南美锡业：完成收购并启动钻探，Santa Barbara项目打造金铜成长新引擎

中金财经05-22

5月13日，南美锡业(Tincorp Metals Inc.；TSXV：TIN)发布公告称，正式完成对厄瓜多尔Santa Barbara金铜矿项目的收购，成功全资拿下这一大型斑岩型金铜优质资产。仅6天后的5月19日，公司再公告一期10000米钻探计划顺利推进，现场部署4台钻机同步作业，首批5个钻孔已完成钻探，岩芯正送检待出结果，标志着项目正式进入资源验证与升级的实质性发展阶段。　　南美锡业...

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Barbara项目一期钻探已全面有序推进，为将来矿产资源量提升筑牢根基，化验结果会及时公布。一期钻探工作完成后，项目将启动二期钻探，实施外延勘探与深部靶区验证工作。\n\n　　接连两大关键里程碑接连落地，叠加金铜长期高景气的行业背景，南美锡业依托优质资源禀赋与清晰战略布局，正从单一勘探企业加速成长为资源价值持续释放的矿业新锐，长期成长潜力与投资价值备受市场关注。\n\n　　从核心资源禀赋来看，Santa Barbara项目具备“规模大、品位优、回收率好”的三重核心优势，资源底座坚实且开发价值突出。据2026年4月9日公司披露的NI43-101标准矿产资源量估算(MRE)报告，以25美元/吨净冶炼回报(NSR)为边界品位，项目探明+推断资源量合计2.35亿吨，含黄金128吨(411万盎司)，品位0.54克/吨；含铜22.4万吨，品位0.10%。折合金当量134吨(430万盎司)，品位0.57克/吨。同时，初步选矿试验数据验证了项目的经济可行性，金回收率高达85.5%、铜回收率达19.6%，在同类斑岩矿床中处于较好水平，为后续开发成本控制与盈利释放提供坚实支撑。\n\n　　稀缺的区位优势进一步放大了Santa Barbara项目的资源价值与开发确定性。项目坐落于厄瓜多尔东南部萨莫拉铜金成矿带，该成矿带是全球顶级金铜成矿区之一，汇聚多个大型在产矿山与高级开发项目，成矿地质条件极为优越。项目紧邻希尔威矿业旗下Condor项目，距离Lundin Gold旗下Fruta del Norte金矿仅36公里、Mirador金铜矿56公里，周边矿业基础设施完善、开发环境成熟，可有效降低后续勘探与开发的配套成本。此外，项目持有52平方公里勘探许可权，1999-2018年历史勘探阶段已完成56个钻孔、总计22027米钻探工作量，圈定近1200米连续矿化带，矿化体在走向、延伸及深部均保持开放状态，后续资源升级与外围找矿潜力巨大。在全球优质金铜矿资产稀缺的当下，区位与资源禀赋的双重稀缺性，为项目价值筑牢底层支撑。\n\n　　从公司战略与资本运作维度来看，本次收购落地与钻探启动，是南美锡业资源版图布局的关键一步，资本保障充足、成长路径清晰。南美锡业此前已完成1750万加元大额融资，以0.40加元/股发行4375万份认购凭证，超额配售权全额行使，募资专项用于Santa Barbara项目收购及后续勘探开发，为项目落地提供了坚实的资金保障。收购完成后，公司形成玻利维亚锡矿+厄瓜多尔金铜矿的双区域、多品种资产格局，彻底摆脱单一资产依赖，抗周期能力与盈利弹性显著增强，并加速向“资源+成长”双驱动的综合矿业公司转型。\n\n　　站在当前时点，黄金与铜两大品种长期景气向上的行业趋势，为Santa Barbara项目价值持续重估提供了绝佳外部环境，也为南美锡业打开了长期成长空间。铜价近期强势重返历史高位，受全球供给收缩、矿山品位下滑及中美补库、AI算力基建、新能源转型的刚性需求共振驱动，供需缺口持续扩大，长期成长逻辑坚实；黄金短期虽因地缘冲突缓和、避险溢价消退，叠加美国通胀反弹引发美联储加息预期升温而承压，但全球央行购金已成长期战略，2026年一季度净购金量同比显著增长，高盛5月18日最新研报仍维持年底金价5400美元/盎司目标，央行持续购金与去美元化趋势将长期支撑黄金价值。在此背景下，兼具黄金长期避险抗通胀属性与铜短期高景气工业属性的Santa Barbara项目，资源价值将随金属价格周期持续重估，短期尽享铜价高位红利，长期依托黄金穿越周期，为南美锡业带来确定性与成长性兼备的长期收益预期。\n\n　　展望未来，南美锡业的成长逻辑已清晰落地，短期看勘探成果催化，长期则看资源价值兑现与产能释放。短期来说，公司首期10000米钻探正稳步推进，核心目标是验证历史钻探数据、加密钻探提升资源级别、深化矿化规律认知，后续化验结果将持续催化公司基本面改善；一期钻探完成后，将即刻启动二期钻探，重点开展外围延伸与深部靶区验证，有望进一步扩大资源规模、提升资源品位。长期视角，随着收购交割完成、勘探工作持续推进，Santa Barbara项目资源量有望持续升级，叠加金铜价格长期向好趋势，公司将逐步进入资源开发阶段，完成从勘探企业到生产型矿企的跨越。\n\n　　整体而言，南美锡业凭借Santa 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