IMPACT Silver (IPT) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue rose 24% year-over-year to $10.7 million, driven by higher silver prices and increased production at key assets.

• Net loss narrowed to $0.6 million from $3.1 million in Q3 2024, reflecting operational efficiencies, margin expansion, and aggressive exploration spending.

• Zacualpan mine delivered strong performance, while Plomosas faced operational disruptions but is expected to recover.

• Year-to-date mine operating income before amortization and depletion reached $5.6 million, reversing a loss of $0.8 million in the prior year.

Financial highlights

• Zacualpan revenue increased to $8.7 million from $6.1 million, mainly due to higher silver prices and an 8% production increase.

• Plomosas generated $7.9 million year-to-date, with mill throughput up 48% and significant increases in zinc, lead, and silver sales, despite operational challenges.

• Revenue per tonne sold in Q3 2025 increased 40% to $253.33, while direct costs per tonne rose 23% to $180.69, expanding margins.

• EBITDA turned positive, exceeding $100,000, despite a net loss.

• Cash position at September 30, 2025 was $25.2 million, with working capital of $27.3 million and no debt.

Outlook and guidance

• Q4 expected to show increased throughput and improved grades as operational issues are resolved.

• Management is optimistic for 2026, targeting improved grades, rising production, and strict cost discipline.

• Exploration and production ramp-up expected to continue into Q1 2026.

• No further financing anticipated in the near term; strong cash position supports growth and M&A.

• Shareholder value opportunities are being evaluated, leveraging the asset base and exploration potential.