Guanajuato Silver Announces Year-End and Q4 2025 Results Cash and cash equivalents totaled $41.5M at the end of the quarter.
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Guanajuato Silver Announces Year-End and Q4 2025 Results
Cash and cash equivalents totaled $41.5M at the end of the quarter.
April 29, 2026 – VANCOUVER, BRITISH COLUMBIA – Guanajuato Silver Company Ltd. (the “Company” or
“GSilver”) ( TSXV:GSVR) (OTCQX:GSVRF) is pleased to announce financial information and production
results for the three and twelve months ended December 31, 2025. The Company’s consolidated financial
statements for the year ended December 31, 2025, and Management’s Discussion and Analysis (“MD&A”)
thereon can be viewed under the Company’s profile at www.sedarplus.ca. All dollar amounts are in US
dollars (US$) and prepared in accordance with IFRS Accounting Standards ( “IFRS”) as issued by the
International Accounting Standards Board. Production results are from the Company’s wholly owned El
Cubo Mines Complex (“ El Cubo”), Valenciana Mines Complex ( “VMC”), and the San Ignacio Mine (“ San
Ignacio”) located in Guanajuato, Mexico, and the Topia Mine (“Topia”) located in Durango, Mexico.
Selected Q4 2025 Highlights
➢ Mine Operating Income of $4.0M represented a 375% increase over Q3; Working Capital* of
$14.2M vs $5.4M, represented a 163% increase over the previous quarter.
➢ Revenue increased by 40% to $22.7M in Q4 from $16.3M in Q3, 2025.
➢ Production during Q4 was 295,836 ounces of silver (an increase of 21% over the previous
quarter), 2,110 ounces of gold (an increase of 4% over the previous quarter), 807,449 pounds of
lead (an increase of 35% over the previous quarter), and 875,798 pounds of zinc (an increase of
18% over the previous quarter).
➢ Grades of Silver and Gold were 37% and 15% higher respectively, showing a continued
trajectory toward higher quality ounces.
➢ Silver represented 64% of total revenue; with 94% of revenue in Q4 derived from silver and
gold sales, Guanajuato Silver remains a genuine precious metals producer with outsized
leverage to the silver price.
➢ Realized prices were $55.54 for silver and $4,161.94 for gold in Q4.
➢ Cash and cash equivalents totaled $41.5M at the end of the quarter, of which $2M was
categorized as restricted cash.
James Anderson, CEO & Chairman, said, “ The fourth quarter saw notable production increases across all
metals produced; output for silver, gold, zinc and lead were all higher, reflecting the impact of improving
mine development and better operational discipline. For Q4 2025, revenue was up by 40%, and mine
operating cash flow before taxes * was up over 1800% vs the previous quarter; this highlights the
advantageous position we have built as a producer of silver and gold during a rising market for precious
metals. We are currently working to fully integrate our newly acquired Bolanitos gold-silver mine into our
operations; having closed the Bolanitos acquisition on January 15th, 2026, we eagerly look forward to the
public release of our Q1 financial results, projected within the next 30 days; th is will be the first time
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investors will be able to see the impact of production from Bolanitos combined with this new silver and
gold pricing environment.”
*Working capital and mine operating cashflow before taxes are non-IFRS financial measures with no
standardized meaning under IFRS, and therefore they may not be comparable to similar measures
presented by other issuers. For further information and detailed reconciliations of non -IFRS financial
measures to the most directly comparable IFRS measures see "Non-IFRS Financial Measures".
The following tables summarize the Company’s consolidated operating and financial results for the three
months ended December 31, 2025, as compared to the three months ended September 30, 2025. All
amounts are expressed in thousands of United States (“US”) dollars except per share amounts, realized
prices, tonnes and ounces or unless otherwise stated.
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The financial results for the three months ended December 31, 202 5 included a net loss of $25.6M, of
which accounting accruals of non-cash items totalled $25.0M, or over 98% of the net loss for the quarter;
the largest of these non-cash items are as follows:
• $10.3 million accrued liability provision for legal costs and losses related to the potential
unfavorable outcome in the lawsuit with NucTech Mexico, S.A. de C.V. announced on July 22, 2025
and updated on December 4, 2025; this lawsuit remains under appeal and will continue to be
vigorously defended by the Company.
• A non-cash $6.8M derivative accounting loss generated by the gold-loan with Ocean Partners. This
non-cash loss accounted for over 25% of the total net loss; the loan structure continues to act as
a synthetic hedge to the Company’s gold production.
• $2.8M for other legal accruals.
• A $1.2M write-down of the Cata mill, which was put on care & maintenance in December 2025.
