Discovery Mining (DSV) Mining Forum Americas 2026 summary

Strategic Growth and Development Plans

• Plans to develop two of Canada's largest open pits within five years, leveraging existing infrastructure and brownfield locations, with production targets raised to 750,000–1,000,000 oz annually over the next five years and potential to sustain for decades.

• Focus on value creation through exploration, capital investment, operational improvements, and strategic acquisitions, including the acquisition of Glencore's Kidd operations and the Cordero Silver Project.

• Conceptual growth plan aims for 500 koz/year gold by 2031, leveraging re-designed Pamour and Dome mines, and expansion at Borden, Owl Creek, and TVZ.

• Kidd Operations add copper, zinc, and silver production, with first-month output of 1,286 t copper and 3,361 t zinc, and ongoing cost reduction initiatives.

• Significant exploration success at Pamour, with resources nearly quadrupled and ongoing drilling indicating further upside.

Processing and Operational Enhancements

• New conventional gold circuit planned at Kidd site to process ores from Borden and TVZ, unlocking value from previously unprocessable deposits, and processing strategy includes expanding Dome Mill and Kidd Met Site for higher throughput.

• Tailings capacity at Kidd to increase from 50 million to over 500 million tons, supporting large-scale operations.

• Processing capacity expected to rise from 3.5 million to 5 million tons per year by end of 2027, with further staged increases through 2031.

• Brownfield development leverages existing workforce, infrastructure, and management systems for efficient scaling, with plans to integrate advanced technologies, including AI and smart mills.

• Total capital expenditures in Q2 2026 were $86.4M, focused on sustaining and growth projects, including Kidd Mill refurbishment and Pamour ramp-up.

Financial and Operational Performance

• Record gold production in Q2 2026 at 67,309 oz, up 33% year-over-year, with strong mining and processing rates and unit costs in line with guidance.

• Q2 2026 revenue reached $142M, with EBITDA of $87M and adjusted EPS of $0.11, reflecting an 11% increase quarter-over-quarter.

• Liquidity remains robust with $607.8M at June 30, 2026, and an expanded revolving credit facility to $400M.

• 2026 guidance includes $195–$235M in growth capital, $55–$75M for exploration, and $90–$100M for Cordero, with AISC forecasted at $1,950–$2,250/oz.

• Production guidance of 260–300 koz gold for 2026, with plans to triple production over five years through mine expansions and new developments.