Record Production and Silver Equivalent Growth
Produced nearly 2.0 million oz Ag and 12,000 oz Au (3.0 million oz AgEq) in Q1 2026, a 78% increase versus Q1 2025 driven by additions of Copa and Terronera.
Revenue and Operating Cash Flow Strength
Reported revenue of $210 million (+23% YoY). Mine operating cash flow before taxes was $115 million, a 400% increase versus Q1 2025; mine operating earnings were $94 million.
Adjusted Profitability
Recognized adjusted net earnings of $59 million and adjusted EPS of $0.21 for Q1 2026.
Low All-in Sustaining Cost This Quarter (with context)
All-in sustaining costs (net of byproduct credits) were $37/oz in Q1 2026. While this is up YoY (see lowlights), costs were 9% lower than Q4 2025 as Terronera ramped and efficiencies improved.
Strong Balance Sheet and Liquidity
Cash position over $232 million and working capital north of $173 million as of March 31, 2026, providing flexibility for development and capital allocation.
Copa Plant Capacity Expansion Commissioned
Copa installed and commissioned a new three-stage crusher and ball mill, raising plant capacity to above 2,500 tonnes per day and expected to drive cost benefits through 2026 as one-time expansion spend dissipates.
Terronera and Guanacevi Operational Momentum
Terronera operations performing near design expectations with steady improvement in metrics, exploration restarted and LNG power transition planned; Guanacevi delivered cash flows north of $20 million in Q1 with step-out drilling underway.
Pitarrilla Project Advancement
Continued steady investment in exploration and studies at Pitarrilla with an economic evaluation expected in Q3 2026 and ongoing preparations for potential 2027 construction; estimated build cost of $500–$600 million noted.