• A $2.4M write-off for legacy Value Added Tax that was determined to be non-recoverable.
Consolidated December 31
2025
September 30
2025 % Change
Operating
Tonnes mined 75,827 85,017 (11%)
Tonnes milled 72,567 85,060 (15%)
Average tonnes milled per day 864 1,013 (15%)
Average silver grade (g/t) 142.05 103.48 37%
Average gold grade (g/t) 1.05 0.91 15%
Average silver recovery (%) 87.85 86.71 1%
Average gold recovery (%) 83.36 81.10 3%
Silver ounces produced 295,836 245,369 21%
Gold ounces produced 2,110 2,025 4%
Lead produced (lbs) 807,449 597,269 35%
Zinc produced (lbs) 875,798 741,595 18%
Silver ounces sold 295,414 280,511 5%
Gold ounces sold 2,218 2,263 (2%)
Lead sold (lbs) 783,418 676,615 16%
Zinc sold (lbs) 811,587 967,247 (16%)
Three months ended
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Consolidated December 31
2025
September 30
2025 % Change
$ $
Revenue 22,720 16,277 40%
Cost of sales (18,660) (17,755) 5%
Production costs (17,433) (14,525) 20%
Transportation and selling costs (174) (558) (69%)
Inventory changes (1) (1,484) (100%)
Mine operating cashflow before taxes (5)(7) 5,112 (290) 1,863%
Depreciation and depletion (1,052) (1,188) (11%)
Mine operating income (loss) 4,060 (1,478) 375%
General and administration (2,824) (2,329) 21%
SBC compensation (98) (168) (42%)
Exploration (501) (290) 73%
Care & maintenance (329) - 100%
Foreign exchange loss (182) (327) (44%)
Other operating income (expense) (16,297) 826 (2,073%)
Interest and finance (costs) income, net (647) (298) 117%
Loss on derivativess (6,793) (2,040) 233%
Other finance income, net 41 12 242%
Loss before income taxes (23,570) (6,092) 287%
Current income tax recovery (expense) (2,040) 267 (864%)
Net loss (25,610) (5,825) 340%
Loss per share - basic and diluted (0.04) (0.01) 300%
Weighted average shares outstanding
(thousands) 639,734 509,834 25%
EBITDA (1) (5) (21,848) (4,583) 377%
Adjusted EBITDA (2) (5) (592) (2,221) (73%)
Cost per tonne ($) (4) 240.24 170.77 41%
Cash cost AgEq per ounce (3) (5) 34.67 32.10 8%
AISC cost per AgEq ounce (4) (5) 43.12 40.64 6%
Realized silver price per ounce (6) 55.54 39.03 42%
Realized gold price per ounce (6) 4,161.94 3,441.75 21%
Realized lead price per pound (6) 0.90 0.89 1%
Realized zinc price per pound (6) 1.44 1.28 12%
Sustaining capital expenditures 1,049 1,478 (29%)
Working capital (5) 14,204 5,392 163%
Three months ended
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1. See Reconciliation of Earnings before interest, taxes, depreciation, and amortization in the "Non-IFRS Financial
Measures" section of this news release.
2. See reconciliation of Adjusted EBITDA in the "Non-IFRS Financial Measures" section of this news release.
3. Cash cost per silver equivalent ounce includes mining, processing, and direct overhead. See Reconciliation to
IFRS in the "Non-IFRS Financial Measures" section of this news release.
4. AISC per AgEq oz includes mining, processing, direct overhead, corporate general and administration expenses,
on-site exploration, reclamation, and sustaining capital. See Reconciliation to IFRS in the "Non-IFRS Financial
Measures" section of this news release.
5. Mine Operating Cashflow Before Taxes, Cash cost per silver equivalent, AISC per AgEq ounce, EBITDA, Adjusted
EBITDA and Working capital are non-IFRS financial measures with no standardized meaning under IFRS, and
therefore they may not be comparable to similar measures presented by other issuers. For further information
and detailed reconciliations of non-IFRS financial measures to the most directly comparable IFRS measures see
"Non-IFRS Financial Measures".
6. Based on provisional sales before final price adjustments, before payable metal deductions, treatment, and
refining charges.
7. Mine operating cash flow before taxes is calculated by adding back depreciation, depletion, and inventory
write-downs to mine operating loss. See Reconciliation to IFRS in the "Non-IFRS Financial Measures" section of
this news release.
8. Silver equivalents (AgEq) are calculated using 75.73:1 (Ag/Au), 0.02:1 (Ag/Pb) and 0.03:1 (Ag/Zn) ratio for Q4
2025; an 87.70:1 (Ag/Au), 0.02:1 (Ag/Pb) and 0.03:1 (Ag/Zn) ratio for Q3 2025, respectively.
