Guanajuato Silver (GSVR) Q1 2025 earnings summary

Executive summary

• Achieved record mine operating income of $4.85M in Q1 2025, up 82% over the previous quarter, marking four consecutive quarters of positive mine operating income.

• Record quarterly revenue of $21.33M, a 12% increase sequentially, with over 90% derived from silver and gold sales.

• Production totaled 738,006 silver equivalent ounces, a 1% increase from Q4 2024, including 380,406 oz silver and 3,347 oz gold.

• Operating costs improved: cash cost per AgEq ounce was $19.19 (down 3%), and AISC was $23.41 (down 6%) compared to Q4 2024.

• Adjusted EBITDA rose 135% sequentially to $4.1M.

Financial highlights

• Net loss for the quarter decreased by 6% from Q4 2024, consisting entirely of non-cash items such as depreciation, amortization, and derivative adjustments.

• Mine operating cash flow before taxes increased 61% to $6.33M compared to the previous quarter.

• Realized silver price averaged $31.88/oz (up 1%), and gold $2,842.80/oz (up 7%) sequentially.

• Working capital deficit increased to $(17.1)M from $(15.4)M at year-end 2024.

Outlook and guidance

• Management highlights significant remaining capacity at processing facilities and positions the company to benefit from rising silver and gold prices.

• Forward-looking statements emphasize continued operational improvements and production growth across Mexican assets.