Strong Production Growth
2025 production of ~11 million ounces silver equivalent, a 48% increase vs. 2024; Q4 production ~2 million oz silver and 14,000 oz gold (just under 4 million silver equivalent oz), a ~146% increase year-over-year driven by addition of Kolpa and Terronera (excluding Kolpa and Terronera production, Q4 production rose ~27% vs. prior year).
Record Revenue and Improved Cash Flow
Record 2025 revenue of $468 million, up 115% vs. 2024; mine operating earnings of $83 million and mine operating cash flow before taxes of $156 million; mine operating cash flow before working capital changes increased ~116%.
Balance Sheet Strengthening Capital Raises & Cash Position
Raised $350 million via a December convertible debt offering; ended 2025 with cash of $215 million, providing liquidity to advance Pitarrilla and other initiatives.
Strategic M&A and Portfolio Optimization
Acquisition of Kolpa (May 2025) added base metal production and helped drive year-over-year growth; sale of Bolanitos closed in January (proceeds ~ $50 million), expected Q1 accounting gain and reduces legacy complexity.
Terronera Achieved Commercial Production
Terronera declared commercial production Oct 1, 2025 and is ramping toward steady-state throughput (target ~2,000 tpd through 2026) with anticipated grade increases into H2 2026 and further higher-grade mining in 2027.
Kolpa Expansion
Kolpa plant expansion to 2,500 tonnes per day is progressing and expected to be commissioned in Q1–Q2 2026 (current recent throughput ~2,300 tpd), supporting improved cost efficiency and planned resource estimate later in 2026.
Energy Cost Reduction Plan
Terronera transition from diesel gen-sets to an LNG vaporization power solution expected in Q2 2026; company cites a reduction in power cost from $0.33 to $0.17 per unit (per transcript) and an estimated benefit of roughly $8 per ton in costs, improving reliability and lowering operating costs.
Advancing Pitarrilla Development
Planned $68 million investment for Pitarrilla in 2026, NI 43-101 feasibility targeted for Q3 2026, long-lead procurement and early works underway with an informed construction decision targeted for early 2027—supports significant organic growth potential.
Clear Hedging Strategy on Gold Byproduct
Project loan facility required gold hedges were implemented historically; remaining notional gold hedge ~50,000 oz scheduled to unwind through 2026 into Q2 2027. Company policy is to remain largely unhedged on silver, preserving upside to higher silver prices.
Q4 Adjusted Earnings and Per-Share Result
Q4 adjusted net earnings of $4.8 million, or $0.02 per share (adjusted), after excluding certain derivative/financing impacts as noted in MD&A.