native silver and gold in quartz. Individual veins are narrow, typically well under 4 m wide, but very high grade.

Outcrop has drilled about 130,000 m in 646 holes. The September 2026 resource update raised Indicated silver-equivalent ounces by 23.5% and Inferred ounces by 106% from the 2023 maiden estimate. Metallurgical tests reported recoveries of 96.3% for silver and 98.5% for gold. In October 2026 drilling extended the Santa Ana vein system north, taking its strike length close to 3 km, and identified a new parallel structure called the Cascada vein.

In October 2026 Colombia’s National Mining Agency (ANM) approved the PTO (Programa de Trabajos y Obras, the mine work plan) for concession HFL-151. This covers Project Argentum, a pilot mine and plant of up to 40 tonnes per day fed from the La Porfía vein through the La Ivanna portal. It would use gravity and flotation with no cyanide or mercury, and dry-stack tailings. The environmental impact assessment has been filed with the regional authority CORTOLIMA. An environmental licence is still needed before construction and is expected in early 2027.

Resources: Indicated 1,793 kt at 519 g/t AgEq (376 g/t Ag, 1.80 g/t Au) for 29.9 Moz AgEq (21.7 Moz Ag, 104 koz Au) + Inferred 2,352 kt at 368 g/t AgEq (266 g/t Ag, 1.29 g/t Au) for 27.9 Moz AgEq (20.1 Moz Ag, 98 koz Au) (NI 43-101, effective Sept 10, 2026; APEX Geoscience; cut-offs 95–130 g/t AgEq; US$40/oz Ag, US$3,100/oz Au). Technical report filed Oct 30, 2026.

Latest Outcrop Silver news

Upcoming catalysts

  • PEA on a medium-scale underground mine (started end of September 2026; completion expected early 2027, as reported by Crux Investor)
  • Environmental licence from CORTOLIMA for the Project Argentum pilot (company expects early 2027)
  • Pilot construction and first production at Project Argentum (company target: 2027)
  • Further assays from the 35,000 m, four-rig drill program, including the northern Santa Ana extension and Cascada vein
  • Drill testing of 12 known veins not yet drilled to resource level

Management

  • Rob Bruggeman, President & CEO, Director. Appointed April 2026; former chair and interim CEO of AbraSilver Resource; CFA charterholder
  • Ian Harris, Chair of the Board. Former CEO; became Chair in April 2026
  • Carlos Torres, VP Exploration. Colombia-based geologist and Qualified Person; appointed May 2026
  • Kathy Li, VP Investor Relations

Key risks for Outcrop Silver stock

  • Narrow veins: most are well under 4 m wide, so mining dilution and cost control will be critical to any economics.
  • Permitting: the pilot still needs an environmental licence from CORTOLIMA, and timing is not guaranteed.
  • No economic study yet: the PEA is not complete, and a PEA can rely on Inferred resources that may never convert to reserves.
  • Silver-price sensitivity: the resource uses US$40/oz silver and US$3,100/oz gold, and a lower price would shrink it.
  • Funding: drilling at 35,000–40,000 m a year costs roughly C$15 million (as reported by Crux Investor), so more equity may be needed, especially if a larger mine advances.
  • Colombian policy and community risk, including changes in mining rules and local acceptance in Tolima.

Sources

Related: Colombian stocks · Companies & Projects tracker · Colombian exploration companies

Educational information only, not investment advice. Figures are from the sources listed and dated; check the company’s latest filings before relying on them. See our Disclosure & Editorial Policy.