Guanajuato Silver (GSVR) Q2 2025 earnings summary

Executive summary

• Achieved mine operating income of $3.38M in Q2 2025, marking the fifth consecutive positive quarter; H1 2025 mine operating income totaled $8.2M.

• Adjusted EBITDA was $1.89M in Q2 2025, also positive for the fifth consecutive quarter.

• Production for Q2 2025 was 659,237 silver equivalent ounces, with 321,990 ounces of silver and 2,913 ounces of gold produced.

• Revenue for Q2 2025 was $18.46M, down 13% sequentially from Q1 2025.

• Focus shifting to higher grade production and margin optimization over total output.

Financial highlights

• Mine operating income for H1 2025 reached $8.2M; Q2 2025 mine operating income was $3.38M, down 30% from Q1 2025.

• Adjusted EBITDA for Q2 2025 was $1.90M, down 54% from Q1 2025.

• Net loss in Q2 2025 was $3.68M, with 78% attributable to non-cash items, mainly derivative losses and FX impacts.

• Working capital deficiency improved by 56% during H1 2025, from -$15.4M to -$6.7M.

• Average realized silver price rose 5% to $33.58/oz; gold price rose 15% to $3,279/oz compared to Q1 2025.

Outlook and guidance

• Emphasis on grade over tonnes and margin over total ounces for future quarters.

• Management aims to unlock asset potential through planning, optimization, and exploration.

• Targeting efficiencies to maximize operating margins and establish a disciplined, growth-focused mining culture.