The following tables summarize the Company’s consolidated operating and financial results for the year
ended December 31, 2025 as compared to the year ended December 31, 2024. All amounts are
expressed in thousands of United States (“US”) dollars except per share amounts, realized prices, tonnes
and ounces or unless otherwise stated.
Consolidated December 31
2025
December 31
2024 % Change
Operating
Tonnes mined 397,747 611,128 (35%)
Tonnes milled 397,795 606,656 (34%)
Average tonnes milled per day 1,184 1,806 (34%)
Average silver grade (g/t) 114.04 97.36 17%
Average gold grade (g/t) 1.00 1.01 (1%)
Average silver recovery (%) 84.94 85.62 (1%)
Average gold recovery (%) 80.82 84.23 (4%)
Silver ounces produced 1,243,601 1,625,912 (24%)
Gold ounces produced 10,395 16,554 (37%)
Lead produced (lbs) 2,787,175 3,231,921 (14%)
Zinc produced (lbs) 3,380,069 3,901,785 (13%)
Silver ounces sold 1,265,787 1,613,121 (22%)
Gold ounces sold 10,859 16,250 (33%)
Lead sold (lbs) 2,834,583 3,119,518 (9%)
Zinc sold (lbs) 3,384,149 3,948,597 (14%)
Year ended
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The financial results were as follows for the year ended December 31, 2025, and December 31, 2024.
Consolidated December 31
2025
December 31
2024 % Change
$ $
Revenue 78,785 75,664 4%
Cost of sales (67,977) (73,193) (7%)
Production costs (60,027) (61,589) (3%)
Transportation and selling costs (1,992) (2,446) (19%)
Inventory changes (851) 862 (199%)
Mine operating cashflow before taxes (5)(7) 15,915 12,491 27%
Depreciation and depletion (5,107) (10,020) (49%)
Mine operating loss 10,808 2,471 337%
General and administration (9,148) (8,445) 8%
SBC compensation (644) (1,133) (43%)
Exploration (1,527) (1,116) 37%
Care & maintenance (329) - 100%
Foreign exchange gain (loss) (2,585) 3,864 (167%)
Other operating expense (15,292) (635) 2,312%
Interest and finance costs, net (3,116) (6,335) (51%)
Loss on derivatives (12,427) (4,663) 167%
Other finance income, net 134 495 (73%)
Loss before income taxes (34,126) (15,496) 120%
Current income tax expense (3,263) (1,911) 71%
Net loss (37,389) (17,407) 115%
Loss per share - basic and diluted (0.07) (0.04) 75%
Weighted average shares outstanding
(thousands) 524,168 404,037 30%
EBITDA (1) (5) (25,797) 1,025 (2,617%)
Adjusted EBITDA (2) (5) 3,189 3,633 (12%)
Cost per tonne ($) (4) 150.90 101.52 49%
Cash cost AgEq per ounce (3) (5) 25.67 18.64 38%
AISC cost per AgEq ounce (4) (5) 31.76 23.44 35%
Realized silver price per ounce (6) 39.43 28.21 40%
Realized gold price per ounce (6) 3,356.31 2,342.36 43%
Realized lead price per pound (6) 0.89 0.94 (5%)
Realized zinc price per pound (6) 1.30 1.27 2%
Sustaining capital expenditures 4,203 5,645 (26%)
Working capital (5) 14,204 (15,387) 192%
Year ended
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1. See Reconciliation of Earnings before interest, taxes, depreciation, and amortization in the "Non-IFRS Financial
Measures" section of this news release.
2. See reconciliation of Adjusted EBITDA in the "Non-IFRS Financial Measures" section of this news release.
3. Cash cost per silver equivalent ounce includes mining, processing, and direct overhead. See Reconciliation to
IFRS in the "Non-IFRS Financial Measures" section of this news release.
4. AISC per AgEq oz includes mining, processing, direct overhead, corporate general and administration expenses,
on-site exploration, reclamation, and sustaining capital. See Reconciliation to IFRS in the "Non-IFRS Financial
Measures" section of this news release.
5. Mine Operating Cashflow Before Taxes, Cash cost per silver equivalent, AISC per AgEq ounce, EBITDA, Adjusted
EBITDA and Working capital are non-IFRS financial measures with no standardized meaning under IFRS, and
therefore they may not be comparable to similar measures presented by other issuers. For further information
and detailed reconciliations of non-IFRS financial measures to the most directly comparable IFRS measures see
"Non-IFRS Financial Measures".
6. Based on provisional sales before final price adjustments, before payable metal deductions, treatment, and
refining charges.
