Discovery Mining (DSV) Q3 2026 earnings summary

Executive summary

• Record Q3 gold production of 70,564 oz and sales of 71,200 oz; operating cash flow was $203.3M and free cash flow was $86.9M.

• Quarter-end cash was $450.7M and total liquidity was $844.2M.

• Pamour and Dome drilling extended mineralization, while Cordero secured federal environmental approvals.

Financial highlights

• Q3 revenue was $371.4M, up 57% YoY and 16% QoQ; EBITDA was $181.4M, up 49% YoY and 7% QoQ.

• Net earnings were $58.4M, or $0.07/share; adjusted net earnings were $83.0M, or $0.10/share, up from $61.1M, or $0.08/share, YoY.

• Operating cash flow was $203.3M; free cash flow was $86.9M, versus $86.8M YoY and an $11.4M outflow in Q2.

• YTD revenue was $975.5M, net earnings $192.3M, adjusted net earnings $258.1M and EBITDA $529.3M.

Outlook and guidance

• 2026 gold production guidance remains 260–300 koz; 198,142 oz were produced YTD, with H2 production expected to exceed H1.

• 2026 gold operating cash cost guidance is $1,250–$1,400/oz and AISC guidance is $1,950–$2,250/oz; both remain on track, with operating cash costs near the top end.

• Porcupine growth capital guidance is $195–$235M, expected at the top end; sustaining capital guidance is $120–$165M.

• Cordero 2026 fees and capital guidance fell to $20–$30M from $90–$100M after the $11.6M land-use permit fee; corporate G&A guidance rose to $40–$50M.

• Cordero next steps include updated capital and cost estimates, financing, water and power engineering, and a development decision; construction to initial production is estimated at two years.