Discovery Silver (DSV) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered strong operational and financial performance, with significant increases in gold production, sales, and cash flow following the Porcupine Acquisition.

• Adjusted earnings per share doubled sequentially, and free cash flow tripled from the previous quarter.

• Integration of systems and management at Porcupine advanced, with exploration yielding positive drill results and resource expansion across multiple assets.

• Progress continued on the Cordero project in Mexico, with permitting advancing and positive government engagement.

Financial highlights

• Revenue reached $237 million, up 67% quarter-over-quarter, driven by higher gold sales and prices.

• EBITDA was $122 million, a 121% increase from Q2 2025.

• Adjusted net earnings were $61.1 million ($0.08/share), up from $28 million ($0.04/share) in Q2 and a loss in Q3 2024.

• Operating cash flow totaled $153.5 million; free cash flow was $86.8 million, tripling from Q2.

• Cash position rose 35% to $341.5 million; total liquidity just under $600 million, including a new $250 million revolving credit facility.

Outlook and guidance

• Management expects a strong finish to the year and continued operational improvements, with priorities on growing mining rates, increasing production, and lowering unit costs.

• A 140,000-metre drill program is underway, targeting resource conversion and expansion, with completion expected in early 2026.

• Well-capitalized to fund growth at Porcupine and Cordero, with $341.5M cash and a new $250M revolving credit facility.

• Cordero permitting is progressing, with optimism for approval in the near term.