Sierra Madre Gold and Silver (SM) Q1 2026 earnings summary

Executive summary

• Achieved record quarterly net revenues of $10.1 million in Q1 2026, driven by higher commodity prices and steady production base.

• Adjusted EBITDA rose to $2.8 million, up from $1.1 million year-over-year.

• First phase of La Guitarra plant expansion on track for completion by end of Q2 2026, expected to boost throughput by over 50%.

• Ongoing ramp-up at Coloso and Nazareno mines, with equipment investments to reduce costs and sustain production.

• Del Toro mine acquisition approved by shareholders, with exploration drilling planned for H2 2026.

Financial highlights

• Q1 2026 revenues: $10.1 million, up from $4.96 million in Q1 2025.

• Gross profit: $3.61 million, compared to $1.36 million year-over-year.

• Adjusted EBITDA: $2.8 million, up from $1.1 million in Q1 2025.

• Cash from operations: $3.5 million, up from $729 thousand in Q1 2025.

• Cash and equivalents: $13.2 million; working capital: $14.4 million as of March 31, 2026.

Outlook and guidance

• Anticipates improved head grades and lower unit mining costs through 2026 as more in-resource ore is processed.

• Expects higher production and reduced costs with completion of La Guitarra expansion in Q2 2026.

• Increased output expected from ramp-up at Coloso and Nazareno mines.

• 30,000-metre exploration drilling program to commence in H2 2026.