Sierra Madre Gold and Silver (SM) Q2 2026 earnings summary

Executive summary

• Achieved net revenues of $8.23 million and gross profit of $1.58 million in Q2 2026, with 123,483 silver equivalent ounces sold.

• Significant progress on La Guitarra expansion; Phase I expected online before end of Q3 2026.

• Acquisition of Del Toro silver mine completed, adding a production-ready asset.

• Daily production reached up to 672 tonnes per day in August, a 34% increase over previous levels.

Financial highlights

• Silver revenues: $5.0 million ($75.65/oz); gold revenues: $4.3 million ($4,529/oz) in Q2 2026.

• Gross profit for Q2 2026 was $1.58 million, slightly down from $1.69 million in Q2 2025.

• Adjusted EBITDA for H1 2026 was $3.5 million, up from $2.6 million in H1 2025.

• Cash from operations in H1 2026 totaled $1.89 million, up from $1.37 million in H1 2025.

• Cash and equivalents at June 30, 2026: $22.2 million; working capital: $25.0 million.

Outlook and guidance

• Phase I of La Guitarra expansion expected to be completed by end of September 2026, with higher production and reduced costs anticipated.

• Phase II commissioning targeted for end of Q3 2027.

• Increased production expected from Coloso and Nazareno mines as development progresses.

• Drilling at East District of Guitarra complex to start in H2 2026; Del Toro drilling expected mid-2027.