IMPACT Silver (IPT) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached CAD 9.8 million, a 27% increase year-over-year, driven by higher production and strong commodity prices.

• Mine operating income before amortization and depletion was CAD 1.6 million, a turnaround from a CAD 0.2 million loss in Q2 2024.

• The quarter ended with CAD 10–10.3 million in cash and over CAD 13–13.3 million in working capital, supported by a CAD 5.2 million financing round with participation from Trafigura.

• Net loss for the quarter was CAD 2 million, including CAD 0.5 million in deferred taxes, CAD 1.1 million in exploration expenses, and CAD 0.6 million in amortization and depletion.

• No long-term debt at quarter-end.

Financial highlights

• Year-to-date revenue totaled nearly CAD 20.5 million, reflecting strong operational performance.

• Revenue per ton at Zacualpan rose 38% to $209.84, while direct costs per ton decreased by 2% year-over-year.

• Plomosas direct costs per ton dropped to $230.14 from $400.70 year-over-year.

• Operating costs at Zacualpan dropped to $145.21/ton from $152.72/ton year-over-year.

• Plomosas revenue per ton fell 1% to $216.04 due to lower grade stopes.

Outlook and guidance

• Plomosas mine is targeting 200 tons/day capacity, but development delays and recent flooding have pushed this goal into 2025–2026.

• Zacualpan is expected to benefit from infrastructure upgrades and higher grades from the Cañada Vein in the coming quarters.

• Capire restart is under consideration, contingent on sustained high metal prices and equipment lead times.

• Management anticipates continued improvement in grades and production at both Zacualpan and Plomosas for the remainder of 2025 and into 2026.

• Plans to maintain active exploration and pursue strategic partnerships to enhance shareholder value.