Guanajuato Silver (GSVR) Q2 2026 earnings summary

Executive summary

• Achieved second consecutive quarter of positive net income, with Q2 net income of $557,000 and $6.3M for H1 2026.

• Q2 revenue was $42.5M, consistent with the previous quarter; over 95% derived from precious metals sales.

• Silver production increased 2% sequentially to 347,481 ounces; gold production declined 15% to 3,653 ounces.

• Substantial reduction in debt through accelerated gold loan repayment, eliminating future monthly payments at a discount.

• Largest capital expenditure budget in company history, focused on exploration, development, and infrastructure.

Financial highlights

• Q2 operating income was $9.1M; H1 operating income reached $23.4M.

• Adjusted EBITDA for Q2 was $5.8M, and $20.6M for H1 2026.

• Cash, cash equivalents, and short-term investments totaled $19.9M at quarter-end.

• Q2 revenue was $42.5M, down 1% from Q1; cost of sales increased 16% sequentially.

• Mine operating cash flow before taxes was $12.8M, down 31% from Q1.

Outlook and guidance

• Production at Bolanitos expected to improve as capital development increases available mining faces.

• Exploration-focused approach at Valenciana aims to build out extensive mineral resources and optimize future mining plans.

• High capital expenditures expected to continue in Q3 and Q4 to support long-term growth and sustainability.

• Gold and silver hedges in place through December 2026, covering 25% of gold and 34% of silver production.