Discovery Silver (DSV) Q1 2025 earnings summary

Executive summary

• Completed transformational acquisition of Porcupine Complex, establishing presence as a Canadian gold producer with significant growth potential in Ontario and continued silver development in Mexico.

• Achieved first gold pour at Porcupine in April 2025, selling 2,800 ounces for gross proceeds of $13.0 million.

• Share price tripled during Q1 2025, with a 250% year-to-date increase as of May 12, 2025.

Financial highlights

• Reported net loss of $9.26 million for Q1 2025, compared to a net loss of $0.68 million in Q1 2024.

• Cash and cash equivalents stood at $15.1 million as of March 31, 2025, down from $29.3 million at year-end 2024.

• Total assets increased to $395.97 million as of March 31, 2025.

• Pro forma cash position post-acquisition is approximately $250 million, with an undrawn US$100 million senior debt facility.

Outlook and guidance

• Will report gold production from Hoyle Pond, Borden, and ramp-up at Pamour starting Q2 2025.

• Key 2025 priorities: grow mining rates, increase production, lower unit costs, ramp up Pamour, and advance exploration.

• Plans to file a pre-feasibility study for Porcupine by year-end 2025, including 2026 performance guidance.

• Confident in receiving environmental approval for Cordero project in Mexico, following positive regulatory developments.