Couloir Capital sets a C$0.19 valuation for Pinnacle Silver & Gold

Analysts at Couloir Capital have valued Pinnacle Silver & Gold (PINN ) at C$0.19 per share.

The Couloir valuation comes after Pinnacle announced it has secured a permit for surface drilling at its El Potrero project in Mexico. Pinnacle has already undertaken a significant amount of underground drilling at the project. 

“SEMARNAT has approved 110 surface drill sites for two years,” noted Couloir. 

“A first-pass program of 48 holes (5,540 meters) will test the Dos de Mayo trend and drill the La Estrella and El Capulin veins for the first time. The baseline data also underpins the mine, plant, tailings and powerline permits.”

The research note also referred to work that’s already been completed at Pinos Cuates.

“Hole EPUG26068 returned 10.89 meters grading 6.19 grams per tonne gold and 90 grams per tonne silver, including 0.41 meters at 58.2 grams gold and 631 grams silver, roughly 15 meters down-dip of the 13.18-meter EPUG26035 intercept,” said Couloir. 

“Underground drilling at Pinos Cuates is complete (73 holes, 1,452 meters) and the rig has moved to Dos de Mayo.”

Couloir also referred to the crucial matter of funding, and the recently closed placement for C$1.65 million.

“The second and final tranche, C$1 million, closed on October 2, 2026, with insiders taking 1.65 million units. Auramet's mandate to arrange up to US$5 million of non-equity project financing is still in place,” added Couloir. “We reiterate our buy rating and revise our fair value to C$0.19 per share, mainly because peer valuations have fallen.”

View from Vox

Pinnacle’s current share price is just over C$0.07, so there’s a lot of upside on offer, according to the Couloir valuation. Much will depend on the upcoming surface drilling, of course, and the picture may look very different once that’s over and the results are in. What we do know already is that the El Potrero project as a whole is highly prospective, that there’s a lot of mineralisation in evidence, and that Pinnacle has shown itself willing and able to move development work along at a tidy clip.