Guanajuato Silver (GSVR) investor relations material

Executive summary

• Achieved record revenue of $43.1M in Q1 2026, up 89% from the previous quarter, with over 97% from silver and gold sales.

• Recorded net income of $5.7M, reversing a net loss of $25.6M in Q4 2025, marking the first profitable quarter.

• Completed the acquisition of the Bolanitos Mine in January 2026, significantly boosting gold production.

Financial highlights

• EBITDA reached $13.1M, a turnaround from negative $21.8M in Q4 2025; adjusted EBITDA was $14.8M.

• Mine operating income rose to $14.3M, up 252% from $4.0M in the previous quarter.

• Cash and short-term investments totaled $30.5M at quarter end, after a $30M cash outlay for the Bolanitos acquisition.

• Cash flow from operations was $7.0M, up from $0.2M year-over-year.

• Working capital stood at $5.5M, down from $14.2M at the end of Q4 2025.

Outlook and guidance

• 2026 capital expenditures budget set at $35M, the largest in company history, funded by operational cash flows.

• Plans include a 75,000-meter exploration and infill drill program and 16,000 meters of underground development.

• $5M allocated for upgrades to the Topia processing facility to increase throughput.

• Integration of Bolanitos expected to further lower costs and increase production.