Highlander Silver (HSLV) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $37.746m, all from Mercedes; 9M revenue was $93.973m following the February 26 Bear Creek acquisition.

• Reported net loss was $17.137m in Q3 and $8.462m for 9M; the 9M result included a $28.466m gain from remeasuring the previously held Bear Creek interest.

• Bear Creek added the Mercedes Mine in Mexico and Corani Project in Peru; Mercedes optimization and Corani development work advanced during the quarter.

Financial highlights

• Q3 gross profit was $3.746m; 9M gross profit was $17.482m.

• Q3 exploration expense was $22.259m and G&A was $3.933m; 9M exploration expense was $36.038m and G&A was $17.710m.

• Q3 net loss was $17.137m versus $3.107m in Q3 2025; 9M net loss was $8.462m versus $8.230m in 9M 2025.

• Q3 included a $17.740m reversal of first-half Mercedes depletion following revised acquisition-date fair values.

Outlook and guidance

• A mandate with Natixis targets a fully underwritten, seven-year, $330m senior secured Corani project finance facility, with up to $100m in cost-overrun support; closing is targeted for Q1 2027, subject to documentation, due diligence and approvals.

• Corani's staged-development Feasibility Study is targeted for completion by year-end 2026; drill results were expected in Q4 2026.

• Cash, short-term investments and Mercedes cash flow are expected to cover planned activities and obligations for at least 12 months; Corani construction requires additional financing.

• An updated Mercedes NI 43-101 technical report is planned for Q1 2027.