Guanajuato Silver (GSVR) Q3 2025 earnings summary

Executive summary

• Working capital improved by $11.3M to $4.6M in Q3 2025, a 168% increase from Q2 2025.

• Positive operating cash flows of $3.07M for the first nine months of 2025; Q3 mining operations generated $712K in cash flow.

• Q3 2025 production totaled 457,525 silver-equivalent ounces, including 245,369 oz silver and 2,025 oz gold.

• Capital expenditures rose 97% over Q2, targeting operational improvements and efficiency gains into 2026.

• Cash and cash equivalents at quarter-end were $11.6M; a subsequent public offering raised an additional ~$31.1M.

Financial highlights

• Q3 2025 revenue was $16.28M, down 12% from Q2; cost of sales increased 18% to $17.75M.

• Net loss for Q3 was $5.82M, with 44% attributed to non-cash items such as FX loss, share-based compensation, and derivative losses.

• EBITDA was negative $4.58M; Adjusted EBITDA was negative $2.22M, down from positive $1.90M in Q2.

• Cash cost per silver-equivalent ounce rose 48% to $32.10; AISC per silver-equivalent ounce increased 54% to $40.64.

• Realized silver price per ounce increased 16% to $39.03; realized gold price per ounce rose 5% to $3,441.

Outlook and guidance

• Increased capital investment is expected to drive operational efficiencies and higher production standards into 2026.

• Management anticipates prolonged success at all producing assets, supported by improved funding and operational discipline.