Guanajuato Silver (TSXV: GSVR) filed their Q2 2025 results after Tuesday’s closing bell, reporting revenue at $18.5 million, a drop from last year’s $20.6 million.
Production costs dropped from $16.2 million to $14.1 million this quarter, leading to mine operating income of $3.4 million, also a decline from $4.8 million last quarter. Inventory changes contributed $1.0 million versus a $0.3 million draw in Q1.
Cash costs per silver equivalent ounce came in at $21.67, up from last quarter’s $19.19. AISC also jumped to $26.38 per ounce from $23.41.
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The quarter led to a wider net loss of $3.7 million from a $2.3 million loss in Q1 2025. EBITDA turned negative at $0.4 million from a positive $1.1 million last quarter. Adjusted EBITDA also declined to $1.9 million from last quarter’s $4.1 million.
Mine operating cash flow before taxes was $4.8 million, down from $6.3 million in Q1.
Working capital deficiency narrowed 56% during H1 2025 to $6.8 million from $15.4 million at year-end 2024.
Production in Q2 totaled 659,237 silver equivalent ounces, including 321,990 silver ounces, 2,913 gold ounces, 683,163 lead pounds, and 853,646 zinc pounds, all a drop from last quarter’s 738,006 silver equivalent ounces, including 376,995 silver ounces, 3,429 gold ounces, 722,168 lead pounds, and 918,693 zinc pounds.
The average realized silver price rose to $33.58 per ounce from $31.88 and realized gold averaged $3,278 per ounce from $2,842 last quarter.
Management flagged a tighter operating focus into H2. CEO James Anderson said the mines “continue to generate positive quarterly mine operating income and positive EBITDA,” adding the team will prioritize “the quality of the ounces we produce rather than simply the quantity.”
Guanajuato Silver last traded at $0.28 on the TSX Venture.
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