7. Mine operating cash flow before taxes is calculated by adding back depreciation, depletion, and inventory
write-downs to mine operating loss. See Reconciliation to IFRS in the "Non-IFRS Financial Measures" section of
this news release.
8. Silver equivalents (AgEq) are calculated using 85.93:1 (Ag/Au), 0.02:1 (Ag/Pb) and 0.03:1 (Ag/Zn) ratio for YTD
2025 and an 84.48:1 (Ag/Au), 0.03:1 (Ag/Pb) and 0.05:1 (Ag/Zn) ratio for YTD 2024, respectively .
The table below presents a summary of the Company’s consolidated cash flow for the three -month and
twelve-month periods ended December 31, 2025, and 2024.
NON-IFRS FINANCIAL MEASURES
The Company has disclosed certain non -IFRS financial measures and ratios in this MD&A, as discussed
below. These non-IFRS financial measures and non-IFRS ratios are widely reported in the mining industry
as benchmarks for performance and are used by Manage ment to monitor and evaluate the Company's
operating performance and ability to generate cash. The Company believes that, in addition to financial
measures and ratios prepared in accordance with IFRS, certain investors use these non -IFRS financial
measures and ratios to evaluate the Company’s performance. However, the measures do not have a
standardized meaning under IFRS and may not be comparable to similar financial measures disclosed by
other companies. Accordingly, non-IFRS financial measures and non-IFRS ratios should not be considered
in isolation or as a substitute for measures and ratios of the Company’s performance prepared in
accordance with IFRS.
Three Months Ended
(US$ thousands)
Year Ended
(US$ thousands)
December 31,
2025
December 31,
2024 % Change December 31,
2025
December 31,
2024 % Change
Cash Flow $ $ $ $
Cash flow from (used in) operations (2,514) (698) 260% 552 (3,432) 116%
Cash flow used in investing activities (1,764) (1,359) 30% (6,059) (5,518) 10%
Cash flow from financing activities 34,145 3,427 896% 43,976 9,906 344%
Effect of exchange rate changes on cash 55 (64) 186% 158 24 558%
Change in cash 29,922 1,306 2,191% 38,627 980 3,842%
Cash, beginning of period 11,642 1,631 614% 2,937 1,957 50%
Cash, end of period 41,564 2,937 1,315% 41,564 2,937 1,315%
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Non-IFRS financial measures are defined in National Instrument 52-112 – Non-GAAP and Other Financial
Measures Disclosure (“NI 52 -112”) as a financial measure disclosed that (a) depicts the historical or
expected future financial performance, financial position or cash flow of an entity, (b) with respect to its
composition, excludes an amount that is included in, or includes an amount that is excluded from, the
composition of the most directly comparable financial measure disclosed in the primary financial
statements of the entity, (c) is not disclosed in the financial statements of the entity, and (d) is not a ratio,
fraction, percentage or similar representation.
A non-IFRS ratio is defined by NI 52-112 as a financial measure disclosed that (a) is in the form of a ratio,
fraction, percentage, or similar representation, (b) has a non-IFRS financial measure as one or more of its
components, and (c) is not disclosed in the financial statements.
WORKING CAPITAL
Working capital is a non -IFRS measure that is a common measure of liquidity but does not have any
standardized meaning. The most directly comparable measure prepared in accordance with IFRS is current
assets net of current liabilities. Working capital is c alculated by deducting current liabilities from current
assets. Working capital should not be considered in isolation or as a substitute for measures prepared in
accordance with IFRS. The measure is intended to assist readers in evaluating the Company’s liquidity.
MINE OPERATING CASH FLOW BEFORE TAXES
Mine operating cash flow before taxes is a non-IFRS measure that does not have a standardized meaning
prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers.
Mine operating cash flow is calculated as revenue minus production costs, transportation and selling costs
and inventory changes. Mine operating cash flow is used by management to assess the performance of
the mine operations, excluding corporate and exploration activities, and is provided to investors a s a
measure of the Company’s operating performance.
December 31, September 30,
2025 2025
$ $
Current assets 65,820 35,147
Current liabilities 51,616 29,755
Working capital 14,204 5,392
As at (US$ thousands)
Year ended
March 31, June 30, September 30, December 31, December 31,
2025 2025 2025 2025 2025
$ $ $ $ $
Revenues 21,330 18,458 16,277 22,720 78,785
Production cost (13,984) (14,085) (14,525) (17,433) (60,027)
Transportation and other support cost (606) (654) (558) (174) (1,992)
Inventory changes (408) 1,042 (1,484) (1) (851)
Mine operating cash flows before taxes 6,332 4,761 (290) 5,112 15,915
Three months ended
(US$ thousands)